The value of Crypto.com’s CRO token increased on Monday as a result of news that the exchange is collaborating with Coca-Cola to develop a series of non-fungible tokens (NFT) commemorating the 2022 FIFA World Cup in Qatar.
As a result, CRO went up by 10%, going from $0,064 to $0,073 only hours after the announcement.
This is great news for the company. The increase of value is possibly the best headline since the exchange’s fumbling a $400-Million-dollar transfer.
Crypto.com announced that it will host 10,000 NFTs developed by Coca-Cola and digital artist GMUNK on its blockchain. The NFTs were created by tracking the in-game motions of players during Qatar World Cup matches using the “heatmaps” of the player’s movements.
Fans may purchase NFTs after creating an account on the Crypto.com NFT platform. Fans may register on Coca-Cola’s website for a chance to win a Coca-Cola “Piece of Magic” NFT.
Steven Kalifowitz, chief marketing officer of the cryptocurrency exchange stated that 2022’s FIFA World Cup is one of the first leverages of Web3 technology.
Adding to that, Kalifowitz claimed it is a privilege to work alongside Coca-Cola and GMUNK in order to cement the historical matches in the blockchain.
CRO Token Still Down 50% Since November
Despite the recent 10% rush, Crypto.com’s native token is still underperforming. In the last month, CRO lost nearly 50% of value, according to CoinMarketCap.
The reason for the drop is due to Cronos, alongside every other major cryptocurrency, was affected by FTX’s collapse.
The bankruptcy had a major impact on these assets. Bitcoin fell from $21,000 to about $16,500 after the meltdown, while Ethereum fell from $1,657 to below $1,100.
In addition, the collapse also affected the way the public views cryptocurrency exchanges. According to a recent article by CNBC, today only 8% of Americans still have a positive view of these companies. Meanwhile, Americans’ unfavorable opinions of cryptocurrency increased to 43%, up from 25% in March.
However, Crono’s yearly performance is negative, even before FTX’s collapse. Since January, the token lost nearly 90% of its value, going from about $0,60 to today’s $0,06.