In preparation for the World Cup, FIFA unveils the NFT Platform on Algorand

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Last Updated on September 3, 2022 by Bitfinsider

FIFA, the world’s governing body of soccer, has announced it will introduce an NFT platform for digital collectibles with soccer themes in the months leading up to the 2022 World Cup.

FIFA+ Collect, the portal, will feature “affordable, inclusive, and accessible” NFTs that incorporate famous soccer moments, artwork, and photography when it launches later this month. Moments from the prestigious international soccer tournament may also be made into digital treasures as it unfolds in Qatar in late November.

The ownership of digital goods like artwork, profile images, and video game items can be verfied with the help of NFTs, which are special blockchain tokens. The Algorand blockchain, created by MIT scientist Silvio Micali as a proof-of-stake Ethereum and Solana substitute, will power FIFA+ Collect. FIFA officially selected Algorand as its blockchain partner in May.

FIFA’s Chief Business Officer, Romy Gai said in a statement: “Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favourite players, moments and more on new platforms.”

Soon, more information about the collections that will be a part of the debut of FIFA+ Collect will be made available, along with hints about the kinds of NFTs that will be published throughout the World Cup. FIFA+, the organization’s portal for live soccer matches, news, games, and original content, will host the NFT platform.

Algorand gained attention earlier this year when it bought the digital music sharing service Napster and teamed up with LimeWire, which was once its own peer-to-peer music service and recently debuted a music-focused NFT marketplace showcasing the works of artists signed to Universal Music Group’s label.

Source: Twitter

This November in Doha, there will be more cryptocurrencies besides Algorand. Crypto.com announced in March that it would be the sole cryptocurrency exchange sponsor of the World Cup. The business, however, may be scaling back its ambitious plan for sports collaborations after reportedly canceling a $495 million sponsorship agreement with UEFA, the European Champions League, earlier this week.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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