Saturday, September 6, 2025
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

The 2022 World Cup is Decentralized and Happening on Ethereum with an All-Banana Cast

by firstcryptonews
November 14, 2022
in Press Release
The 2022 World Cup is Decentralized and Happening on Ethereum with an All-Banana Cast

Defifa.net upends how we think about NFT trading

The Juicebox protocol has its eyes set on the FIFA World Cup this year. A new project called Defifa launched on November 5th and allows players to purchase NFT flags of any of the 32 World Cup teams set to play this year. The minting phase ends November 21st, so get yours today!

This is an example of the Argentina flag NFT

Where it gets exciting is when the World Cup starts. From the first kick-off, all NFTs become nonredeemable. The treasury that has amassed all the ETH for the NFTs will become locked as well. As each phase of the World Cup takes place, the NFTs claim on the treasury will change proportional to their finalist ranking. Midway through the World Cup, the NFTs will also become non-transferable, meaning holders will be locked into waiting for the outcome of the games. At the end of the competition, all participants must ratify a scorecard to attest to the accurate results of the World Cup, at which point the NFTs will be come unlocked and can make their claim on the treasury. So if you purchased an NFT of a team that ended up winning, redeeming that NFT at the end of the World Cup can give you back more than you paid for it.

Get educated on Defifa courtesy of @WagmiStudios

defifia brought to you by the contributors @juiceboxETH DAO https://t.co/KCMZKH5VvP

— Defifa (@Defifa420) October 18, 2022

A protocol more flexible than an olympic gymnast

The entire defifa.net is run on the very same protocol that ran ConstitutionDAO last year, and that is currently home to a variety of projects including MoonDAO and JuiceboxDAO. But for Defifa, there were some important tweaks.

The protocol has no idea who will win or lose in the world cup, and who will get knocked out. While one obvious solution is to appeal to an off-chain oracle, a much more interesting one was to have the NFT holders participate themselves. When a new game has happened, anybody can submit a scorecard which NFT holders must then vote on to ratify. Doing this allows the protocol to run more purely, but it also introduces some interesting dynamics.

A game of chance or cooperation?

Anybody working on defifa will tell you that this is a grand experiment, the outcome of which cant be predicted. In theory, the game should run smoothly, NFTs are minted, held, participants vote and at the end the NFTs can be redeemed against the treasury with their new (adjusted by the games outcomes) value. But what if that doesn’t happen?

What if some people refuse to vote, or vote in bad faith? Or what if so many people purchase the NFT of a favored team, that the claim on the treasury between all those holders is actually quite small? Statistically speaking, what is the expected value of purchasing a highly favored versus a long-shot team, and when does it make sense to trade your NFT and when doesn’t it? The beauty is that nobody knows, and those that play will all find out in real-time.

Where to learn more?

Head over to defifa.net to learn some of the details of each phase and to mint an NFT. Each NFT is started at a cost of 0.02 ETH, or roughly $25 at time of publication. To hear a short podcast episode with the defifa.net creator, jango, head on over to spotify. And if you’d just like to hang out and say hi, come to the Juicebox discord and feel free to ask any questions there.

Related Posts

NewBitcoin Ecosystem: A Second Chance to Mine Bitcoin with Community-Driven Innovation

NewBitcoin Ecosystem: A Second Chance to Mine Bitcoin with Community-Driven Innovation

by firstcryptonews
September 5, 2025
0

The NewBitcoin Ecosystem has officially launched, delivering a powerful decentralized mining and financial platform built for the future of blockchain....

MK DONS BECOMES FIRST FOOTBALL CLUB TO LAUNCH BLOCKCHAIN-VERIFIED COMMUNITY IMPACT PROGRAM WITH ZENKO PROTOCOL

MK DONS BECOMES FIRST FOOTBALL CLUB TO LAUNCH BLOCKCHAIN-VERIFIED COMMUNITY IMPACT PROGRAM WITH ZENKO PROTOCOL

by firstcryptonews
September 4, 2025
0

Every Home Shirt Sale Automatically Feeds One Child in Milton Keynes Through Revolutionary 'Hunger Gets Relegated' Campaign MILTON KEYNES, UK...

The Wally Group’s Roadmap: Building Beyond the Meme

The Wally Group’s Roadmap: Building Beyond the Meme

by firstcryptonews
August 22, 2025
0

The world of meme coins is often dominated by hype cycles, fleeting communities, and promises that never quite materialise. But...

Kame aka $Kame: A Novel Crypto Initiative Powering SEE Turtles Conservation

Kame aka $Kame: A Novel Crypto Initiative Powering SEE Turtles Conservation

by firstcryptonews
August 21, 2025
0

Crypto philanthropy is charting new territory—and one promising frontier is the collaboration between Kame (stylized as $Kame) and SEE Turtles,...

Sliyd launches on Base with one-click digital wallets; The “100k Sliyd Drop” shows how easy onboarding can be

Sliyd launches on Base with one-click digital wallets; The “100k Sliyd Drop” shows how easy onboarding can be

by firstcryptonews
August 21, 2025
0

Built for campaigns with simple sharing, on-chain proof and fair distribution, Sliyd is turning attention into action and rewards. British...

Huddle: The Cross-Chain Web3 Dashboard Transforming Portfolio Tracking

Huddle: The Cross-Chain Web3 Dashboard Transforming Portfolio Tracking

by firstcryptonews
August 21, 2025
0

The Web3 space continues to expand at lightning speed, with users often juggling multiple wallets across several chains. For NFT...

Next Post
How Findexx protects funds of users?

How Findexx protects funds of users?

Recommended

Atua AI (TUA) Expands Predictive Analytics Capabilities for Scalable Business Solutions

Atua AI (TUA) Expands Predictive Analytics Capabilities for Scalable Business Solutions

6 months ago
Global Gamers Alert: The ToastPunk Stacks Worldwide Challenge Is On! Stand a Chance to Win a Massive Prize Pool!

Global Gamers Alert: The ToastPunk Stacks Worldwide Challenge Is On! Stand a Chance to Win a Massive Prize Pool!

2 years ago
Space Seven

SpaceSeven’s Game-changing NFT Marketplace

4 years ago
Mansa AI (MUSA) Launches Cutting-Edge AI Ecosystem, Transforming Content Creation and Intelligent Workflows in Web3

Mansa AI (MUSA) Launches Cutting-Edge AI Ecosystem, Transforming Content Creation and Intelligent Workflows in Web3

7 months ago
Rise of Defiance: Empowering Change with $DDD

Rise of Defiance: Empowering Change with $DDD

9 months ago
The Next Level in Community Crypto Gaming – Betcomets

The Next Level in Community Crypto Gaming – Betcomets

2 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Atua AI Develops Real-Time Control Models to Enhance Protocol-Level Coordination

Atua AI Develops Real-Time Control Models to Enhance Protocol-Level Coordination

September 3, 2025

Press Release

NewBitcoin Ecosystem: A Second Chance to Mine Bitcoin with Community-Driven Innovation

NewBitcoin Ecosystem: A Second Chance to Mine Bitcoin with Community-Driven Innovation

September 5, 2025

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News