In partnership with Algorand, FIFA announces a new platform that allows fans from across the globe to own unique World Cup and Women’s World Cup moments. The CBO of FIFA Romy Gai says that the fandom evolves and engages with the game in ways never imagined before. While it seems that it all sounds like a marketing ploy, it is a much subtler play.
The NFT market is in freefall with only a handful of collections supporting the whole crypto sector that many investors do not see as useful after several huge fiascos. It is also a highly speculative domain meaning that many people who want to hedge against risks choose to stay away from risky endeavors and want to invest in more traditional assets.
FIFA seems to be avoiding the word NFT as much as possible in its press release and focuses on the name of the platform “FIFA+ Collect” which does have a ring to it. The whole crypto community is excited about the involvement of Algorand which attracted the interest of thousands of people who want to invest in advanced DeFi solutions. Many think that this massive move from an internationally recognized brand with billions of followers worldwide will bring back the dying NFT domain.
However, we should think of this from an even more positive view. We won’t be able to revive NFTs if tokens won’t start carrying more utility than they do now. On the other hand, the technology is interesting and many people could use it in many different ways. FIFA+ Collect demonstrates that you can create a platform and name it creatively.
Working closely with Algorand and other established crypto projects can make it easier for people to start using blockchain without associating it with words like NFT and speculation. The FIFA project is a new foray in the NFT domain that does not focus on attaching links to Jpegs, a meme even among devoted crypto enthusiasts.
We are rooting for Alrgorand and FIFA+ Collect. It can be a great opportunity for the whole crypto community to become a step closer to the wide adoption of various crypto assets.