FIFA partners with Algorand to launch a new NFT platform

  • The governing body of world football will launch the platform later this month, containing various World Cup highlights, images and artwork.
  • Algorand is FIFA’s official blockchain partner for the 2022 World Cup.

As the 2022 World Cup approaches, the governing body of world football, FIFA, has announced the launch of an NFT platform to showcase football-related digital collectibles. FIFA plans to launch the platform (FIFA + collect) towards the end of this month. These NFTs will be highlights of important football moments, images and artwork. They will also be affordable, accessible and inclusive.

Memorable moments from the World Cup will also be shown as digital collectibles. NFTs are unique blockchain-based assets that demonstrate original ownership of digital assets such as video games and images. FIFA + collect is based on the Algorand blockchain, a proof-of-stake competitor for the Ethereum and Solana blockchains.

Algorand became an official blockchain partner with FIFA in May 2022. Speaking of FIFA +, Romy Gai (FIFA’s chief business officer) said that FIFA + collect offers new ways for football fans to relive World Cup moments and interact with their favorite tournament players.

Gai likened NFTs to a modern take on sports stickers and memorabilia. The FIFA executive added that the exciting FIFA collectibles offer football fans the chance to own a portion of the FIFA World Cup. According to the announcement, FIFA will soon release details of the collections that will be available on the launch date of the NFT platform.

The details will also include teasers regarding the type of NFT available during the World Cup event. The FIFA + collection will also provide live football matches, news, side attractions and other original content.

NFT and sponsorship agreements

Algorand’s fame soared earlier this year when it acquired Napster, a digital music sharing service. Additionally, she recently partnered with Limewire to launch a music-centric NFT platform. This music-focused NFT platform will feature works by interested artists on the label of the universal music group.

Limewire was one of the pioneers of peer-to-peer music sharing services around the world. In addition to Algorand, another cryptocurrency-related company that will be present at the World Cup in November 2022 is the cryptocurrency exchange company, Crypto.com. In March of this year, Crypto.com announced itself as the official cryptocurrency exchange for the soccer tournament.

However, the events earlier this week revealed that Crypto.com is not overly interested in sports partnerships. According to numerous reports, Crypto.com has turned down a $ 495 million deal to become a sponsor of Europe’s top club competition, the UEFA Champions League.

NFT and sports

Memorable sporting moments in the form of digital assets have made NFTs mainstream in recent years. The most popular was the NBA’s first shot, featuring memorable basketball moments. The top shot NBA platform was created by Dapper Labs, who are also the founders of Cryptokitties. Cryptokitties is the first popular NFT collection on the Ethereum blockchain. However, outside of football and basketball, there have been limited sponsorship deals in most other sports, especially chess and drone racing.

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