FIFA, the world’s renowned football organization, is ready to enter the blockchain world as it recently announced Algorand as its official blockchain partner. The partnership will help FIFA raise revenue through various digital assets projects.
After the announcement, the Algorand token saw an instant rise in the crypto market due to an increase in demand.
With the popularity of blockchain, NFTs, metaverse, and cryptocurrency, FIFA is also entering the industry by partnering with Algorand.
Before the announcement, Algorand was listed as the official sponsor for the upcoming 2023 FIFA Women’s World Cup in Australia and New Zealand last week. Algorand is also the regional supporter of this year’s FIFA World Cup Qatar 2022.
How can Algorand assist FIFA?
The partnership between FIFA and Algorand isn’t just an ordinary business deal. Algorand is now the official blockchain platform for FIFA, promising new developments and exclusive events within the network for football fans.
FIFA’s president, Gianni Infantino says “The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and worldwide football fans.”
Many believe that Algorand will help FIFA release its first NFT collection on the platform and assist in further developing its digital assets strategy. In return, FIFA will be a platform for Algorand to showcase themselves to the world. Since FIFA is a highly watched football event, this partnership will help Algorand to advertise its blockchain network in the global market. In other words, this partnership will be mutually beneficial for both parties.
What can fans expect from this partnership?
FIFA fans might see some great changes in FIFA. Since the idea behind this partnership is to bring more revenue growth, Algorand might release new features and opportunities for the fans such as virtual lands, DeFi blockchain payment, NFTs, or anything that can be a valuable digital asset.
As the FIFA Chief Business Officer Romy Gai said, “At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable, and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward-looking, innovative partner that can help us achieve these goals.”
Algorand has been partnering with various companies and organizations belonging to different industries to promote its blockchain network in the world. FIFA’s partnership with Algorand will surely benefit the team in bringing in users and engagement on its platforms.
Algorand prices go up
As soon as the announcement went out, Algorand’s native token, ALGO, prices went up with huge demand in the crypto market. FIFA fans, crypto enthusiasts, and investors are anticipating this partnership that will surely bring more opportunities to experience the world of FIFA through blockchain.
On May 3, the ALGO saw a peak of $0.72, which was a nearly 20% increase in 24 hours. Although the token price dropped this week, the token is expected to rise again once Algorand announces a new project associated with FIFA.
Algorand is a rising web3 platform working to create a pathway for innovation, transparency, and inclusiveness through various digital capabilities. The blockchain is especially involved in environmental awareness; therefore, they use the proof-of-stake model to operate the network.
By partnering with FIFA, the team will help the football organization to transition its structure to blockchain for a better future in the changing digital world.
Silvio Micali, founder of Algorand says, “This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
Silvio and his team aim to make Algorand a universal platform for all industries.