World football governing body, FIFA has teamed up with blockchain technology company Algorand to agree a sponsorship and technical partnership 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.
Blockchains allow non-editable data to be permanently recorded and distributed on digital networks, while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets.
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.
On the occasion of the announcement, FIFA President Gianni Infantino said: “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.”
FIFA Chief Business Officer Romy Gai added: “This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications.
“At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”
Founded by Turing Award-winning cryptographer Silvio Micali, the Algorand blockchain is the technology of choice for over 2000 global organisations, governments and digital-native defi applications.
In particular, Algorand helps organisations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation in an environmentally responsible way.
From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all,” said Silvio Micali, founder of Algorand.
“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”