Football’s global governing body, FIFA, is launching a non-fungible token (NFT) platform called “FIFA+ Collect”on Algorand. FIFA has announced that it would launch FIFA+ Collect later this month on FIFA+. Through the project, fans will be able to own digital collectibles of great football moments and art.
FIFA is partnering with Algorand for the NFTs. Algorand became FIFA’s official blockchain platform back in May and will support the FIFA+ Collect NFT platform. Acting CEO of Algorand, W. Sean Ford said – “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 available information, the FIFA+ Collect project is similar to the basketball-focused NBA Top Shot.FIFA has not yet revealed all the details concerning when the NFT collections will be available but the organization plans to include the release of NFTs during the 2022 Qatar World Cup slated for 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 described the NFTs as an avenue to democratize ownership of FIFA memorabilia and create an opportunity for fans to interact with their favorite soccer players, arts and moments.
Despite the current negative market downturn, several cryptocurrency firms still use sports for advertising. While Algorand is FIFA’s official blockchain partner, it will not be the only cryptocurrency firm present at the FIFA World Cup 2022 as the global organization also has Crypto.com as its exclusive official sponsor for the showpiece tournament.
Cryptocurrency platform Whalefin is currently Chelsea football club’s shirt sleeve sponsor and Tezos blockchain sponsors Manchester United training kits. The cryptocurrency investments in sports are not limited to football. In fact, cryptocurrency companies have spent over $2 billion on sports advertising, with the likes of the NBA, MLB and Formula 1 enjoying the backing of cryptocurrency sponsors.
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