The FIFA World Cup may accelerate the acceptance of Digital currencies worldwide

The FIFA World Cup may accelerate the acceptance of Digital currencies worldwide

Published May 5, 2021
2 min read

As a part of the partnership, Visa will put up for auction five non-fungible tokens (NFTs) that each represent notable World Cup goals from various nations. According to Visa, the auction will run through November 8 with all revenues going to charity.

Participating in four-minute, six-on-six matches at the FIFA Fan Festival will give spectators the chance to make their own NFTs throughout the World Cup.

Their motions will be recorded by an interactive playing field, which will then produce one-of-a-kind GIFs that they may customise to seem like their preferred national team. Following generation, followers can choose to have their generated GIFs distributed to them as NFTs via a account.

Algorand, which was chosen as FIFA's official blockchain partner in May, is another initiative that will stand to gain from publicity at the FIFA World Cup. FIFA commended Algorand as being "established by Turing Award-winning cryptographer Silvio Micali" and a "green blockchain technology business" in the initial cooperation announcement.

FIFA was drawn to the protocol by Algorand's capacity to provide fast, inexpensive transactions with little impact on the environment in a world of rising expenses and environmental concerns. Algorand will help FIFA build its digital assets strategy in addition to offering the official blockchain-supported wallet solution as part of the agreement.

Silvio Micali acknowledged the possibilities this cooperation offers Algorand, saying "This partnership with FIFA, the most prestigious and well-known organisation in sports, will illustrate the potential that the Algorand blockchain has to change the way we all experience the game."

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