The 22nd edition of the FIFA World Cup is less than seven months away and fans all across the globe are gearing themselves up for the mega sporting event. With Qatar set to host the quadrennial competition from 21 November across eight venues, around 1.5 million tourists are expected to cross borders to relish live matches from the stands.
With every passing day, the hype is towering. Taking advantage of the same, a host of brands are tying up with FIFA as partners. In what is the latest development, FIFA announced its partnership with DeFi platform and blockchain innovator Algorand.
Per the official announcement, the two entities have agreed to a “sponsorship and technical partnership deal.” This means, Algorand would become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution.
As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022 Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.
Additionally, Algorand will also assist FIFA in developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.
Well, the football x crypto crossover is not new. For instance – Crypto.com, a cryptocurrency exchange, is one of the official sponsors of the Qatar World Cup. Meanwhile, the whole concept of fan tokens and NFTs is also gradually becoming mainstream among football enthusiasts.
Reactions
Commenting on the deal, FIFA President Gianni Infantino said,
“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 world-wide football fans – a key element of our Vision to make football truly global.”
On the other hand, Silvio Micali, founder of Algorand went on to say,
“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
As soon as the said announcement was made, the DeFi platform’s native token Algorand [ALGO] started climbing up on the charts. At press time, it was trading at $0.6782, up by 13.2% in the last 24-hours.