Algorand’s FIFA Partnership Could Be a Win for NFTs

Algorand’s FIFA Partnership Could Be a Win for NFTs
Fauzan Saari, Unsplash
4 May 2022

Algorand has scored a sponsorship and technical partnership deal with FIFA to become the football governing body’s official blockchain. The deal will also see Algorand become the FIFA World Cup Qatar 202 Regional Supporter in North America and Europe, and the FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.

“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all,” said Algorand founder Silvio Micali.

“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game”, he added.

Algorand is the second crypto-based firm to be partner with FIFA. In March, cryptocurrency exchange Crypto.com became the official sponsor for the 2022 World Cup.

According to a press release, the PoS (Proof-of-Stake) blockchain will help FIFA develop its “digital assets strategy”. The announcement also briefly explained non-fungible tokens (NFTs) and mentioned that Algorand will provide the “official blockchain-supported wallet solution”.

It is therefore likely that a World Cup themed NFT collection could be developed on Algorand. FIFA could also be using the blockchain as a more transparent and secure ticketing system, whereby tickets can be sold as NFTs to establish a proof of ownership and prevent counterfeiting.

Algorand’s native token ALGO rose nearly 20% following the news of the partnership. At the time of writing, ALGO is trading US$0.67, up 2.31% since last week.

Blockhead Team
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