Nov 10, 2022

5 min read

FAQ of NFTEA

The questions that you may be curious about

1. What is NFTEA?

NFTEA, a Web3-based NFT ‘Tea House’ has NFT options, Games, Galleries, and many other derivatives. It has brand-new community governance and a fully decentralized contract interaction that achieves total fairness.

NFTEA has launched an exclusive NFT Option product for the World Cup Qatar 2022, which can be used to purchase your own corresponding NFT Option cards, support your favorite team while participating in Options trading and sports.

2. Do you have a Roadmap?

Nov-Dec 2022

Launching World Cup 2022 NFT Options

Q1 2023

NFT Options for FA Premier League & Primera división de Liga

Q2 2023

NFT Options for the National Basketball Association

Q3 2023

NFT Options for other financial products and sports games

3. Who are your partners?

Qatar 2022 Digital Twin, which is the first meta-universe ecosystem for the 2022 World Cup supported by the Qatari Royal Family.

4. How can I participate in the NFT Options for FIFA World Cup Qatar 2022?

Users can support their favorite team by purchasing Option cards that represent different teams. The Option represents an Option asset certificate with different conditions and potential future value which can be traded in the market in time. At the end of the World Cup matches, the Option’s right will be exercised. Investors who hold different teams' Options will be expected to earn a lot of income.

5. What is the number of issuance and price of each team’s NFT?

Chain: Polygon

Number of teams: 32

Number of issuance per team: 40,000

Token standard: ERC1155

Total number of issued TeamNFTs: 1,280,000

Price: 0 USDC(Free mint once you own the Option)

6. What is the number of issuance and price of each team’s Option?

Chain: Polygon

Number of Team Options: 32

Underlying Asset: Team NFT

Option type: Call

Number of issuance per team: 40,000

Token standard: ERC1155

Total number of options issued: 1,280,000 (Equal to the number of NFTs)

Expiration Date: Dec 21, 2022（At the end of World Cup）

Price: From 3 USDC upwards

7. When does the sales for NFT Options start?

The sales time is between November 14th 13:00 — November 29th 13:00, UTC
(At the end of the 2nd round of the group stage of the World Cup)

8. How do I buy the Options?

You can purchase through the contract at: https://nfteahouse.xyz/

Or use dApp：https://nftea.homes

Or on Opensea:https://opensea.io/collection/worldcup2022-qatar-1

9. What are the casting costs of NFTEA Options?

The total number of each team’s Options cards is 40,000, and the overall cost of purchasing the Option is from 3 USDC upwards. According to the programming of NFTEA’s casting system, the more team Options cards are purchased, the higher the cost will become.

Among them, the cost of the first 10,000 team Options cards is about 3–4 USDC; the cost of the 10,000–20,000th team Options cards is about 4–12 USDC; the cost of the 20,000–30,000th team Options cards is about 12–48 USDC.

With this model, we see that the earlier you buy the lower the prices are, and the price change (increase in price) for earlier purchases is small; and as the number of option purchases increases, the subsequent growth in cost starts to show bigger changes, i.e., as more and more options representing a single team are purchased, the price grows faster and faster. This is an AMM mechanism using NFT options whose purchase cost is determined by supply alone with no human intervention, which fully reflects the gameplay.

10. How are the rewards calculated?

The final earnings are determined by the market.

The higher the team ranked, the richer the prize pool corresponding to its team card, which means that players who hold these team options cards can share a higher income. In addition, the last buyer of a single team’s option card will have a chance at winning the grand prize before the end of the match.

Here are the reward details:

11. How are the rewards distributed?

Depending on the final score of each team, the purchaser of the team’s NFT option will be able to gain different amounts of money, and may also lose money.

12. What is the last buyers’ bonus?

Before the end of the game, the last team option card caster of a single team will have a chance at winning the grand prize.

13. What are the rewards for referrals?

When a user invites a friend to buy NFT options, they will get 5% of the sales commission directly deposited to their address.

For example, if player B purchases a 3 USDC option through player A’s referral link, player A will immediately get 5% of the sales in their address, which is 0.15 USDC. This is another way for users to get more profits.

14. Are there other rewards to be earned?

NFTEA has set aside a portion of the prize amount for a series of Airdrops and Sweepstakes (blind box) activities, as well as rewards for active community members.

About NFTEA

A Web3-based NFT ‘Tea House’ has NFT options, Games, Galleries, and many other derivatives. It has brand-new community governance and a fully decentralized contract interaction that achieves total fairness.

NFTEA has launched an exclusive NFT Option product for the World Cup Qatar 2022, which can be used to purchase your own corresponding NFT Option cards and support your favorite team while participating in Options trading and sports.

Make friends, play and earn. Have fun!