- FIFA has announced a collaboration with blockchain technology company Algorand.
- Algorand will become the official blockchain platform of FIFA and provide an ‘official blockchain supported wallet solution.
- Algorand will also be a ‘Regional Supporter’ in North America and Europe for the 2022 World Cup Qatar.
The FIFA World Cup will take place in Qatar this Summer and the sponsorship deals are coming fast and furious. Earlier this week, FIFA announced a wide ranging partnership with blockchain technology company Algorand. Algorand becomes the ‘official blockchain platform of FIFA’ and will provide ‘the official blockchain-supported wallet solution’. The partnership also includes some promotional perks related to the 2022 World Cup and the 2023 Women’s World Cup in Australia and New Zealand.
So what do you need to know about Algorand? It’s one of the more promising blockchain/crypto related companies and they’ve started to use sponsorships to build their brand. Last October, they announced a promotional partnership with the Drone Racing League. In the press release announcing that deal they provided this description of who they are and what they do:
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
The Drone Racing League is a very interesting and promising new sports organization but they can’t match the size and scope of FIFA. The partnership between FIFA and Algorand was announed in Los Angeles and termed as a ‘sponsorship and technical partnership deal.’ Here’s some more specifics about the partnership:
The agreement means Algorand will become the official blockchain platform of FIFA and provide 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.
As part of the agreement, 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.
Like any good press release, there was more backstory on the principals. Actually just one of them–FIFA is about as well known of an entity as you’ll find worldwide. Algorand, on the other hand, is still in the growth stage:
Founded by Turing Award-winning cryptographer Silvio Micali, the Algorand blockchain is the technology of choice for over 2000 global organisations, governments and digital-native defi applications. In particular, Algorand helps organisations 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.
In actuality, the ‘environmental impact’ of Bitcoin is nowhere near as significant as the haters will have you believe. That said, you can’t blame Algorand and other ‘proof of stake’ blockchains to be working that angle. But I digress….
Plenty of quotes commemorated the occasion. FIFA President Gianni Infantino said that the partnership is part of his organization’s commitment to innovation:
“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. I look forward to a long and fruitful partnership with Algorand.”
FIFA Chief Business Officer Romy Gai added his quote, saying that FIFA is excited about leveraging innovation for revenue and opportunity. Didn’t President Infantino just say that?
“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.”
Algorand founder Silvio Micali–usually referred to as ‘Turing Award-winning cryptographer Silvio Micali’–spoke of the goals that drive his company and how the FIFA partnership will serve as a showcase:
From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
Crypto/blockchain related companies have become one of the fastest growing advertisers and sponsors in sports of all types. I’m sure this partnership didn’t come cheap, but hard to see a downside for Algorand. Since the press release indicates that they’re a ‘FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe’ they might not exactly get worldwide exposure but this is still excellent regional exposure. Anything that comes out of the 2023 Women’s World Cup–or the ‘technology collaborations’ between FIFA and Algorand–is just icing on the cake.