OKX Football Cup Guide: Mint NFTs and Win Exciting Prizes

Overview

The OKX Football Cup offers an immersive way to engage with the world of football through NFTs. By predicting match outcomes and minting team NFTs, participants can share in a growing prize pool. This guide details the event structure, prize distribution, and strategies to maximize your rewards.

Key activities include predicting winners across different tournament stages, minting NFTs for your favorite teams, and earning a share of significant USDT prize pools. Strategic decisions, such as when to mint, hold, or burn your NFTs, can impact your overall rewards.

Stay informed about match schedules, team progressions, and prize pool fluctuations to make timely decisions. Remember to manage your stakes and redeem your funds appropriately while enjoying the excitement of the tournament.

Event Schedule

• NFT Free Mint Period: November 5, 2022 – December 3, 2022
• Group Stage: November 21, 2022 – December 3, 2022 (Minting remains open until the group stage concludes)
• Knockout Round: December 3, 2022 – December 20, 2022
• Reward Redemption: Begins December 20, 2022

Step-by-Step Participation Guide

Step 1: Mint Your Team NFTs

Minting allows you to acquire NFTs representing your chosen national teams. Each address can mint up to three NFTs for free, though a small stake is required per NFT.

Minting on Web

1. Visit the platform and navigate to your Wallet.
2. Select the NFT Marketplace to access the Football Cup landing page.
3. Click "Free Mint" and connect your wallet.
4. Choose your favorite team from the 32 available options.
5. Stake 10 USDT per NFT you wish to mint. This stake is fully redeemable after the event concludes.
6. Confirm the transaction in your wallet, including the gas fee.
7. Once confirmed, you can view your minted NFTs in your collection.

Ensure your Ethereum wallet has sufficient USDT for staking and ETH to cover network gas fees for transactions.

Minting on Mobile App

For a more efficient experience, use the mobile application to mint up to three NFTs simultaneously, saving on gas fees. The web version limits users to one mint, making the app the preferred method for claiming the maximum allowance.

Step 2: Understand and Compete for the Prize Pool

The prize pool is distributed across the tournament's three phases: Group Stage, Knockout Round, and Third-Place Match.

Group Stage Prize Distribution

Each group stage match has a fixed prize pool of 20,000 USDT. Before a match begins, a snapshot records all NFT owners for the competing teams. After the match, owners of the winning team's NFTs share the entire pool. If the match ends in a draw, each team's NFT holders share 10,000 USDT.

Example Scenario:

• Team A has 100 total NFTs; Team B has 1,000.
• If Team A wins, each of its NFT holders gets a share of 20,000 USDT / 100 NFTs = 200 USDT.
• If the match draws, each Team A NFT holder gets 10,000 USDT / 100 NFTs = 100 USDT.

Rewards are accrued to your balance and are not affected if you later sell or transfer your NFT. All rewards are collected after the event.

Knockout Round Prize Mechanics

The knockout round features a dynamic prize pool. For every NFT minted during the event, 10 USDT is added to its team's knockout prize pool. When a team loses a match, its entire knockout prize pool is transferred to the winner's pool.

After the Round of 16, participants can choose to burn their NFTs to instantly claim their share of the accumulated knockout prize pool or continue holding them to support the team in later rounds for a chance at更大的 rewards.

Key Dynamics:

• Burning an NFT permanently removes it from your wallet and immediately adds your proportional share of the current prize pool to your final rewards.
• Holding an NFT through a loss means your team's knockout prizes are transferred to the winner; you retain eligibility for the group stage rewards that team earned.
• NFT burning is temporarily disabled during active matches.

Third-Place Match Prize

The third-place match features a fixed, standalone prize pool of 100,000 USDT funded directly by OKX. The teams involved do not carry over any prizes from the knockout stage. A snapshot is taken at the match's start, and holders of the winning team's NFTs will share this 100,000 USDT pool equally.

Key Terms and Conditions

• Staking: A 10 USDT stake per minted NFT is required to prevent fraudulent activity. These funds are fully redeemable after the event.
• Reward Accrual: All rewards (group stage and knockout) are accumulated in a balance and are collected in a single action after the World Cup concludes.
• NFT Transactions: Selling an NFT on the secondary market transfers ownership and any future reward rights to the buyer. The sale proceeds are instantly deposited into your wallet.
• Anti-Fraud: OKX monitors for suspicious activity. Addresses found to be engaging in fraudulent behavior will be disqualified from receiving rewards.

👉 Explore more strategies to maximize your NFT rewards

Frequently Asked Questions

When can I finally collect all my rewards?
You can collect all your accrued prize money and redeem your staked USDT in one action starting on December 20, 2022, after the entire event concludes.

What are the sources of my potential prizes?
Your final rewards can come from two main sources: 1) A share of the fixed 20,000 USDT prize pools from group stage matches your NFT's team won. 2) A share of the dynamic knockout stage prize pool, claimed by burning your NFT after the Round of 16.

If my team wins, do I get my rewards immediately?
No, rewards are not distributed instantly. Whether from the group or knockout stage, all prizes are added to your total reward balance. You collect this entire balance, along with your staked USDT, after the event ends on December 20.

Can I sell my NFT instead of burning it?
Yes. You can sell your team NFT on the secondary marketplace at any time during the event. This will instantly give you the sale proceeds but will transfer all future reward rights to the new owner.

What happens if I mint an NFT after my team's group stage matches are over?
If you mint an NFT for a team after its group stage matches have finished, you will not be eligible for any group stage rewards from that team. However, you will still be eligible for a share of that team's knockout stage prize pool if it progresses.

Is there a risk to holding my NFT through the knockout stage?
Yes. If your team loses a knockout match, its entire knockout prize pool is transferred to the winning team. By continuing to hold, you forgo the chance to claim your share of the pool at its current value, betting instead on your team going further to win an even larger pool.