FIFA partners with Algorand to launch a new NFT platform
- Soccer’s world governing body will launch the platform later this month, which will feature various highlights, photos and art from the World Cup.
- Algorand is FIFA’s official blockchain partner for the 2022 World Cup.
As the 2022 World Cup approaches, soccer’s world governing body, FIFA, announced the launch of an NFT platform to showcase soccer-related digital collectibles. FIFA plans to launch the platform (FIFA+ collect) towards the end of this month. These NFTs will be highlights of key football moments, images and art. They will also be affordable, accessible and inclusive.
Memorable moments from the World Cup will also be displayed as digital collectibles. NFTs are unique blockchain-based assets that prove original ownership of digital assets such as video games and images. FIFA+ collect is built on the Algorand blockchain, a proof-of-stake competitor to the Ethereum and Solana blockchains.
Algorand became an official blockchain partner with FIFA in May 2022. While talking about FIFA+, Romy Gai (FIFA Chief Business Officer) said that FIFA+ collect offers new ways for football fans to relive the moments of the World Cup and engage with their favorite players from the tournament.
Gai compared NFTs to a modern version of sports stickers and memorabilia. The FIFA boss added that the exciting FIFA collectibles offer football fans the chance to own a piece of the FIFA World Cup. According to the announcement, FIFA will soon release details of collections that will be available on the NFT platform’s launch date.
The details will also include teasers regarding the type of NFTs available during the World Cup event. The FIFA+ collection will also provide live football matches, news, side attractions and other original content.
NFTs and sponsorship agreements
Algorand’s fame rose earlier this year when it acquired Napster, a digital music sharing service. Also, it partnered with Limewire to launch a music-focused NFT platform recently. This music-focused NFT platform will feature the works of interested artists on the universal music group label.
Limewire was one of the pioneers of peer-to-peer music sharing services worldwide. Aside from Algorand, another crypto-related firm that has a presence at the November 2022 World Cup is crypto exchange firm Crypto.com. In March of this year, Crypto.com announced itself as the official crypto exchange for the soccer tournament.
However, events earlier this week revealed that Crypto.com is not overly interested in sports partnerships. According to multiple reports, Crypto.com turned down a $495 million deal to become a sponsor of Europe’s top club competition, the UEFA Champions League.
NFTs and sports
Memorable sports moments in the form of digital assets have made NFTs mainstream in recent years. The most popular has been the NBA top shot, featuring memorable basketball moments. The NBA top shot platform was created by dapper labs, who are also the founders of Cryptokitties. Cryptokitties is the first known NFT collection on the Ethereum blockchain. But outside of football and basketball, there have been limited sponsorship deals in most other sports, especially chess and drone racing.
