The global governing body for football, FIFA, is launching a non-fungible token platform on Algorand.
FIFA announced that it would launch FIFA+ Collect later this month on FIFA+, and fans will be able to own digital collectibles of great football moments and art.
The global football body is partnering with Algorand for the NFTs. The blockchain became FIFA’s official blockchain platform in May and will support the FIFA+ Collect NFT platform.
According to the acting CEO of Algorand, W. Sean Ford, “The commitment FIFA has made to bridge to Web3 enabled by Algorand is a testament to their innovative spirit and desire to directly and seamlessly engage with football fans around the world.”
According to available information, the project is similar to the basketball-focused NBA Top Shot.
FIFA is yet to reveal all the details about when the NFT collections will be available. But the organization plans to include releasing NFTs during the 2022 Qatar World Cup in November.
Chief Business Officer at FIFA Romy Gai said, “Fandom is changing, and football fans around the world engage with the game in new and exciting ways.”
He also described the NFTs as a way to democratize ownership of FIFA memorabilia and create an opportunity for fans to interact with their favorite players and moments.
While Algorand is FIFA’s official blockchain partner, it is not the only crypto firm present at the FIFA World Cup. The global organization also has Crypto.com as its exclusive official sponsor for the tournament.
Sports and Crypto Advertisements
Despite the market downturn, several crypto firms still use sports for advertising.
Cryptocurrency platform, Whalefin is currently the shirt sleeve sponsor for Chelsea football club, and Tezos blockchain sponsors Manchester United training kits.
But the crypto investments in sports are not limited to football. In fact, crypto companies have spent over $2 billion on sports advertising, with the likes of the NBA, Formula 1, and MLB, enjoying the support of crypto sponsors.
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