The deal was announced last Monday. The blockchain network will help FIFA develop strategies related to digital assets. This will be primarily in the area of non-fungible tokens (NFTs). It is therefore possible that Algorand will help FIFA develop its own NFT collection.
BREAK: @FIFAcom announced #Algorand will become the official FIFA blockchain, providing the global football community with state-of-the-art sustainable technology. Read more ? https://t.co/LTTUqGNLNA @Fifa World Cup #Fifa World Cup pic.twitter.com/LuEFTY3WK6
—Algorand (@Algorand) May 2, 2022
FIFA President Gianni Infantino said he was delighted with the partnership. He called the deal a good indication of FIFA’s commitment to constantly seek innovative channels for sustainable revenue growth. Infantino said he looks forward to a long and successful partnership with Algorand.
Romy Gai, FIFA’s Chief Business Officer, also commented on the partnership on the Football Association’s website: “This announcement is an exciting time for FIFA as it officially enters the world of blockchain and the opportunities it offers. for various applications. At FIFA, we must constantly strive to find and explore the most advanced, sustainable and transparent ways to increase revenue in order to continue supporting the development of world football. Algorand is clearly an innovative and forward-looking partner who can help us achieve these goals.
Algorand is not the first crypto sponsor of the World Cup. Crypto.com crypto platform previously became an official sponsor of the tournament. The fact that two crypto companies are now sponsoring the world championship is special. Crypto is banned in Qatar. It is possible that the international audience was primarily considered when choosing these sponsors. This could explain the sponsors.
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