FIFA, the world’s governing body of football, is introducing a non-fungible token platform on Algorand.
FIFA announced that FIFA+ Collect would be available on FIFA+ later this month, allowing fans to purchase digital memorabilia of great football events and art.
For the NFTs, the FIFA World Cup is collaborating with Algorand. In May, the blockchain was designated as FIFA’s official blockchain platform, and it will support the FIFA+ Collect NFT platform.
According to the acting CEO of Algorand, W. Sean Ford, “The commitment FIFA has made to bridge to Web3 enabled by Algorand is a testament to their innovative spirit and desire to directly and seamlessly engage with football fans around the world.”
According to information available, the concept is similar to the basketball-focused NBA Top Shot.
FIFA has yet to publish all of the specifics regarding the availability of the NFT collections. However, the group intends to release NFTs during the 2022 Qatar World Cup in November.
Chief Business Officer at FIFA Romy Gai said, “Fandom is changing, and football fans around the world engage with the game in new and exciting ways.”
He also defined the NFTs as a mechanism for fans to interact with their favorite players and moments while democratizing ownership of FIFA collectibles.
While Algorand is FIFA’s official blockchain partner, it is not the only cryptocurrency company present at the World Cup. The global organization’s exclusive official sponsor for the competition is Crypto.com.
Advertisements in Sports and Cryptocurrency
Despite the market downturn, numerous cryptocurrency companies continue to use sports for advertising.
Whalefin, a cryptocurrency platform, is now the shirt sleeve sponsor for Chelsea football team, while Tezos blockchain sponsors Manchester United training kits.
However, cryptocurrency investments in sports are not confined to football. In reality, crypto firms have spent over $2 billion on sports advertising, with crypto sponsors supporting leagues such as the NBA, Formula One, and Major League Baseball.