- FIFA+ Collect went live on September 22, bringing historic FIFA moments in the form of NFT to collectors.
- The Genesis Drop, launched with 532,980 editions, will allow collectors to own and trade these NFTs.
- Algorand being the official blockchain platform, noted a surge in buying pressure, rising by 12% in the span of 24 hours.
The FIFA World Cup 2022 is one of the most anticipated events ever, and with worldwide crypto adoption spreading rapidly, it was certain for the World Cup to integrate it as well. FIFA leaned into crypto through NFTs, and with its marketplace going live, Algorand is enjoying a good run-up on the charts.
FIFA turns history into NFTs
Under the FIFA+ umbrella, the International Federation of Association Football launched their NFT marketplace FIFA+ Collect. This is set to bring about a new medium of fan interaction for World Cup enthusiasts and allow FIFA to tap into a new form of audience.
Since these NFTs (also known as “highlights”) will hold value thanks to both rarity and history, they will find takers amongst the niche as well as mainstream individuals.
As the marketplace went live on Thursday, FIFA introduced the Genesis Drop containing highlights from the crucial moment in the history of FIFA. The Drop has been launched with 532,980 editions, with each edition containing three such highlights.
While analyzing the response to the launch can be premature, the impact noted on Algorand makes it seem to have been positive.
Algorand welcomes the bulls
As the official blockchain platform partner of the FIFA World Cup 2022, Algorand observed rising bullishness at the hands of its investors. In the last 24 hours, ALGO advanced by 12%, bringing the week-long rally to 27.68%.
The price rise was triggered by the increasing buying pressure, the highest in six months, which is evinced by the uptick in the Relative Strength Index (RSI). However, trading at $0.373, ALGO is also nearing the possibility of a trend reversal. If the RSI crosses the 70.0 mark, it will enter the overbought zone, which could cause a change in an active uptrend and eventually result in corrections.
Furthermore, ALGO isn’t too far away from its June crash lows when the altcoin fell to $0.29, which happens to be the next critical support for ALGO. In order to maintain this bullishness, ALGO needs to avoid revisiting this level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.