In preparation for the men’s and women’s soccer World Cups, FIFA is introducing its upcoming NFT platform built on the Algorand (ALGO) blockchain. This will allow fans around the world to collect digital memorabilia and artworks themed to the two events.
FIFA introduces its non-fungible token (NFT) platform
The Fédération Internationale de Football Association (FIFA) presented this Friday its future NFT platform named FIFA+ Collect.
This platform will be launched in September, in anticipation of the two upcoming World Cups. The first one will take place in Qatar in November for the men’s teams and the next one, for the women, in the summer of 2023 in Australia and New Zealand.
The aim of this initiative is to create collections of digital souvenirs “at affordable conditions”. This could be historical moments of the sport or artworks on the theme of the two competitions.
Romy Gai, FIFA’s director of commercial affairs, draws parallels between non-fungible tokens and sticker albums, which have been the norm for many years:
“From now on, FIFA collectibles will be available to everyone, further democratizing accessibility to the World Cup. As with the memorabilia and sticker images, this is a unique opportunity for fans to experience their favorite stars and iconic actions on new platforms.”
A platform based on Algorand’s technology (ALGO)
To carry out this NFT shift, FIFA relies on the highly scalable blockchain Algorand (ALGO). This is the logical continuation of the partnership concluded with the Algorand Foundation last May.
For his part, W. Sean Ford, interim CEO of Algorand, expressed his excitement about the results of this agreement:
“Via a decentralized and scalable public blockchain, FIFA’s platform is the first tangible result of the recently announced technical partnership […]. FIFA’s commitment to bridging the gap to Web3, facilitated by Algorand, is a testament to its spirit of innovation and willingness to interact directly and transparently with soccer fans around the world.”
Thanks to this blockchain technology, the international soccer body promises a fast and low-cost platform, among other things. More information should arrive soon and it will be interesting to observe how the application will be built, in order to remove the technical locks to best accommodate fans, who will not necessarily be familiar with our ecosystem.
Note, however, that in a difficult market context, the price of ALGO has not particularly reacted to the news. At the time of writing, it was up 0.47% over the last 24 hours.
At the same time, we’ve seen this week that not all partnerships between crypto companies and the soccer world are going so well. Indeed, cryptocurrency exchange Crypto.com pulled out of a $495 million deal with UEFA.