The Block: FIFA launches digital asset project on Algorand ahead of World Cup

FIFA, soccer's global governing body, will release a digital collectibles project on the Algorand blockchain ahead of November's World Cup.

The FIFA+ collection, set to launch later this month, will include notable moments, art and imagery from the World Cup and Women’s World Cup, according to a the organization . The project is akin to NFT sports collectibles like the basketball-focused NBA Top Shot.

“This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup,” said FIFA Chief Business Officer Romy Gai. “Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments and more on new platforms.”

Algorand offers a proof-of-stake blockchain cryptocurrency protocol, but it is not known for NFT projects. The main chains for NFT collections (excluding the Axie Infinity -focused Ronin ) are Ethereum and Solana. Trade volume peaked at $1.64 billion for Ethereum in May and $163.9 million for Solana in Aug. 2021, according to The Block’s data dashboard.

Algorand's all-time NFT trading volume high was $4.5 million in January, according to NFT Explorer.

When FIFA secured a partnership with Algorand in May, the blockchain’s native token ALGO spiked, Coindesk said . In that partnership, Algorand would help FIFA launch a digital wallet and other blockchain-based projects, and FIFA would boost Algorand's global presence.

FIFA announced that it exceeded its target revenue goal of $6.44 billion across 2019 to 2022 and earned $766 million in 2021, according to FIFA’s 2021 annual report .

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.