Sponsorship plays an important role for any organization in today’s world and now we are hearing that FIFA has teamed up with blockchain technology company Algorand and have agreed a sponsorship and technical partnership deal.
The agreement means Algorand becomes the official blockchain platform of FIFA and provides 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 permanently recorded and distributed on digital networks, while 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.
The agreement, Algorand also assists FIFA in developing its digital assets strategy, while FIFA provides sponsorship assets including advertising, media exposure and promotional opportunities.
FIFA President Gianni Infantino said: “We are delighted to announce this partnership with Algorand and the collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth.
This is 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 organizations, governments and digital-native defi applications. In particular, Algorand helps organizations 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.
Silvio Micali, Founder of Algorand mentions “This partnership with FIFA, the most globally recognised and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
We wish them all the best moving forward with this initiative.
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