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Collaboration between crypto entities and sports events or teams acts as a win-win for both as one gets new tech exposure while others get eyeballs
Recently the Algorand Network has signed a deal with the 2022 FIFA World Cup to become the official blockchain tech partner of the event going to happen in Qatar. Along with the football world cup, the blockchain network has also signed for the Women’s World Cup, which is going to be held in Australia and New Zealand in 2023.
For the FIFA World Cup, Algorand being the blockchain technology partner will assist in developing its strategy, including an official wallet solution supported by blockchain technology. We know that Algorand is a proof of stakes blockchain network where scalability and efficiency are its main priorities. Another blockchain firm,Crypto.com which is also a cryptocurrency exchange is among the official sponsors of the Qatar World Cup.
The Qatar World Cup is going to be the first after the 2011 soccer World Cup to have US-based sponsors, especially after the decade of corruption-related investigations on FIFA by the United States. The Men’s WorldCup is known to be one of the largest events of sports in the world, where more than about 1.1 billion turns at one point if you consider the 2018 finals.
News about Algorand joining the sports event reflected on its price, which, while reacting positively, has jumped by 6% overnight in the Asian region, and at the time of writing, it was trading at $0.70 with an approx 20% price surge in 24 hours. Considering the popularity of sports events like football and other popular sports, crypto related firms have been seen to invest and be their sponsor partner.
For the fact, it’s been clear that the popularity of the sport can even bring crypto mainstream and increase its reach to more people while sporting events and teams while getting partnership of new and emerging technology can result in exposure and will be beneficial for simple and smooth operation using the technology.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
