By
Steve Muchoki
April 24th, 2024
Blockchain protocol Algorand has been named the official partner of the Federation Internationale de Football Association (FIFA) as announced on Monday.
As unveiled by FIFA, Algorand will help the football body to develop its digital assets strategy and provide the official blockchain-supported wallet solution. As detailed, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor. As an established blockchain protocol, Algorand will help in developing a digital wallet through which assets like Non-Fungible Tokens (NFTs) and other forms of digital assets.
“We are delighted to announce this partnership with Algorand,” said FIFA President Gianni Infantino. “The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.”
There has been a very big interception between blockchain technology startups and the footballing world. While Algorand scored the biggest hit with FIFA, other major bodies like Binance, the world’s biggest trading platform have inked related sponsorship partnerships with several football bodies around the world.
The trading platform has been named the new global main sponsor of the Argentine men’s national soccer team while Crypto.com has also been named as one of the sponsors of the FIFA world cup in Qatar.
The Choice of Algorand by FIFA
FIFA tapped Algorand as its sponsor for many reasons including its energy-efficient nature as it is based on the Proof-of-Stake (PoS) protocol. The blockchain network was founded by Silvio Micali, a Turing Award-winning cryptographer. The platform plays host to more than 2,000 organizations in gaming, finance, music, arts, and the sports ecosystem.
“This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications,” FIFA Chief Business Officer Romy Gai. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable, and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward-looking, innovative partner that can help us achieve these goals.”
The push by blockchain networks to gain mainstream adoption has inspired a lot of active partnerships throughout the world of sports. In the case of Algorand and FIFA, the blockchain protocol will benefit media exposure, advertisement slots, and promotions from the world football governing body, an invaluable resource considering the millions of viewers that are on track to be a part of the world cup.
“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity, and transparency for all,” said Silvio Micali, founder of Algorand. “This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”