Algorand (ALGO) Price Benefits From The Launch Of FIFA NFT Marketplace
✍️ 23 September, 2022 - 13:04 👤 Editor: Jakub Motyka
- ALGO is up 5% in the past day, following the debut of the FIFA NFT marketplace.
- The layer-one network is the official blockchain sponsor of the upcoming FIFA World Cup. Which other soccer tokens are gaining?
- The latest news about cryptos, in our Telegram channel.
Algorand (ALGO) has surged 5% in the past day following the launch of the FIFA NFT marketplace. The token is now trading at $0.3795, with weekly gains totaling 26%. FIFA+ Collect NFT marketplace went live on Thursday.
The proof-of-stake blockchain is the official sponsor powering the marketplace. FIFA+ Collect is a new NFT platform that enables football fans to own rare collectibles. The launch went live with the introduction of the Genesis Drop. The Drop features highlights of rare moments in FIFA football history.
Genesis Drop Is The New Way To Connect To The Marketplace
Specifically, Genesis Drop has 532,980 editions, each having three highlights. Each edition is an NFT platform for live soccer games, news, games, and exclusive content.
FIFA announced the soccer-themed digital collectibles at the start the month. During the unveiling, FIFA Chief Business Officer, Romy Gai, expressed optimism about the step. Gai compared the conventional collectibles to sports memorabilia and stickers.
The executive termed them an affordable, inclusive, and accessible way for soccer fans to engage their favorite players. The FIFA World cup will happen in Qatar towards the end of November. It is a major event in the sporting world. The association has announced Algorand as the official blockchain partner.
On-Going Pump Among Soccer Tokens
Other tailwinds in Algorand relate to hiring the former Visa communications head. Michele Quintaglie joins the company as the new Chief Marketing Officer. ALGO is not the only football-inspired token showing bullish strength.
Chilliz native CHZ token is up 10% in the past day. It is a blockchain that allows users to mint tokens for European soccer clubs. Several other fan tokens are also on the run-up. FC Barcelona fan token is up 6%, while Manchester City token has gained 3% in the same period. It comes as a defiance of the ongoing crypto correction that has seen the market remain subdued for an extended period.
Another crypto firm warming up for the soccer event is Crypto.com. The Singapore-based exchange announced in March that it would be an exclusive crypto exchange sponsor for the event. Recently, the exchange backed out of the UEFA champions league sponsorship deal worth $500 million over regulatory hurdles.
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