This season we have seen an increasing interest in the world of cryptocurrency from football teams, with the like of Inter Milan creating fan coins, FC Barcelona making NFTs and Liverpool FC potentially being the first Premier League club to feature a crypto as its main shirt sponsor.
While this landscape has proved quite polarising to date, it looks like the footballing fraternity is all aboard, with the latest evidence being a partnership between FIFA and Algorand to be the sports body’s official blockchain.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand Technologies (@Algorand) May 2, 2022
A press release sent to Hypertext confirms that FIFA and Algorand have entered both a technical partnership and sponsorship deal.
“The agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, 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,” it noted.
While the early phases of the deal look to assist FIFA in terms of handling blockchain-supported transactions at some of its upcoming showpiece events, there is also scope for the organisation to enter the crypto game itself.
“As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities,” the release adds.
Given that many fan groups are less than keen on crypto featuring at their clubs, not to mention the bad press FIFA has experienced of late regarding working conditions in Qatar for the World Cup, this latest partnership will likely prove divisive among the global football community.
FIFA President Gianni Infantino, however, believes that this partnership will create more opportunities, not only for the organisation, but the growth of the sport in less developed parts of the world.
“We are delighted to announce this partnership with Algorand. 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,” he added.
Whether that is indeed the case remains to be seen, but for now this is yet another announcement from FIFA that will split opinions.
[Image – Provided]
