Binance and CBF to Create a Web3 FanVerse in Brazil
Binance may have struck an interesting chord in Brazil following their latest partnership with the Brazilian Football Confederation (CBF). The company announced that they would be assisting the popular sports league with a new virtual environment called the FanVerse where fans and users can come together to talk about their favorite players, matches, and predictions on the season.
The plan is to make FanVerse the dominant web3 media hub for football fans in Brazil, but that’s only one part of the story. Looking at the bigger picture, it’s clear that Brazil is starting to show significant interest in cryptocurrencies and has made a series of advancements to help grow the industry in South America.
Binance’s Plans with the Brazilian Football Confederation
The partnership between Binance and the CBF offers many activities for fans that are meant to encourage the adoption of web3 in the country. By registering with FanVerse, users will be able to build a team similar to fantasy sports that they can then track to earn points and rewards.
Users can also make predictions on upcoming matches and vote for who they think will win, with rewards being granted to those who predicted scores correctly. They’ll also be able to vote in a poll for the best upcoming players in the league with the winning player earning their own trophy.
Earning without spending?
One thing that stands out though, is the lack of things to spend points on. Cryptocurrency is often lambasted as a currency with no products, and the ability to earn points without the chance to spend them continues this narrative.
However, the CBF is a large organization with direct links to FIFA, one of the largest governing sports bodies in the world. Fans will still be able to earn rewards such as tickets to future games, but a clear marketplace to spend points is nowhere to be seen.
Crypto and sports keep growing
Despite the lack of places to spend points and the overall market of cryptocurrency being down for over a year now, sports across many leagues are still showing keen interest in blockchain technology, believing that it can create a better experience for fans.
Many different leagues such as the NFL and NBA have made attempts to bridge the fan experience from stadiums to web3 with moderate success while athletes continue requesting to receive portions of their salaries in cryptocurrencies.
With sports still as popular as ever, experimenting with blockchains is a way for businesses to explore the potential of web3 without sacrificing the primary product, which lowers major risks for participants who might be more interested in the community than investing.
Is Brazil fit for web3?
The partnership between Binance and the CBF comes off the back of another partnership between Visa and Microsoft as they pilot the launch of a CBDC in Brazil. While CBDC’s carry their own number of criticisms and issues among the crypto community, it does show that blockchain infrastructure is developing in the region and could lead to more serious developments in the future.
