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Algorand inks World Cup sponsorship deal with FIFA

Algorand
TL;DR Breakdown
  • Algorand partners with FIFA to sponsor the World Cup
  • FIFA plans to create an NFT cache
  • Algorand will leverage football’s massive following

Algorand has signed a deal with football governing body, FIFA, to become a sponsor for the World Cup that is scheduled for later this year. The cooperation will see the firm become a sponsor and a partner for the football body. With the new deal, the blockchain company act as FIFA’s regional sponsor across Europe. The footballing event will hold between November and December after a delay to activities at the start of the year.

FIFA plans to create an NFT cache

The platform will also go one step further with the sponsorship, flying its banner at the FIFA women’s World Cup that will be held next year. The platform aims to help the football body strategize methods to improve its assets. In that perspective, the football body will be open to using blockchain to support its NFT hopes. This means that Algorand will be tasked with helping the football body to create and organize its cache of NFTs during the World Cup.

Algorand will also lend a helping hand in terms of helping the football body develop a wallet solution based on its network. Giving his opinion, FIFA Chief Gianni Infantino noted that the cooperation was a way for the body to actualize its dreams of sustainable growth in terms of revenue. He also noted that the football body is also looking to push the partnership further into the future.

Algorand to leverage massive following of football

With the blockchain firm nicking a deal with FIFA, making it just the second crypto entity to ink a deal with the football governing body. FIFA announced its first partnership with Crypto.com, making the firm the first crypto based company to sponsor the world football event.. The move brought about speculations seeing that digital assets were not entirely freely accepted. However, the country has a massive following for the footballing event, one that the firm will want to introduce into its platform.

The football event, which has been held in a space of four years across the last ten years, last took place in 2018. The event has been dubbed the most-watched event in history, with the previous edition seeing a massive 3.2 billion following. According to records, more than one billion people viewed the final of the last event across the globe. Algorand will be a FIFA sponsor based in the US for the football event, making it the first since 2010. The company attracted regulators in the US coming hot on its heels with several allegations and charges.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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