On September 2, the global governing body of soccer, FIFA announced in a press release that it would launch a digital collectibles project on the Algorand blockchain network ahead of the November World Cup.
As per the organisationn FIFA+ collection will incorporate important art, moments and imagery from the Women’s World Cup as well as the World Cup, which was destined to launch at the end of this month. The project is similar to NFT sports collectibles like basketball-focused NBA Top Shot.
Romy Gai, FIFA Chief Business Officer said, “this following exciting announcement makes FIFA collectibles accessible to any soccer fan, democratising the ability poses a piece of art of FIFA World Cup.”Just like sports memorabilia and stickers, this is an available chance to all the fans around the globe to engage with their dearest players, moments and more on new stages.”
Algorand is a provider of proof-of-stake blockchain digital currency protocol, however, it isn’t well known for NFT projects. Ethereum (ETH) and Solana (SOL) are the only two important chains for NFT collections (removing the Axie Infinity-focused Ronin).
As per data, the trade volume of Ethereum peaked in May with a high of $1.64 billion, while Solana touched $163.9 million in August 2021.
As per the NFT Explorer, ATH (all-time high) Algorand’s NFT trading volume was $4.5 million and it reached the high in January.
CoinDesk revealed that when the partnership between FIFA and Algorand successfully established in May, ALGO, a native token of Algorand blockchain, spiked. Algorand, in the partnership, would help FIFA in launching digital wallet and blockchain-related projects. On the other hand, FIFA would help Algorand to mark its global presence.
In the 2021 annual report, FIFA reported that it had surpassed its target income of $6.44 billion across 2019 to 2022 and earned $766 million in 2021.