FIFA, the world governing body of football, has just announced a partnership with blockchain innovator Algorand. Algorand is now becoming the official blockchain platform of FIFA and offers blockchain wallet solutions. Immediately after the announcement, the Algorand token price saw a sharp surge.
FIFA x Algorand
Algorand has been involved with various international football clubs and events. A few months ago, they signed a tech partnership with the NJ/NY Gotham Football Club. That’s why we see their branding in the league now. This partnership includes blockchain payments and NFT integrations in the stadium and in the community.
Since the FIFA deal, they are now the regional sponsor of the 2022 FIFA World Cup in Qatar. They are also the official sponsor of the 2023 FIFA Women’s World Cup in Australia and New Zealand. However, this stint at FIFA is not just an ordinary sponsorship deal.
The blockchain company will support FIFA in further developing its digital assets strategy. In addition, FIFA provides sponsorship resources including advertising, media exposure and promotional opportunities. Sounds like a win-win situation to me.
The FIFA President says this is a clear sign of FIFA’s commitment. Her focus is on the constant search for innovative channels for long-term revenue growth. When they officially enter the blockchain space, various new opportunities will open up. This can include, for example, blockchain payments, NFTs, virtual land, and other digital assets.
Algorand develops digital Web3 capabilities as a way to accelerate growth, inclusivity, transparency and innovation. They also place a constant focus on the environmental impact of the blockchain. The company is working on new partnerships with various industries. Silvio Micali and his team have extensive experience in finance, gaming, music, art and sports. This should allow for a smooth transition for future football organisation.