FIFA Comes up With FIFA+ NFT Collections

The world’s most recognized and largest international football governing body, FIFA is set to release its first set of Non-Fungible Tokens (NFT) collection in readiness for the World Cup. 

The product is designed on the Algorand blockchain technology and is dubbed FIFA+ Collect. Significantly, the collections will express notable moments, arts, and imagery from the World Cup and Women’s World Cup.

Similarly, the FIFA+ Collection is relatable to the non-fungible token (NFT) sports collection like the basketball-inclined NBA Shot. In this FIFA+ Collect, football fans will be able to claim ownership and collect those World Cup and Women’s World Cup moments. 

The NFTs will be an artistic representation of several iconic moments during many in-game sessions. Furthermore, it is scheduled to launch this month. Once launched, the NFTs will be available on a digital platform known as FIFA+ created as a community for fans all over the world

FIFA Utilizes The Algorand Blockchain Technology

Algorand blockchain which is decentralized blockchain technology, became the official blockchain network for FIFA after it entered into collaboration with the international governing body in May. 

Their contract covers both the men’s and women’s games and it started with competitions scheduled to hold in Qatar, Australia, and New Zealand. The agreement was signed during a business conference by Gianni Infantino, FIFA’s president, and Silvio Micali, Algorand founder.

Part of Algorand’s assignment was to design and develop FIFA NFT collections while enjoying a significant level of awareness and publicity. Also, Algorand will monitor the development of a digital assets strategy for FIFA as well as create a blockchain-enabled wallet solution for all the football games planned out.

Interestingly, the choice for the Algorand blockchain is because it utilizes a proof-of-stake (PoS) consensus mechanism which processes transactions at a faster rate and also consumes less computing energy. Although it is not known for taking part in NFT projects 

“This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup.” FIFA Chief Business Officer Romy Gai stated. “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.”