The governing body for world football, FIFA, is launching an NFT tokens platform on Algorand.
On September 2, FIFAÂ revealed that it would launch “FIFA+ Collect” later this month. This platform will allow fans to own digital collectibles of great football moments and art.
The global football organization is teaming up with Algorand for the NFTs. The well-known blockchain became the official platform for the footballing association back in May. It will support the new NFT platform as well.
According to the CEO of Algorand, W. Sean Ford (interim), the commitment FIFA has made to bridge Web3 promoted by their blockchain platform is a testament to their innovative spirit and aspiration to directly and seamlessly engage with football fans around the world.
According to available information, the project is identical to the basketball-focused NBA Top Shot. However, the footballing body is yet to disclose all the details about the availability of the NFT collections. Regardless, the organization plans to release these NFTs during the 2022 Qatar World Cup in November.
Chief Business Officer at FIFA Romy Gai mentioned that Fandom is changing, and football fans around the world engage with the game in new and exciting ways. In fact, he also describes NFTs as a way to democratize ownership of FIFA memorabilia and form an opportunity for fans to interact with their favorite players and moments.
While Algorand is the official blockchain partner, it is not the only crypto firm with a presence at the Qatar 2022 World Cup. The popular platform Crypto.com is the official sponsor for the tournament.
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Sports & Crypto
Sports organizations, players, and institutions have shown great enthusiasm for using both NFTs and Crypto for better engagement with fans. Despite the market struggling, several crypto firms still use sports for advertising which makes the case for the longevity of blockchain.
OKX is Manchester City FC’s Training Kit Sponsor, Cryptocurrency platform, Whalefin is presently working closely with Spanish team Atletico de Madrid, Tezos blockchain sponsors Manchester United training kits and many other such deals where crypto platforms are in collaboration with Football Teams and popular players.
Also read, Kylian Mbappe is now brand ambassador of Sorare
However, crypto investments in sports are not just limited to football. In fact, crypto companies have spent over $2 billion on sports advertising, the NBA, Formula 1, and MLB, enjoying their fair share of support from crypto sponsors.
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