Algorand Becomes the Official Blockchain of FIFA. Will it Positively Impact ALGO’s Price?

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ALGO is the native token of the blockchain network Algorand. It is becoming a well-known blockchain network and has now become the first U.S.-based blockchain to partner with FIFA.

The FIFA World Cup is one of the most viewed and anticipated events of the year with more than 3.2 billion people watching the last World Cup in 2018.

To the delight of football and crypto enthusiasts, Algorand has become the first new U.S.-based sponsor of the World Cup, since 2011.

This is a major new step toward the various kinds of possibilities crypto assets can offer to the interested parties. It is also anticipated to positively impact the price of the ALGO token, the details of which can be seen below.

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Impact of the News on ALGO’s Price

Algorand’s native token ALGO is one of the well-known altcoins in the market. It may not have been adopted by numerous companies or countries at this point but this new development is set to make a difference in its value and utility.

As per reports, Algorand has partnered with FIFA, which is not only sponsorship but a technical partner deal as well.

The partnership was announced yesterday (May 2nd), according to which Algorand will be a regional supporter in Europe and North America for the 2022 World Cup.

The Algorand network is a proof-of-stake blockchain and will assist FIFA in the development of:

  • A digital assets’ strategy
  • Official wallet solution
  • NFT collection

Algorand also announced on Twitter:

According to reports, Algorand will also be an official sponsor of the FIFA Women’s World Cup in New Zealand and Australia in 2023.

Gianni Infantino, the FIFA President, has stated that he is delighted in the partnership as it shows “FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth.” He also expressed that he looks forward to a “long and fruitful partnership with Algorand.”

On account of the news, the price of the ALGO token surged nearly 21.21% (at the time of writing) over the last 24 hours.

Here is a graph by CoinMarketCap that shows the price of ALGO over the period specified above.

algo-graph-03-05-2022

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