FIFA Launches FIFA + Collect, Its Own NFT Platform on Algorand

Quick Summary

  • FIFA, the world’s soccer governing body, has announced to launch an NFT platform later this month. FIFA and Algorand, a blockchain enterprise services provider, have joined forces to achieve this milestone. 

The craze of NFTs across several sectors seems to be growing exponentially. In collaboration with the blockchain company Algorand, FIFA, the world’s governing body of soccer, is preparing to introduce its very own football NFT platform. The network, which is expected to be branded FIFA+ Collect, would include digital memorabilia of historical World Cup and Women’s World Cup highlights.

Related: Magic Eden Partnered With Overtime To Boost Sports NFT Utility

FIFA joins non-fungibles

FIFA, the organization that governs soccer in the world, has announced the opening of an NFT platform to display digital artifacts related to soccer as the 2022 World Cup approaches. The organization anticipates launching the platform (FIFA+ Collect) by the month’s end. The NFTs will serve as highlights of significant images, artwork, and soccer moments. Additionally, they will be affordable, reachable, and inclusive.

The World Cup will also feature digital memorabilia of memorable events. NFTs are special assets created by the blockchain that demonstrate the original ownership of digital assets like video games and images. The Algorand blockchain, a rival proof-of-stake to Ethereum and Solana, is the foundation for FIFA+ Collect.

Algorand became an official blockchain partner with FIFA in May 2022. Romy Gai, FIFA’s chief business officer, stated that FIFA+ Collect offers new ways for soccer fans to interact with and relive their favorite World Cup memories and moments from the tournament.

Gai compared NFTs to a contemporary take on sports decals and collectibles. The thrilling FIFA memorabilia give soccer fans the option to own a piece of the FIFA World Cup, the FIFA executive continued. The announcement states that FIFA will shortly reveal information about the collections that will be accessible on the NFT platform’s opening day.

Soaring Popularity of NFTs in Sports

Along with Algorand, Crypto.com, a cryptocurrency exchange company, will also be present during the November 2022 World Cup. Crypto.com declared itself to be the official cryptocurrency exchange for the soccer event in March of this year.

However, this week’s events made it clear that Crypto.com isn’t really eager in working with sports organizations. Multiple reports claim that Crypto.com turned down a $495 million sponsorship offer from the UEFA champions league, Europe’s premier club championship.

When Algorand purchased the digital music sharing business Napster earlier this year, its reputation skyrocketed. Additionally, it just introduced a music-focused NFT platform in collaboration with Limewire. The works of interested artists signed to the Universal Music Group label will be featured on this NFT platform with a music focus.

Conclusion

The penetration of NFTs in the sports world is breathtaking. More and more of the world’s biggest companies are looking to find a way to cash this rising popularity of the digital collectible. The era of NFTs will soon be upon us.

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author: mnmansha

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.