FIFA will launch NFT platform on Algorand blockchain ahead of World Cup

• Financial

The platform will be released in September and will feature memorable football moments, art, and photos related to football. With the 2022 World Cup just months away, world soccer's global governing body, FIFA, has announced the launch of an NFT platform for soccer-themed digital collectibles.

The FIFA+ Collect platform is due to launch later this month and will feature “affordable, inclusive, and accessible” NFTs that feature footballing moments, art, and photos from the world of football. As the date of the World Cup to be held in Qatar draws ever closer, the best moments from the global football tournament will be able to be turned into digital collectibles.

NFTs are unique blockchain tokens that serve as proof of ownership of digital assets, such as artwork, avatars, or items in video games. FIFA+ Collect will run on the Algorand blockchain, an alternative to Ethereum and Solana's proof-of-stake (PoS) protocol developed by Professor Silvio Micali of MIT.

In May of this year, Algorand became FIFA's official blockchain partner.

A platform for all football fans

“Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favourite players, moments and more on new platforms,” said FIFA’s Chief Business Officer Romy Gai, in a statement.

“Fandom is changing and football fans around the world engage with the game in new and exciting ways”. Ultimately, owning a piece of soccer history has never been easier, and the FIFA+ Collect NFT platform aims to “democratize the ability to own a part of the FIFA World Cup” he added.

The FIFA+ Collect platform will be announced soon, as well as announcements on which types of NFTs will be introduced during the World Cup. The NFT platform will live on FIFA+, the organization's platform for live football matches, news, games, and original content.

Algorand will not be the only crypto company in Doha this November. In March, crypto exchange Crypto.com announced that it would be the exclusive sponsor of the World Cup. However, the company appears to be scaling back its ambitious program of sports partnerships.

Earlier this week, it reportedly backed out of a $495 million sponsorship deal with UEFA, Europe's Champions League.