Alongside crypto, NFTs are the second trend that has taken the world by storm. Short for Non-Fungible Tokens, these are essentially unique digital art and can represent physical assets like real estate (although they’re not linked to a tangible asset). NFTs can’t be replaced with anything else (hence non-fungible) and only exist on the blockchain network.
Today, NFTs are used in different industries for various things. For example, the online gaming industry is slowly getting flooded with NFT online casinos. Most people see these digital assets as collectibles, which is why plenty of brands have turned to alter their services into NFTs.
FIFA is one such example. The federation has recently announced the introduction of NFTs as part of their collectible program, spreading excitement to all fans. To learn more about this, keep reading below.
FIFA & NFTs
In September 2022, FIFA decided to launch different types of NFTs, seeing that the main use of this digital asset today is as collectibles. The Algorad blockchain – now the official blockchain platform of FIFA – is where this digital asset will exist and will be set as a pre show to the Qatar World Cup.
The platform where you can find FIFA’s NFTs is FIFA Collect+, offering players from everywhere an affordable chance to own unique digital Fifa assets. These NFTs will essentially present key players, moments, arenas, and events from the World Cup, both the FIFA World Cup and the FIFA Women’s World Cup.
Why the Decision?
The NFT industry is growing and, as mentioned, has found its way into all spheres. Although most prominent in the US, other regions of the world are also climbing on the NFT train.
Take the Middle East as an example. According to one survey, the NFT market in this region is expected to grow 48.3%, reaching $3.42 million by the end of 2022.
Having this in mind, it comes as no wonder that various organizations and companies want to take part in the game. FIFA is worldly known, so its entrance to this market will contribute to all sides – reel in more fans and shine a light on NFTs, their usage, and benefits.
As Chief Business Officer Romy Gai said, “Fandom is changing, and football fans around the world engage with the game in new and exciting ways.”
What Does This Mean For Football Fans?
If you are a football fan, you certainly have a favorite team and a particular dedication and love towards the sport. Before the digital era, one common way for fans to dive into the sport and the World Cup matches was by collecting various merchandise and stickers that could be classified as collectibles.
Today, most of these are digital, and NFTs simply contribute to this realm. Namely, all fans can now own a part of the FIFA World Cup and engage with their favorite moments, events, or players.
Simply put, it’s a way to democratize the ability to possess a part of the FIFA World Cup.
In order to provide access to live football matches to fans around the world, FIFA created the FIFA+ platform. Aside from this, it offers news, interactive games, and information on various football tournaments.
As the federation announced the incorporation of NFTs, this platform grew, creating a “sub-division” – FIFA+ Collect. Powered by Algorand, a low-cost, carbon-neutral blockchain network, FIFA+ Collect will allow a new decentralized football experience.
This platform will be available in 3 languages (English, French, and Spanish), with several more to follow. It is also compatible with all devices. On this platform, FIFA will release all NFT collectibles and give details about upcoming new ones.
Both FIFA and Algorad see great potential in this partnership, as it can bring together fans from all over the world. FIFA’s dedication to join Web3 is proof of its innovativeness and the desire to seamlessly connect football enthusiasts. And that can be made easy with the help of Algorand.
The NFT craze has been gaining momentum by the day, broadening its grasp in all areas. The announcement of FIFA entering the blockchain in such a manner is a sign of a big shift for the overall sports entertainment industry.
Following NBA’s Top Shot, the NFT market for basketball videos, FIFA+ Collect is a great opportunity for the regular everyday person to dip their fingers in purchasing some part of the FIFA World Cup.
The FIFA World Cup in 2022 will be held from November 20 to December 18.