The International Federation of Association Football, FIFA, has signed a partnership with the carbon-negative blockchain technology platform, Algorand. This happened a few days back in Los Angeles, USA.
While it’s no surprise to see integrations between sports and blockchain technology, it is quite an interest because this is FIFA’s first blockchain partnership. We’ve seen fan tokens, NBA NFTs sold as ‘moments’, ticketing options to pay in crypto, and outright sponsorship of sports events by blockchain companies. The massive support that the blockchain gives to the sports industry is unmatched. This FIFA’s partnership with Algorand shows how much of that support is beginning to be noticed globally in the sports industry.
About FIFA In The Partnership With Algorand
FIFA is the world’s highest governing body of football and it oversees international competitions of association football, futsal, and beach soccer. Founded in 1904, the non-profit organization is responsible for major international tournaments like the World Cup and the Women’s World Cup.
The partnership with Algorand is FIFA’s first partnership with any blockchain technology platform.
About Algorand In The Partnership With FIFA
Algorand is the first blockchain to solve the blockchain trilemma problem of decentralization, security, and scalability. Home to over 2000 global organizations, governments, and digital-native DeFi applications, the Algorand blockchain is driving inclusiveness and transparency across all industry sectors.
The carbon-negative blockchain prides itself on being sustainable and earth-friendly. Algorand uses a pure proof-of-stake algorithm and is unforkable which means that it cannot be updated and all data is preserved in its original state. This makes it the best platform to mint NFTs. Fans have taken to their social media platform to suggest that FIFA create NFT tickets for the upcoming World Cup event to hold in Qatar this November.
The Partnership Between FIFA And Algorand.
The partnership announcement was made by FIFA president, Gianni Infantino, and Algorand’s founder, Silvio Micali in Los Angeles, USA this week. The partnership terms include that Algorand would sponsor the World Cup Qatar 2022 and the FIFA Women’s World Cup Australia and New Zealand 2023.
Algorand would also be the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution for all FIFA crypto payments. FIFA would be responsible for providing media exposure, advertisement, and promotional opportunities for the blockchain company, Algorand.
FIFA has also mentioned that Algorand would help develop its digital assets strategy, one way to start, in fans’ opinion, would be FIFA NFT tickets. The report from FIFA media, explains that the partnership is ‘an indication of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth’ and would ‘ensure transparency to FIFA stakeholders and worldwide football fans’.
Algorand Price Action Since The Announcement
Since word got out about the partnership, Algorand’s native token $Algo has increased by 19%, moving from a 24-hour low of $0.5 to trade at $0.7. Over the next couple of months, more massive action might still be expected.
The growth and support for blockchain technology continue to increase. while it may not be growing at a faster rate, blockchain enthusiasts are encouraged by the milestones that are being croosed,