FIFA announces World Cup digital collectables initiative on Algorand
FIFA, the worldwide governing body of soccer, will launch a digital collectables initiative on the Algorand blockchain prior to the World Cup in November.
According to the organization, the FIFA+ collection, which is expected to appear later this month, will include key events, artwork, and images from the World Cup and Women’s World Cup. This endeavour is comparable to NFT sports collectables such as the basketball-focused NBA Top Shot.
Similar to sports souvenirs and stickers, this provides a chance for fans to interact with their favourite players, events, and more on new platforms.
Algorand provides a blockchain-based proof-of-stake coin technology, however, it is not well-known for NFT applications. Ethereum and Solana are the primary chains for NFT collections (excluding the Axie Infinity-focused Ronin). According to The Block’s statistics dashboard, Ethereum’s trade volume peaked at $1.64 billion in May and Solana’s at $163,9 million in August 2021. According to NFT Explorer, Algorand’s all-time NFT trading volume high was $4.5 million in January.
According to Coindesk, when FIFA established a collaboration with Algorand in May, the blockchain’s native currency ALGO surged. In this agreement, Algorand would assist FIFA in launching a digital wallet and other blockchain-based initiatives, while FIFA would enhance Algorand’s worldwide visibility.
According to FIFA’s 2021 annual report, the organization achieved its income goal of $6.44 billion from 2019 to 2022 and earned $766 million in 2021.