FIFA and Algorand collaborate on NFT project

FIFA has partnered with Algorand, a blockchain firm, to unveil an NFT platform for soccer-themed digital collectibles. The football body made the development known in its blog post. According to FIFA, the project will promote affordable, comprehensive, and accessible NFTs that will grossly represent significant soccer moments, arts, and imagery.

The project, FIFA+Collect, will be launched before the end of September. With this, the platform will modify every remarkable moment from the imminent 2022 world cup into a digital collectible.

Algorand emerged as the official blockchain partner of FIFA last May. FIFA+Collect will operate on the Algorand, a blockchain that uses the proof-of-stake (PoS) consensus mechanism developed by an MIT professor, Silvio Micali.

The partnership will see Algorand develop a virtual asset strategy for FIFA. The blockchain firm will also depend on this collaboration to enhance its exposure and expand its reach.

Reacting to the development in a statement, FIFA Chief Business Officer Romy Gai described the platform as an opportunity for football fans to engage their favourite players.

Gai added that FIFA intends to release more details of the collections to be included in the FIFA+Collects shortly. The officer said there would be an unveiling of a teaser depicting the types of NFTs that will be rolled out during the world cup. Also, he said the NFT platform would be live on the FIFA streaming platform, known as FIFA+. 

This development comes a few months after Algorand bought a digital music-sharing service, Napster. The blockchain firm also partnered with LimeWire, a one-time peer-to-peer music sharing service and NFT marketplace that promotes the works of artists signed on the Universal Music Group label.

The blossoming relationship between sporting and crypto actors

Algorand is not the only crypto institution that has partnered with FIFA. Crypto exchange, Crypto.com also collaborated with the football body to become the world cup exclusive crypto exchange sponsor. 

Although Crypto.com recently discontinued its $495 million sponsorship deal with UEFA. Crypto.com was initially expected to headline the UEFA Champions League for five seasons. The deal was scheduled to commence in 2027 at $100million per season.

However, it is already established that there is a form of romance between the crypto and the sporting sphere. Beyond FIFA and UEFA, some sports teams, like PSG, Juventus, Chelsea, and Manchester City, have recently announced partnerships with various crypto firms.

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