FIFA To Launch New NFT Platform In Partnership With Algorand

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FIFA, the glob­al gov­ern­ing body of soc­cer, is launch­ing a new NFT col­lectibles plat­form with the high­ly antic­i­pat­ed World Cup just around the cor­ner. The new plat­form will be launched on Algo­rand, con­tin­u­ing an exist­ing part­ner­ship between the two parties.

Let’s take a look at what we know from ini­tial announce­ments that have been released this week.

FIFA+ Collect: The Organization’s First Real Foray Into NFTs

The plat­form will be called ‘FIFA+ Col­lect’ and will appear to take a Top Shot-esque approach, with a bit of a twist. Top Shot, of course, has uti­lized IP from the NBA, NFL and UFC to take in-game moments and mint them as NFTs. FIFA will also seem­ing­ly lever­age big in-game moments, and pair them along­side “art and imagery,” accord­ing to the press release. The plat­form is expect­ed launch lat­er in Sep­tem­ber, and is focused on being “afford­able, inclu­sive and acces­si­ble to all foot­ball fans,” accord­ing to the report.

In a state­ment ref­er­enced in the press release, FIFA Chief Busi­ness Offi­cer Romy Gai stated:

“This excit­ing announce­ment makes FIFA col­lectibles avail­able to any foot­ball fan, democ­ra­tis­ing the abil­i­ty to own a part of the FIFA World Cup. 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.”

Algorand (ALGO) is the partner blockchain for soccer's biggest and most dominant governing body, FIFA. The two are releasing an upcoming NFT platform later this month. | Source: ALGO-USD on TradingView.com

Their Biggest Sports Play Yet

In May, Algo­rand secured FIFA as one of it’s biggest part­ners to date in a time­ly deal with the World Cup hap­pen­ing lat­er this year. The deal also includes the Women’s World Cup, which takes place next year and offers a long run­way of momen­tum for the FIFA+ Col­lect plat­form. The blockchain has clear­ly tak­en a nar­row and more defined approach to part­ner­ship deals, as opposed to cast­ing a wide net and hop­ing some­thing sticks, as it’s been an oth­er­wise rel­a­tive­ly qui­et 2022 for new part­ner­ships – at least in sport.

Out­side of FIFA, it’s been rel­a­tive­ly qui­et for sports prop­er­ties in the blockchain’s ecosys­tem, with lim­it­ed expo­sure to deals in non-tra­di­tion­al sports such as chess and drone rac­ing. With enough trac­tion, the new FIFA+ Col­lect plat­form could eas­i­ly become a flag­ship NFT prod­uct – but it still will have immense com­pe­ti­tion from estab­lished play­ers in the sport & enter­tain­ment space.

Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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