FIFA and Algorand become blockchain partners
On Monday, FIFA announced that it has teamed up with blockchain technology company Algorand to a sponsorship and technical partnership agreement. The agreement was reached ahead of the Qatar 2022 world cup and makes Algorand FIFA’s first official blockchain platform that will provide a ‘blockchain-supported wallet solution’ for future digital assets to be traded.
Algorand will also become an official sponsor of the FIFA Women’s world cup in Australia and New Zealand in 2023.
The proof-of-stake blockchain will help FIFA to develop its digital assets strategy and the announcement explained how the blockchain can be used in relation to NFTs. As such, it appears that Algorand can also help FIFA develop its own NFT collection.
The FIFA president Gianni Infantino said that this partnership shows FIFA’s commitment in seeking innovative ways to grow its long term revenue. ‘We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA's commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football - ensuring transparency to our stakeholders and worldwide football fans - a key element of our vision to make football truly global. I look forward to a long and fruitful partnership with Algorand." he remarked.
In return, FIFA will support Algorand’s goals to deliver transparency, innovation, environmental control and inclusivity to the Web3 ecosystem. The company will also give Algorand sponsorship assets such as advertising, media exposure and promotional avenues.
As FIFA officially enters the blockchain industry, it will benefit from new opportunities such as blockchain payments, NFTs, virtual lands and collectibles.