Polkadot To Sponsor Messi’s Inter Miami: DOT To The Moon?
May 07 2024 - 4:00PM
NEWSBTC
The Polkadot community has approved a proposal to sponsor
Inter Miami, the football club co-owned by David Beckham and
featuring superstar Lionel Messi. The move could be a strategic
decision to propel Polkadot, a smart contracts platform similar to
Ethereum, into the global spotlight. Polkadot To Sponsor
Inter Miami The proposal, approved by Polkadot’s Open Gov
community, sought 968,000 DOT (roughly $6.5 million) to secure the
sponsorship. Under the “sports sponsorship fund,” the goal was to
partner with Inter Miami, a team described as one of the “world’s
most engaging and followed sports teams.” Related Reading:
Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The
Price? While the goal is to “elevate” Polkadot’s global brand
visibility, the plan is to develop other deeper integration,
leveraging Inter Miami’s global fanbase. For instance, the team
plans to enhance user experience through engaging non-fungible
tokens (NFTs) and other gamified experiences deployed on Polkadot’s
parachains. Additionally, the team plans to explore how
Polkadot-based solutions can be implemented at Inter Miami,
resulting in greater efficiency and improved fan engagement
initiatives. While the potential deal’s specifics are
confidential, the proposal emphasizes transparency. Accordingly,
funds will be held in a multi-signature wallet, accessible only
with community approval. Moreover, ORSEN SA, a Swiss sports
marketing agency, will manage the partnership rights. Polkadot’s
Plans to Scale As Polkadot enhances its global visibility,
developers are also working on activating a key update:
“Asynchronous Backing.” Last year, Sophia Gold, the Engineering
Lead at Parity Technologies, said the technology would be a game
changer. Asynchronous Backing will allow Polkadot to scale
the number of Parachains from 100 to 1,000 by the end of the year.
The network will boost its transaction processing capacity, with
Polkadot supporting more “independent blockchains” via
Parachains. Related Reading: Here’s How This Ethereum Whale
Made $16 Million From A Single Trade Furthermore, improvements via
techniques like “pipelining” will permit multiple parachains to
process data simultaneously, halving transaction confirmation
times. Though Polkadot continues to enhance its network and strike
more deals, DOT prices remain under pressure. At spot rates, DOT is
down 40% from 2024 highs. While CoinMarketCap data shows that the
coin has risen 14% in the last week, the failure of bulls to break
above $7.5 is a concern. Technically, a high volume lifting the
coin above this local liquidation level would pave the road for an
expansion toward $9 and March 2024 high in the coming sessions.
Feature image from Unsplash, chart from TradingView
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