What is FiFaSport (FFS)?
Soccer (or football) is the most popular sport in the world with over a billion people around the world watching the World Cup. This has naturally led to many blockchain projects popping up that revolve around soccer and the World Cup. One of these projects is FiFaSport.
FiFaSport is a project that allows users to create fan tokens and submit predictions about soccer matches. There’s a little more to it than that, which we will cover in this article.
What is FiFaSport?
FiFaSport is a blockchain project on the Binance Smart Chain. The project mostly revolves around World Cup predictions though it is possible to predict other soccer matches. Anyway, there are other aspects to FiFaSport that include the following:
- Fan NFTs
- FifaSport Handicap
- Sports Predictions (outside of soccer)
Fan NFTs are basically a digital membership for your favorite World Cup team. The sale of these NFTs will be used to reward the holders of the winning team’s NFT. Rewards are automatically sent to your wallet, so there’s no need to claim them.
FifaSport Handicap is just a normal handicapped bet. Basically, the reward for the bet takes into account the odds of the team winning or losing. If the underdog wins, then you receive more money.
Sports Prediction allows users to predict the outcomes of other sporting events not related to soccer. Again, it’s nothing innovative or unique. The whitepaper only spends a few sentences even discussing it.
And that’s really all there is to this project. Of course, there’s a lot to cover with this project and the legitimacy of it. We do not have much faith in this project and will cover why in the next section.
Our Problems with FifaSport
FiFaSport has a lot of problems. In fact, it has so many problems that it’s difficult to list all of them in one section. These problems range from the trustworthiness of the project to whether or not the developers have permission to use the image and likeness of soccer players.
The first major issue we have with FifaSport is that it has anonymous founders. We really do not like projects that have anonymous founders as this greatly increases the chances of them either abandoning the project or running off with all the money in the liquidity.
Yes, FiFaSport has been audited, but that really does not mean anything. Plenty of projects pass their audit and even do private KYC only to rug at a later date.
Anonymous founders are just a huge red flag and projects with anonymous founders are ones that savvy investors tend to ignore.
The next issue we have is that the whitepaper for FiFaSport is horrible. It’s full of grammar mistakes and does not really explain much about the project.
Some sections are only a few paragraphs long.
It looks like the developers did not put much thought or effort into writing the whitepaper, which is a red flag. Savvy investors prefer projects that have in-depth whitepapers that explain the project in detail and offer a comprehensive roadmap of the future.
It’s on Binance Smart Chain
The next issue we have is that FiFaSport is on Binance Smart Chain. There are plenty of legitimate projects on Binance Smart Chain.
There are also a lot of scam projects on Binance Smart Chain. So many, in fact, that many in the cryptocurrency community call it the Binance Scam Chain.
This likely occurs because gas fees on the Binance Smart Chain are extremely low and it’s an easily accessible token, which means it attracts new investors that are less informed about how the cryptocurrency industry operates.
Do They Have Permission to Use FIFA Images?
The website is covered in images of FIFA players, which makes sense because this is an app about betting on FIFA. But do they have permission to use these images? Do they have permission to create fan NFTs?
We are going to guess they probably do not use these images.
On a related note, do they have permission to use FIFA in the name of their project?
Again, it’s unlikely that they have this permission. The developers are anonymous, so it’s likely that they will not face any repercussions for not obtaining this permission.
That said, we would be very skeptical of any project that does not have the proper licensing. It’s just going to cause problems down the road.
Is FiFaSport a Good Investment?
No, we would not consider FiFaSport a good investment. The project has way too many problems for us to ever consider investing in it.
We would not place our money in it, either. If you want to bet on the World Cup, then there are plenty of options out there that are far more trustworthy than this project.
The price of the token rose quite a bit before the World Cup before falling after the start of it. This was likely due to pre-event hype. The hype probably died down when the developers failed to deliver on anything they promised.
Online gambling is a huge industry and soccer is one of the most popular sports in the world. However, there are much better options out there to gamble on soccer if you wish to do that. This is definitely a project we would consider worthy of an investment.