Visa Masters Movement has announced that it will allow football fans who will attend the 2022 World Cup, which will be held in Qatar from November 19 to December 18, the opportunity to create their own non-fungible tokens.
At a press conference at Visa headquarters in Dubai Internet City, the company announced that it will set up a stadium in the middle of the FIFA Fan Fest where World Cup fans can play soccer, Cowen Telegraph reported.
The stadium, which is equipped with sensors, will record every movement, such as the player's movement, the position of the ball and goals. The recorded data will then be sent to the artwork's algorithm, resulting in a digital visualization of the movements. They will be exported as digital illustrations ready to be emailed to eligible fans of your instrument.
Non-fungible tokens (NFTs) are unique, verifiable representations of digital and physical goods. Each non-fungible token differs in composition and value. And it can have utilities with applications outside the realm of virtual art.
Dr. Saida Jaafar, Senior Vice President of Visa and GCM for the GCC, says this concept is the first of its kind in the world of football and the world of non-fungible tokens. She also expressed her happiness that their long relationship with Viva led to them rediscovering themselves.
The reveal relates to the November 1-8 Visa auction, which features five exclusive non-fungible tokens from previous moves by FIFA legends Michael Owen, Tim Cahill, Carli Lloyd, Maximiliano Rodriguez and Jared Borgetti. Along with the non-fungible tokens, a printable hard copy and memorabilia will be delivered to the highest bidders.
The auction starts live on Crypto.com NFT, the non-fungible token market for the cryptocurrency platform. Users can bid using their crypto or fiat currencies or link their own crypto.com wallets.
Stuart Ested, CEO of Crypto.com in the Middle East and North Africa, explained that this is the company's first partnership with Visa. He said, “This is the first time we have created a subscriber, using our platform and our NFC market to help deliver [NFCs].
Estid also claims that the collaboration is one of the first auctions and sponsorships around non-fungible tokens where there is an actual social benefit.
Ested added: We are really excited about the underlying technology being used for the charity...and the auction will bring a lot of value to underprivileged children.
All proceeds from the non-fungible token auction will be donated by Visa to Street Child United, a charitable foundation whose mission is to change the bleak outlook for street children.
