The Algorand network has agreed to be the official blockchain technology partner of the 2022 FIFA World Cup in Qatar, as well as the 2023 Women's World Cup in Australia and New Zealand.
Algorand will help FIFA create its digital strategy, which will include an official blockchain-supported wallet solution.
Algorand is a proof-of-stake blockchain with a focus on scalability and efficiency.
Another blockchain company and cryptocurrency exchange, Crypto.com, is an official sponsor of the Qatar World Cup.
This is the first U.S.-based sponsor of the World Cup since 2011, following FIFA's decade-long corruption-related investigations by the United States.
For perspective, last year, during the Copa America 2021 Final, South America's soccer authority, CONMEBOL, in collaboration with an NFT platform, Ethernity, created an NFT collection that included 75 editions of digital collectibles from the Argentinian and Brazilian teams.
The economics of digital collectibles are expected to expand in the near future with FIFA's relationship with Algorand ahead of the 2022 FIFA World Cup.
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