FIFA, the world’s football governing body, has just announced a partnership with blockchain innovator Algorand. Algorand will now become the official blockchain platform of FIFA and provide blockchain wallet solutions. After the announcement, the Algorand token price immediately saw a sharp spike.
FIFA x Algorand
Algorand has been involved with various international football clubs and events. A couple of months ago, they signed a tech partnership with NJ/NY Gotham Football Club. That is why we see their branding running around the league now. This partnership includes blockchain payments and NFT integrations in-stadium and in the community.
Since the FIFA agreement, they are now the regional sponsor for the 2022 Qatar FIFA World Cup. They are also the official sponsor for the 2023 FIFA Women’s World Cup in Australia and New Zealand. However, this stint with FIFA is not just an ordinary sponsorship deal.
The blockchain company will assist FIFA in further developing its digital assets strategy. In addition, FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities. Sounds like a win-win to me.
The FIFA President says this is a clear indication of FIFA’s commitment. Their focus is to continuously seek innovative channels for long term revenue growth. As they officially enter into the blockchain space, it will unlock various new opportunities. For instance, this can include blockchain payments, NFTs, virtual land, and other digital assets.
Algorand develops Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation. Besides, they place a constant focus on the blockchain’s environmental impact. The company has been working on new partnerships with various industries. Silvio Micali and his team has a rich experience in finance, gaming, music, art, and sports. This should enable a smooth transition for the football organization moving forward.
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