The US Men’s National Team secured a spot in the World Cup knockout stages with a 2-0 win over Australia at Lumen Field in Seattle on June 19. This decisive victory came from an own goal by Australia’s Cameron Burgess and a well-placed header by Alex Freeman, captivating a sellout crowd.
Former Seahawks quarterback Russell Wilson and music artist Ciara added star power to the event by participating in the pre-match coin toss, thus enhancing the atmosphere surrounding the game.
#What is the significance of Kraken’s partnership with FIFA?
On June 9, Kraken was announced as FIFA’s Official Crypto Exchange Supporter, establishing itself as the primary digital asset brand for this tournament. This development occurred just before the opening matches, emphasizing Kraken’s strategic positioning in the rapidly evolving sports-crypto landscape.
Despite the significance of this partnership, the USMNT conspicuously lacks any official cryptocurrency sponsorships or fan token collaborations. This absence is noteworthy, especially given the extensive integration of blockchain technologies across the tournament, encompassing areas like ticketing and digital collectibles.
FIFA’s alliance with Modex brought about the introduction of blockchain-based tokens called "Right to Buy" (RTB) through the FIFA Collect platform. These tokens afford holders priority access to purchase tickets and exclusive merchandise, consequently creating a speculative market around the right to buy rather than physical goods. Reports indicate that early sales of RTB tokens netted between $10 million to $35 million, with a considerable volume of transactions occurring.
#Why is the USMNT missing from Web3?
The USMNT is a notable absence in the Web3 space, particularly when other leading teams leverage blockchain technology for fan engagement. While Kraken prominently brands itself throughout the tournament, the lack of involvement from the US national team in crypto ventures raises questions. There are no fan tokens on platforms such as Socios.com nor NFT collections tied to the team, illustrating a gap in their market approach.
Chiliz operates the Socios.com platform and has developed partnerships with numerous national teams and major clubs. Fan tokens on this platform enable holders to influence minor team decisions, access exclusive content, and speculate on the value associated with team performance. However, the USMNT has not entered this innovative ecosystem.
One potential reason for this absence could be US Soccer’s caution regarding the complex regulatory environment surrounding cryptocurrency in the United States. The SEC has indicated a readiness to investigate initiatives that may be perceived as unregistered securities.
Interestingly, an unofficial meme token named USMNTTOKEN has emerged in the market. This token bears no relationship with US Soccer, lacks any functional utility, and exists purely for speculative purposes, filling a niche that US Soccer has yet to address.
#What implications does this have for investors?
The financial data surrounding early RTB sales suggests that blockchain-driven ticketing and access tokens have the potential to generate substantial revenue. For Modex, this success could serve as a model that extends beyond soccer.
For investors in the wider fan token market, the USMNT’s absence presents both risks and opportunities. If US Soccer decides to introduce a fan token, it would likely capture significant attention and engagement, making it a notable addition within the Socios ecosystem, especially considering the size and financial power of the American sports market.