The blockchain network Algorand has partnered with FIFA for sponsorship and technical partner deals as the project became the first official blockchain partner for the soccer association. The deal was announced on May 2nd and will also involve Algorand becoming a regional supporter from North America and Europe for the 2022 FIFA World Cup planned to be held In Qatar later this year.
Moreover, Algorand will also be an official sponsor for FIFA’s Women’s World Cup 2023 in Australia and New Zealand. The project will assist FIFA in developing a digital asset strategy for NFTs. It is likely that Alogrand will also assist FIFA with developing a unique NFT collection as the partnership also entails Algorand providing FIFA with an official blockchain-supported wallet solution.
Algorand x FIFA
FIFA president Gianni Infantino is delighted by the partnership and said,
“indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth”, adding that he is looking forward to a “long and fruitful partnership with Algorand.”
However, Algorand is not the first official crypto partner for FIFA, as Crypto.com secured the position as the official crypto trading platform sponsor for the 2022 World Cup in March. But, this move is a great achievement for Algorand and the crypto industry as FIFA is a popular sport with millions of international spectators.
FIFA world championships are held every year, and the last one took place in Russia, which was also one of the world’s most viewed sporting events with over 3.2 Billion spectators. This massive audience will witness the prowess of blockchain technology first-hand.
Algorand is the first US-based sponsor of the World Cup since 2011, as, since the last decade, the football association has been under scrutiny and watch by US Federal prosecutors for bribery, money laundering and corruption. However, as the association turns a new leaf, Algorand will be elemental in the growth.