Just months away from the 2022 World Cup, FIFA, football’s global governing body, has announced that it will launch an NFT platform for football-themed digital collectibles. This was when an altcoin project caught attention. Here are the details…
FIFA launches NFT to market
The FIFA+ Collect platform will launch later this month and will feature “affordable, inclusive and accessible” NFTs depicting key football moments, art and images, according to FIFA. As the World Cup kicks off in Qatar at the end of November, moments from the global football tournament can also be turned into digital collections. NFTs are unique Blockchain tokens that act as proof of ownership on digital assets such as art, profile pictures or video game items.
FIFA+ Collect will run on the Algorand Blockchain, a Proof-of-stake Ethereum and Solana alternative developed by MIT professor Silvio Micali. In May, Algorand became FIFA’s official bBockchain partner. “Like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments and more on new platforms,” said Romy Gai, FIFA’s Chief Operating Officer.
More details on which collectibles will be included in the launch of FIFA+ Collect and teasers on what types of NFTs will be distributed throughout the World Cup will be released soon. The NFT platform will be streamed on FIFA+, the organization’s platform for live football games, news, games and original content.
How will the altcoin project ALGO be affected?
Algorand made headlines earlier this year for acquiring digital music sharing service Napster and partnering with LimeWire, once a peer-to-peer music sharing service. Algorand will not be the only crypto asset in Doha this November. In March, Crypto.com announced that it would be the exclusive crypto exchange sponsor of the World Cup. But the company may be narrowing down its ambitious sports partnerships agenda. Earlier this week, it was reported that the European Champions League had abandoned a $495 million sponsorship deal with UEFA.
Time will tell how the emergence of FIFA’s platform for NFTs will affect the price of ALGO. Cryptocurrency markets tend to move upwards, usually when big companies such as FIFA are involved. However, if Bitcoin and other cryptocurrencies are down due to other macroeconomic events, the positive news may not have much impact on smaller altcoins. Therefore, time will tell the change in ALGO price.
