— Published 3 May 2022

An official blockchain platform

FIFA is embarking on the digital economy. With a clear objective: to further increase its revenues. It has announced that it has signed a partnership agreement with Algorand, a company founded by the Italian-American Silvio Micali. Under the terms of the contract, Algorand will become FIFA’s official blockchain platform. As such, it will offer a blockchain wallet solution, will be one of the regional supporters of the 2022 World Cup in Qatar for North America and Europe, and will be an official sponsor of the 2023 Women’s World Cup in Australia and New Zealand. As FIFA points out in a press release, blockchain technology enables the recording and distribution of non-editable data over digital networks. It also facilitates innovation and contributes to the secure and interference-free exchange of goods, such as non-fungible tokens, via digital wallets. In particular, Algorand will help FIFA to develop its digital asset strategy. In exchange, the organization will provide the company with certain benefits in terms of advertising, media exposure and promotion. FIFA President Gianni Infantino commented: “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.”