To support the FIFA World Cup in Qatar as well as the Women’s World Cup in Australia and New Zealand, the Algorand network has signed a deal to become the official blockchain technology partner for both tournaments.
Cryptocurrencies such as non-fungible tokens (NFTs) or digital assets stored in blockchain-enabled wallets are among the many types of digital assets that may be safely exchanged using blockchain technology.
Algorand will help FIFA build its digital asset strategy, and FIFA will give sponsorship assets, including advertising, media exposure, and promotional opportunities, as part of the arrangement.
In order to aid FIFA in building its digital strategy, Algorand will provide a blockchain-based wallet solution as part of its services.
In the case of Algorand, the focus is on speed and efficiency rather than scalability and flexibility. The Qatar World Cup is sponsored by Crypto.com, a bitcoin exchange and blockchain company that is also a sponsor.
Following a decade of corruption-related investigations by the United States against FIFA, this is the first time since 2011 that a sponsor from the United States has sponsored the World Cup.
At one point in time, more than 1.1 billion people across the globe tuned in to see the 2018 Men’s Globe Cup final.
During the previous night’s trading in Asia, the price of Algorand increased by about six percent, hitting US$0.616 at the time of writing.
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