FIFA Embraces NFTs in Partnership With Algorand
Football is the world's most popular sport, and the FIFA World Cup is its biggest stage. Every four years, nations from different parts of the globe compete for the title of World Champion. More than half the world's population tuned in to watch the 2018 edition in Russia, and with the 2022 edition in Qatar just a month away, football's governing body is throwing NFTs into the mix.
FIFA has released a series of historical clips as NFTs from the history of the international soccer tournament. The series features some of the most iconic moments from past World Cups, including Diego Maradona's "Hand of God" goal against England in 1986 and Zinedine Zidane's headbutt in the 2006 final. FIFA hopes that by offering these clips as NFTs, fans can relive these moments and create new ones of their own.
The move comes as part of FIFA's efforts to tap into the growing world of cryptocurrency and blockchain technology. By offering fans a chance to own a piece of World Cup history, FIFA expects to score big with crypto-savvy soccer fans worldwide.
What are NFTs?
NFTs, or non-fungible tokens, are unique digital assets stored on the blockchain. Unlike traditional cryptocurrencies like Bitcoin, NFTs are not interchangeable – each is a distinct item with its value. Because of this, NFTs can be used to digitally represent artworks, collectibles, and in this case, ' moments in time.' The popularity of NFTs has exploded in recent years, with billions of dollars worth of NFTs being traded on blockchain platforms. As the technology underlying NFTs continues to evolve, we'll see even more innovative uses for them in the future.
How FIFA adopted NFTs in celebration of the 2022 World Cup in Qatar
Football fans can now purchase digital "events in time" depicting historic soccer moments such as iconic goals, celebrations, and more from the World Cup. FIFA+ Collect, launched on September 22nd in preparation for the world cup, provides a marketplace for trading and selling these NFTs.
So far, football fans can only purchase the Genesis Drop, a bundle of 532,980 packs featuring classic moments from FIFA's rich history. Each pack costs $4.99 and includes three football moments chosen at random. Football fans can buy packs on the Algorand network using credit cards or USDC-A, with over 80,000 NFTs already claimed. With the world cup weeks away, it will be interesting to see what else FIFA has in store for football fans!
How it works: Turning sporting moments into digital collectibles
There's no questioning that diehard football fans will love FIFA+ Collect. It's the perfect way to own the greatest moments in football and show off your fandom. Plus, it's a fun way to compete with other collectors and win official collectibles and rewards. Fans can go to FIFA + collect and follow three simple steps to get started:
CREATE YOUR ACCOUNT
Start your journey by signing up for FIFA+ Collect to hold the greatest moments in football.
COLLECT AND GROW YOUR COLLECTION
New drops and editions are released regularly, so you can continuously grow your collection.
QUEST - COMPETE & WIN
When you're ready, compete in quests to put your collection to the test. Show off your skills and knowledge of football to WIN! There's no better feeling than being crowned a champion amongst fellow collectors.
Why FIFA ventured into the NFT space
The World Cup brings people from all over the globe together in celebration; it's also a time when many fans go wild trying to get their hands on match day programs and other memorabilia so they can assemble collections worth bragging about. But FIFA NFTs take the concept of collecting to the next level. These digital tokens democratize potential ownership by making World Cup collectibles available across financial borders.
Football's incorporation into NFTs and the digital world is a terrific approach to introducing the industry's potential to a wider audience. With all the money in Qatar and the surrounding area, this may be a fantastic method to spread crypto to the social elite of contemporary civilization. All we can do is hope that FIFA makes these NFT initiatives a regular occurrence with the success of this release.
What this means for football fans
This is a monumental time for football fanatics. For those unfamiliar with blockchain technology, the allure of purchasing a video clip from a game that can be seen again on YouTube may sound strange. But for NFT enthusiasts, the fact that you can own a piece of the game for just $4.99 is fascinating. Fans love being a part of the game, and NFTs give them just that. So whether you're cheering on your home team or supporting your country from afar, keep an eye out for blockchain technology and NFTs during this year's World Cup! You might get your hands on a piece of history.