Register for the Olympics here.
World-renowned Singaporean cryptocurrency exchange Phemex is looking to sync its rhythm with the long-awaited Tokyo Olympics! The communities for cryptocurrency and sports seem to be overlapping by a large number. This has led the leaders from both industries to engage in sponsorships and partnerships using tokenized sports contracts and NFTs (non-fungible tokens).
For instance, International Olympics Committee (IOC) recently added Olympic-themed NFTs to its Olympic Heritage Collection that keeps the legacy of the world’s largest sports event intact.
In another news, earlier this year, crypto.com joined hands with Formula 1 and UFC for sponsorships, involving hundreds of millions of dollars. These two sponsorships are known to be the biggest deals in the history of cryptocurrency.
Blockchain has not only introduced novelty into different sports arenas like betting and collectibles trading, but it has also given it new ways of generating revenue and defining its loyalty programs. Many fans that lie at the intersection of the two industries also help boost engagement, activity, and enthusiasm for the space to thrive!
The competition will have two categories: sprinting and weightlifting. In sprinting, the participants have to reach an ROI of 500% as fast as they can to secure a rank. In weightlifting, they have to win through trading the highest volumes of cryptocurrency on the exchange.
Awards and Rules of the Game
It is mandatory for all the participants to hold at least 0.003 BTC in their trading accounts at the time of registration. PNL, both realised and unrealised will contribute to a user’s final ROI. The ROI will be calculated by dividing a user’s PNL by their total BTC trading account holdings, bonuses received and the commission earned during the event.
The sprinting category will give the winners an award of anywhere from $500 to $20,000 while maintaining a prize pool of $45,000. All they have to do is reach the 500% ROI mark as fast as they can! The first ten fastest participants in sprinting will be richer than they arrived. The ROI of each sprinter will be shown on the Phemex website and updated every ten minutes. Only BTC/USD contract pair is allowed for trading.
If two participants reach the goal of 500% ROI at the same time, the one with higher returns will be ranked higher. If no participant is able to reach this goal, then the winners will be declared based on the top ten highest returns in the game.
The weightlifting prize pool is a bit larger, with somewhere between $23,000 and $48,000 to distribute among the winners. Here too, the participants have to secure a spot in the top ten, which will win them anything between $500 and $20,000. They will also have a chance to win unique mystery boxes, depending on their position.
The awards will be given to those with the largest trading volumes on Phemex in the given duration, but only contract trading will be taken into account for this purpose. The scores of each participant will be live on the Phemex webpage and will be refreshed every ten minutes. Note that all contract pairs will be valid for the weightlifting competition. If you’re an API user, you can’t enter weightlifting but will be allowed to play in the sprinting category.
To stay in tune with the Tokyo Olympics, Phemex is holding its competition from July 23 to August 13. While July 23 to August 8 is reserved for its registration, the competition will go live from July 30 and remain active till August 15.
One person can enter both competitions simultaneously. The winners can expect all the prizes to be cashed in BTC after August 20. The settlement exchange rate of the day will be applied when distributing the prizes.
You can only participate in Phemex Olympics if you have a main account on the exchange. No sub-accounts will be considered valid for the competition. Do not register with batch accounts, attempt market manipulation, or use APIs in the weightlifting competition. These accounts will be instantly disqualified from the Olympics.
Hitting Homeruns with Blockchain
DLT’s influence on the sports industry is a lot deeper than we notice. It not only uplifts and enhances the user experience, and adds novelty into the mix, but it also creates the potential for different revenue models, effective crowdfunding, and efficient collectible trading.
Currently, the fans have to depend on the seller and trust them when acquiring collectibles. This can change when DLT is used to trade these items and give fans more confidence in what they purchase, own, and hold dear. DLT is also deemed safe and efficient for those who want to raise funds or finance their sports career. It omits the risk of third-party fraud, equity loss, capital costs to give them a chance to raise funds directly through their community.
As blockchain continues to add more value to the sports world, Phemex Olympics has found a perfect way to merge them further and create a unique space for their users. As more sports enthusiasts understand and use this technology, the more potential there will be for the sports industry to garner optimized experiences at lower costs.