The recent announcement by the world's Governing Council on Football-FIFA unveiling Algorand as partner and sponsor for the 2022 World cup tournament in Qatar is a major boost and confidence for all algo holders and traders. It was indeed greeted with excitement evidenced by the bullish storm in price of algo last week.
This is huge to the community because FIFA is such a big body and involves a sport that brings all nation's together - football. Algorand is going to become the organization's official blockchain platform and it will also provide a blockchain-supported wallet solution.
Just imagine that . This is really huge. Algorand by this partnership will become the first new United States based sponsor since 2011.
The significance of this collaboration to the algorand community includes:
First,there will be increased trading and investing in algorand and algorand products as a result of this partnership. Already there have been a bullish increase in price of algo. With this sponsorship by algorand to FIFA,it will increase investors' confidence and make holders hold for long term.
Media publicity: As part of the deal with FIFA;FIFA will provide algorand with advertisement, media exposure and promotional opportunities. As we all know in crypto, media publicity and advertising is essential to the growth of any blockchain.
As more people hear and know about algorand, the more they will invest and hold. Algorand is one altcoin that have taken a back seat in publicity in this crypto space. But with this collaboration with FIFA, things are going to be different and interesting too.
Furthermore, there will be increased utility of the algo significantly as a result of the deal. Algorand will be responsible for providing blockchain-supported wallet solution to FIFA. Being it's official blockchain platform for FIFA, there will be more transactions on the blockchain. Algorand will also help in developing the digital assets strategy of the FIFA body enabling more market for algo related products and development.