Compete In The Phemex Olympics And Win $100,000

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The Olympics are finally happening in Tokyo. After the global collaborative sporting event was postponed last year, this year’s Olympics has been the center of news and controversy in light of the COVID-19 pandemic. Hosted at the Japan National Stadium between July and August, Tokyo is gearing up for the world’s greatest athletes to battle it out for elite status.
 
Though the last year hasn’t been kind to many industries, the digital assets space has grown to unprecedented heights, and the sports industry is quickly adopting the technology behind it. Blockchain is revolutionizing the sporting world with hundreds of millions of dollars in sponsorships, improved fan experiences, and more accessible merchandise.
 
Earlier this year, the International Olympic Committee (IOC) launched its own NFT collection dubbed the ‘Olympic Heritage Collection,’ celebrating an event that’s been conducted periodically across history for over a millennium. From creating new revenue models for teams and athletes to improving financial transparency in the space, the applications of blockchain in sports are diverse and steadily growing.
 
To celebrate the start of the Tokyo Olympics and the ever-growing link between sports and cryptocurrencies, Singapore-based global digital asset exchange Phemex is conducting its own dual-sport trading competition – the Phemex Olympics: United Through Trading. At the Phemex Olympics, traders will compete in two sports – weightlifting, where participants are ranked according to trade volume, and sprinting, where traders race to reach a 500% ROI before everyone else.

Collaborative Events; Competitive Sports

Trading is something between a science and an art form. Markets can produce these repeating, seemingly algorithmic patterns that can often appear like a hive-mind at work. Analysts pore over these occurrences, looking into their underlying conditions and other metrics that can impact the market. However, some traders just get lucky buying into ‘good vibes.’
 
But if there’s one thing both traders and athletes understand better than anyone else, it’s competition. Trading is an inherently competitive activity – you can’t buy the dip if someone isn’t selling it – and the most skilled traders use this to their advantage. There’s no feeling like winning, and there’s a lot to be won at the Phemex Olympics.
 
Depending on how many people participate, the prize pool will vary from $23,000 to $48,000. The top ten traders from the weightlifting category can bag winnings of anything from $500 to $20,000, along with unique rank-based mystery boxes.
 
At the end of the competition, the traders with the highest volumes will receive awards, but only contract trading volume will count towards the final score. Each participant’s volume will also be displayed and updated every ten minutes on the event’s landing page.
 
For the sprinting competition, there’s a prize pool ceiling of $45,000 depending on total participation, and the top ten fastest traders to reach a 500% ROI can win between $500 and $20,000 based on rank.
 
Both realized and unrealized PNL contribute towards the total ROI, and participants are required to hold at least 0.003 BTC on the platform during registration. Essentially, ROI is measured by dividing the individual PNL by the sum of the initial balance of their BTC trading account, along with any commissions and bonuses earned during the event.
 
If for any reason no one reaches the 500% ROI finish line, winners will be ranked according to the highest return instead. This also means that if two users reach a 500% ROI simultaneously, the user with greater returns will rank higher.
 
The weightlifting competition will not allow the use of APIs, but they are permitted for the sprinting contest. Additionally, traders can only compete on the BTC/USD contract pair, and activities like registering batch accounts and deliberate market manipulation will result in disqualification.
 
Just like this year’s Olympics in Tokyo, the Phemex Olympics will be held this year between July and August. Registrations were opened on July 23 and end on August 8, and the competition will go on till August 13, starting along with the Tokyo Olympics on July 30 at 8 AM UTC. Users are allowed to participate in both events simultaneously, and all prizes will be distributed in Bitcoin by August 20 based on settlement exchange rates.

Monetizing Fanbases

In some regards, blockchain and sports appear to be a match made in heaven, but at times it can seem like an unusual combination. However, blockchain is changing the game for sports-based ventures, creating cross-partner networks with all kinds of brands. Today, the sports memorabilia industry is valued at over $5 billion, and with distributed networks freeing the space from trusted intermediaries, this market is quickly finding itself with a lot of headroom for growth.
 
It’s also giving the fans a more comprehensive way to represent their experiences, participation, and commitment to their favorite sports. It’s not just sports either -- gaming and E-Sports are rapidly becoming central to consumer interest trends, especially among younger crowds. In fact, blockchain could even allow for tokenized digital assets that players can trade both in virtual game worlds and real-world marketplaces.
 
It could also enable use-cases like real-time sports betting designed to have provably fair outcomes, further eliminating intermediaries and reducing overheads. Sports stars can now even crowdfund their contracts to fund their careers through community investments.
 
Traditionally, sports financing involves a lot of expenses – payments to third parties, equity loss, and capital costs. Blockchain-based crowdsourcing platforms help players to more effectively monetize their contracts and better track fan engagement.
 
The Phemex Olympics is a product of a giant industry collaborating with an explosive one, and as more users discover what blockchain-based tokens and decentralized networks can do, the better they can serve these communities, making both sports and the brands that rely on them more accessible to consumers, improving business efficiency, lowering costs, and helping create better entertainment.

Register for the Olympics here.

Image by prettysleepy1 from Pixabay

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.