FIFA has signed a sponsorship and technical collaboration agreement with Algorand, the first blockchain network that has a pure PoS consensus mechanism.
This partnership makes Algorand the first official blockchain platform for FIFA. Also, Algorand will be a regional supporter for the 2022 FIFA World Cup in North America and Europe. The World Cup will be in Qatar in November and December this year.
Why did FIFA Partner with Algorand?
FIFA President, Gianni Infantino, commended the agreement. He sees it as an “indication of FIFA’s intention to continue exploring innovative approaches for long-term income development”. Also, he sees promising long and productive cooperation with Algorand.
FIFA announces partnership with blockchain innovator @Algorand
📸 @MilkenInstitute | #MIGlobal pic.twitter.com/bqCmLFjhnO
— FIFA Media (@fifamedia) May 2, 2022
Moreover, Romy Gai, FIFA’s Chief Business Officer, added: “This is a turning point for FIFA. It officially enters the area of blockchain and the possibilities it offers across a variety of applications. To continue to assist worldwide football growth, FIFA must continually seek to discover and explore the most cutting-edge, sustainable, and transparent strategies for increasing revenues.”
In addition, Algorand’s creator, Silvio Micali, stated: “The Algorand blockchain’s ability to revolutionize the way we all enjoy the game will be demonstrated by our collaboration with FIFA. FIFA is the world’s most well-known and respected sports organization.”
Also, Algorand is another cryptocurrency company that is sponsoring the FIFA World Cup. In March, Crypto.com was selected as the official crypto trading platform for the 2022 World Cup. It’s an interesting approach, given that cryptocurrency is illegal in Qatar, but it makes sense given a large number of international visitors.
The competition was one of the most-watched sports events in history. Over 3.2 billion people watched the 2018 World Cup. It is over half of the world’s population over the age of four. Around 1.1 billion people watched the 90-minute final between France and Croatia live on television.
Four Benefits for Algorand from this Partnership
Moreover, this partnership offers Algorand:
- An improved worldwide reputation. Therefore, this will enable them to position themselves as the first blockchain with a pure PoS consensus mechanism.
- This will let Algorand supply FIFA with blockchain-supported wallet solutions.
#Algorand soars 13% post bagging FIFA partnership dealhttps://t.co/pTa6KAswmx
— Watcher.Guru (@WatcherGuru) May 3, 2022
3. Algorand will also contribute to the development of a successful strategy for FIFA’s digital assets. Therefore, digital assets can take several forms. Including FIFA’s official cryptocurrency, NFTs, and other digital assets.
4. Algorand will benefit from Fifa’s sponsorship assets, which include advertising, media exposure, and promotional possibilities.
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