FIFA launches digital World Cup project on blockchain Algorand

FIFA launches digital World Cup project on blockchain Algorand

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2022-09-06 12:48:47

World Football Federation – FIFA – has recently released a digital collection on Algorand to prepare for this year’s World Cup season.

As CHK reported, after signing in May, Algorand became FIFA’s regional sponsor in North America and Europe at the 2022 World Cup Finals in Qatar, as well as the 2023 Women’s World Cup in Australia and New Zealand.

Ahead of the World Cup in November, on the morning of September 3, FIFA announced that it was about to launch a separate NFT platform for digital football collections.

The collection entitled, FIFA+ will launch later this September on the Algorand blockchain – converging on artworks inspired by memorable historical moments from both the World Cup and the Women’s World Cup.

Romy Gai – FIFA Business Director said:

“Fifa collections will now be available to any football fan and democratize the possibility of partial ownership of the FIFA World Cup. Just like any other sports memorabilia or sticker set, this is an opportunity for global fans to connect deeply with their favorite players.”

By the time Algorand (ALGO) announced its sponsorship deal with FIFA in May, the company was already seeing a surge in growth. In addition to sponsoring the most anticipated sports tournament on the planet in 2022, Algorand will also support FIFA to launch a digital wallet and promote each other’s global presence in the field.

In fact, Algorand is not the only representative of the crypto space in Doha this November. The company quickly became the exclusive crypto exchange sponsor of this year’s World Cup near the end of March. This exchange even almost participated in the $100.6 million 5-year sponsorship deal for the tournament. UEFA Champions League but withdrew from the contract at the last minute.

Algorand has increasingly shown outstanding development since the fourth quarter of 2021. The blockchain company has set up a 300 million USD DeFi fund on the ecosystem; deploy smart contract development virtual machine. Many large funds in the market have poured capital into Algorand such as Borderless Capital ($500 million), SkyBridge ($100 million) and Hivemind Capital Partners ($1.5 billion).

In March 2020, the Marshall Islands chose to build a national digital currency on Algorand. Also on this platform, the City of Miami decided to monitor good air quality and El Salvador chose to support the national blockchain as of September 2021.

On the other hand, these remarkable achievements cannot save Algorand in the current market context. The project CEO last month decided to step down, but he only left the company, not the Algorand blockchain.

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