Will Algorand's FIFA deal open a new chapter for blockchain networks?

Be the First to Comment Read

Will Algorand's FIFA deal open a new chapter for blockchain networks?

Follow us on Google News:
 Will Algorand's FIFA deal open a new chapter for blockchain networks?
Image source: © Atcharaneeben | Megapixl.com

Highlights

  • Algorand (ALGO) crypto is an autonomous, decentralised blockchain network that offers an array of applications. 
  • On 2 May, ALGO crypto became the first blockchain network to become the sponsor for the upcoming football World Cup.
  • The Algorand token was trading at US$0.725425 with a volume of US$575,214,695 over a day. 

Football and cryptos have gone together for some time now. Most football clubs utilise these blockchain technologies to maximise their interactions with fans and revenues through the fan tokens. 

While the Algorand happens to be a common name in the crypto world, it's ready to expand its services globally. On 2 May, ALGO crypto became the first blockchain network to become the sponsor for the upcoming football FIFA World Cup.

Algorand (ALGO) crypto is an autonomous, decentralised blockchain network that offers an array of applications. It is often dubbed an Ethereum killer as a secure, scalable, and reliable protocol due to its efficiency and speed. 

Also read: Pluton crypto (PLU): How long will its rally last?

Earlier, Crypto.com had inked a deal to be the trading sponsor of the Qatar World Cup, which will take place between 21 November and 18 December.

The deal will see Algorand become the regional supporter in North America and Europe during the entire tournament. 

More to offer 

The Algorand’s deal will also extend to becoming a sponsor of the FIFA Women's World Cup in Australia and New Zealand in 2023. This will allow Algorand to launch its VRF (Verifiable Random function) feature, which will help users use its native token because of its superior speed and cost-effectiveness. 

Algorands' Proof-of-Stake chain will bring in many unique features to the FIFA World Cup such as developing its unique NFT during the tournament and offering other blockchain-supported wallet solutions.  

Also read: What makes Flipside Crypto unique? 

How is ALGO's price faring?  

Riding high on the latest development, the 29th ranked ALGO token has been trading hot, gaining over 20.37%. The token was trading at US$0.725425 with a volume of US$575,214,695 over a day. The token had a live market cap of US $4,884,969,235 and 6,733,940,391 ALGO coins in circulation. 

In the last one week, the ALGO token has seen gains of over 3.5%, according to CoinGecko. The recent gains would be heartening news considering over the past 30 days, or so, it was down by 19.5%. 

It will be interesting to see how long the rally will last, but the recent ups and downs show how volatile tokens can be. Therefore, it is essential to make sure that one does the market research and then enters this market as a market participant. 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Featured Articles