The Polkadot community approved a proposal to sponsor Inter Miami, a football club owned by David Beckham and featuring star Lionel Messi. The move could be a strategic decision to propel Polkadot, an Ethereum-like smart contract platform, into the global spotlight.
Polkadot will sponsor Inter Miami
The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (about $6.5 million) to secure sponsorship. Under the “sports sponsorship fund”, the aim was to partner with Inter Miami, a team described as one of the “most engaging and followed sports teams in the world”.
While the goal is to “elevate” the global visibility of the Polkadot brand, the plan is to develop other deeper integrations, leveraging Inter Miami’s global fan base.
For example, the team plans to enhance user experience through the involvement of non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and better fan engagement initiatives.
While details of the potential deal are confidential, the proposal emphasizes transparency. Consequently, funds will be held in a multi-signature wallet, accessible only with community approval. Additionally, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights.
Polkadot expansion plans
As Polkadot increases its global visibility, developers are also working on enabling an important update: “Asynchronous Support”. Last year, Sophia Gold, engineering lead at Parity Technologies, said the technology would be a game changer.
Asynchronous support will allow Polkadot to increase the number of Parachains from 100 to 1,000 by the end of the year. The network will increase its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains.
Additionally, improvements through techniques such as “pipelining” will allow multiple parachains to process data simultaneously, halving transaction confirmation times.
Although Polkadot continues to improve its network and close more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from its 2024 highs. While CoinMarketCap data shows the coin is up 14% over the past week, the bulls’ failure to break above $7.5 is a concern.
Technically, high volume lifting the coin above this local settlement level would pave the way for an expansion towards $9 and the March 2024 high in the coming sessions.
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.