FIFA will use the proof-of-stake blockchain to establish a “digital assets strategy” and an official “wallet solution.”
Algorand (ALGO), a blockchain network, has teamed with FIFA to become the soccer association’s first official blockchain platform, signing a sponsorship and technical partnership agreement.
Algorand will also become a regional supporter for the 2022 FIFA World Cup to be held in Qatar in November and December, as part of the agreement announced on Monday, May 2.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
In 2023, Algorand will be an official sponsor of the FIFA Women’s World Cup, which will take place in Australia and New Zealand.
Help in Developing NFT Collections
With the statement outlining blockchain technology in the context of non-fungible tokens, the proof-of-stake chain will aid FIFA in creating its “digital assets’ strategy” (NFTs). As a result, Algorand might be able to help FIFA establish its own NFT collection. Algorand will also offer an “official blockchain-supported wallet solution” as part of the collaboration.
FIFA President Gianni Infantino praised the cooperation, calling it an “indication of FIFA’s commitment to continue pursuing creative routes for sustainable revenue growth” and promising a “long and prosperous partnership with Algorand.”
“This news is an exciting moment for FIFA, as it formally enters the realm of blockchain and the prospects that this brings across numerous applications,” FIFA Chief Business Officer Romy Gai said. When expanding FIFA’s revenue, we must always be on the lookout for the most innovative, long-term, and open methods possible. For these reasons, we believe Algorand can be an invaluable ally in our pursuit of these objectives.
Other Crypto Companies Associated with FIFA
Another cryptocurrency exchange, Algorand, has signed on to sponsor the FIFA World Cup. In March, Crypto.com was named the 2022 World Cup’s official crypto trading platform sponsor. Given that cryptocurrency is illegal in Qatar, it’s a bold step, but it’s understandable given numerous international visitors.
The sports competition takes place every four years and is one of the most-watched athletic events. Over 3.2 billion people – nearly half of the world’s population over the age of 4 – had tuned in to watch the 2018 World Cup in Russia. The 90-minute final between France and Croatia was watched live by about 1.1 billion people.
Algorand is the first new ‘US based’ sponsor since 2011. For the past decade, the organization has been accused of bribery, money laundering, and corruption by US federal authorities, with the most recent indictments coming in April 2020 for bribes in connection with the selection of World Cup host countries, including Qatar.
The price of Algorand’s native token has risen over 20% to $0.72 in the last 24 hours, from a 24-hour low of $0.58.
More about Algorand
Algorand’s goal is to turn the network costs paid by users into carbon credits.
Cryptographer Silvio Micali founded the Algorand blockchain, which over 2000 organizations, governments, and DeFi apps worldwide now use. Organizations in the financial and music industries are among those that Algorand works with to implement Web3 digital capabilities to accelerate innovation while minimizing environmental impact.
Using Algorand’s proof-of-stake blockchain system, the network’s carbon emissions may automatically be offset using a smart contract.
A carbon-negative blockchain was promised by the Algorand team in 2021. Algorand was able to track its on-chain carbon footprint and deposit a corresponding number of carbon credits into a green treasury due to its collaboration with ClimateTrade.