FIFA launches NFT collection on Algorand (ALGO)

FIFA launches NFT collection on Algorand (ALGO)

FIFA launches a non-fungible token platform in Algorand.

FIFA announce It’s launching FIFA + Collect later this month on FIFA +, and fans will be able to own digital collectibles of great football moments and art.

The World Football Association is partnering with Algorand in the NFTs. The blockchain became the official FIFA blockchain platform in May and will support the FIFA + Collect NFT platform.

According to Algorand’s Acting CEO, W. Sean Ford, “The commitment made by FIFA to connect with Web3 that Algorand has enabled is a testament to their innovative spirit and desire to communicate directly and seamlessly with football fans around the world.”

According to the available information, the project is similar to the basketball-focused NBA Top Shot.

FIFA has yet to reveal all the details about when the NFT kits will be available. But the organization plans to include the launch of NFTs during the Qatar 2022 World Cup in November.

FIFA Chief Business Officer Romy Gay said: “Fandom is changing, and football fans around the world are interacting with the game in new and exciting ways.”

He also described NFTs as a way to democratize ownership of FIFA memorabilia and create an opportunity for fans to interact with their players and their favorite moments.

While Algorand is the official blockchain partner of FIFA, it is not the only crypto company present in the FIFA World Cup. The global organization also owns as the exclusive official sponsor of the tournament.

Sports ads and coding

Despite the market downturn, many crypto companies are still using sports for advertising.

Cryptocurrency platform Whalefin is currently the shirt sponsor of Chelsea Football Club, and the Tezos blockchain sponsors Manchester United training groups.

But cryptocurrency investments in sports are not limited to football. In fact, crypto companies own spend Over $2 billion on sports advertising, with the likes of NBA, Formula 1, and MLB, enjoying the support of crypto sponsors.

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