The World Cup is almost here – can you feel the excitement in the air? Algorand sure can. From November 21 to December 18, the world’s eyes will be on Qatar. The World Cup will be the biggest televised event of the year, and Algorand is the organization’s “official blockchain platform” and partner.
This is a make-or-break opportunity for Algorand and, to a lesser extent, for crypto in general. That’s why we’re scanning FIFA’s press releases to gleam insights into what the two are planning. In the partnership announcement, FIFA touted Algorand as being “founded by Turing Award-winning cryptographer Silvio Micali” and a “green blockchain technology company.”
For FIFA, a big part of the Algorand “sponsorship and technical partnership deal’s appeal is the ESG-compliant angle. According to the organization, the “blockchain is both carbon-negative and low cost.” Both entities are selling their NFTs-that-aren’t by categorizing them as green-friendly digital collectives. More on that later.
What are Algorand and FIFA up to?
A key promise in FIFA’s press release is that Algorand will “provide the official blockchain-supported wallet solution.” They are already in charge of the FIFA+ Collect wallet, but one has to wonder, what else does Algorand have in store? What else will that wallet do? Will it interact with Qatar’s real world during the World Cup matches? It seems like an obvious enough opportunity.
Another big news item for the crypto world is that “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.” So, everything that Algorand develops this year can be perfected for next year. Algorand’s Silvio Micali said:
“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.”
The opportunities don’t end there, “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.” If Algorand plays its cards right, that last sentence could mean the world to their blockchain and the assets’ holders. In the same press release, 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.”
That’s Billion with a “B”
It’s easy to fall into the trap of seeing the World Cup just as a Must See TV occasion, but the tournament is much more than that. In the US it might not mean much, but the World Cup is the only truly global television event. It’s massive. According to FIFA, in 2018 “a combined 3.572 billion viewers – more than half of the global population aged four and over – tuned in to world football’s ultimate competition.”
Not only that, the final between France and Croatia on July 15 attracted a combined global audience of 1.12 billion. And each of the 64 games averaged a live audience of 191 million people. This year could be even bigger. There’s nothing like the World Cup, and Algorand will be right there on the field. Giving its all.
FIFA+ Collect and the NFTs-that-aren’t
Did Algorand and FIFA feel that the NFT label has negative connotations? They went out of their way to distance themselves from them when presenting their FIFA+ Collect contraption. The FAQ is vague on exactly what those digital collectives are, “FIFA+ Collect provides the opportunity for football fans around the world to unite, collect, and trade unique digital football moments. From the greatest moments in FIFA World Cup history to iconic FIFA art and imagery.”
Both organizations are clear on one thing: the digital collectibles are not NFTs. When the FAQ asks them “Is FIFA+ Collect NFTs?,” the answer hilariously evades the question:
“FIFA+ Collect is an affordable, inclusive and unique type of marketplace for digital collectibles available in multiple currencies. It is part of FIFA’s mission to make football global, accessible, and inclusive in all aspects; these collections and others will provide an affordable way for fans around the world to participate in this new era of fandom.”
The digital collectives are NFT-like, though. FIFA promises that “fans will now have the chance to own a piece of the game’s past to fuel its future.” They define each piece as a “keepsake with unique ownership authenticated by the blockchain.” And, later on, they confirm that “a verified digital collectible can be purchased, sold, and traded on a marketplace.” They come in three languages - English, French, and Spanish - “with several additional languages to follow.”
This last detail can throw a monkey wrench into the whole operation. The “secondary marketplace will not be available right at launch, but it will be opening soon.” How soon, though? The organization promises “fans can come together, and use the platform to seek out a digital collectible of their favorite player or historic game, and then buy, sell or trade their way to owning it.” It doesn’t say when that platform will be ready.
And that’s the problem with walled gardens like FIFA+ Collect, a single organization has to build them from scratch. As opposed to the interoperable NFT marketplaces that we know and love.
What happened to FIFA’s Crypto.com partnership?
Last but not least, there was supposed to be another crypto organization in the World Cup mix. In March, FIFA announced, “that Crypto.com will be an Official Sponsor of the FIFA World Cup Qatar 2022.” The stadiums will be covered with Crypto.com, as the company “will be the exclusive cryptocurrency trading platform sponsor of Qatar 2022.” That doesn’t interfere with the Algorand deal at all. Both organizations are extremely different.
For cryptocurrency’s sake, let’s hope that Algorand and Crypto.com are able to make the best of their impressive FIFA deals. The World Cup only comes once every four years, and the passion for football is one of the world’s most explosive fuels. Or the passion for soccer, if you’re one of those people.