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Algorand, one of the leading blockchain networks, has announced a partnership with the 2022 FIFA World Cup to be held in Qatar between November and December this year. Algorand is officially the first official blockchain platform to secure a sponsorship deal with the soccer association.
Algorand partners with FIFA World Cup
The partnership deal announced on Monday could also see Algorand becoming the regional sponsor in Europe and North America for the 2022 FIFA World Cup to be held later this year. The blockchain platform will also be the official partner of the FIFA Women’s World Cup in Australia and New Zealand next year.
Through this partnership, FIFA will develop its strategy for digital assets. The announcement also hinted that blockchain technology would be used for creating non-fungible tokens (NFTs). Therefore, there is a likelihood that FIFA could use the Algorand to release its own NFT collection. The announcement added that Algorand would provide an “official blockchain-supported wallet solution.”
The president of FIFA, Gianni Infantino, was happy about this partnering adding that it was a sign of “FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth.” He added that he was looking forward to a “long and fruitful partnership with Algorand.”
Blockchain firms rush to secure World Cup deals
Algorand is joining the list of crypto firms seeking to secure deals during the FIFA World Cup. Crypto.Com secured a deal as the official cryptocurrency exchange sponsor for the 2022 World Cup March held in May. Despite these deals, Qatar, the country where the World Cup will be based, has a ban on crypto assets.
The last World Cup was held in Russia four years ago. It was one of the most viewed sports events globally. More than 3.2 billion people viewed the World Cup, equivalent to nearly half of the World’s population. This presents a good marketing opportunity for many firms.
Following this deal, Algorand has been the new US-based sponsor of the World Cup since 2011. Over the past ten years, FIFA has been criticized over several issues ranging from money laundering, bribery and corruption. In April 2020, the association was criticized for bribery in selecting the host countries for this event.
The news has been positive about the price of Algorand (ALGO). During the past 24 hours, ALGO’s price has made an 18.8% gain, and it was trading at $0.7002 at the time of writing, according to CoinGecko.
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