Blockchain network Algorand has partnered with FIFA inking a sponsorship and technical partner deal as the network becomes the soccer association’s first official blockchain platform.
The deal announced on Monday will also see Algorand become a regional supporter in North America and Europe for the 2022 FIFA World Cup to be held in Qatar in November and December.
Algorand will also be an official sponsor of the FIFA Women’s World Cup in Australia and New Zealand in 2023.
The proof-of-stake chain will assist FIFA in developing its “digital assets’ strategy,” with the announcement explaining blockchain technology in the context of nonfungible tokens (NFTs). Therefore, it may be likely that Algorand could assist FIFA with developing its own NFT collection. Additionally, as part of the partnership, Algorand will be providing an “official blockchain-supported wallet solution.”
FIFA President Gianni Infantino expressed his delight at the partnership, saying it was an “indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth,” adding that he is looking forward to a “long and fruitful partnership with Algorand.”
Algorand is another crypto firm to sponsor the FIFA World Cup as cryptocurrency exchange Crypto.com became the official crypto trading platform sponsor for the 2022 World Cup in March. It is an interesting move since crypto is banned in Qatar, but reasonable when considering the huge numbers of international spectators.
Billionaire Citadel Securities founder Ken Griffin has compared cryptocurrency to abstract art, opining that the value of both is derived from the eye of the beholder.
Griffin — who Forbes estimates to be worth around $26 billion — has made numerous anti-crypto comments and urged others away from it in the past but appears to have gradually softened his stance over time. He also said that Citadel will make a play once it can do so in a compliant manner.
Speaking on the value of crypto at the Milken Institute Global Conference in Los Angeles on Tuesday, Griffin drew comparisons with his collection of “American abstract art,” noting that:
“Why is a painting worth $10 million? It’s oil on canvas. So value is in the eyes of the beholder.”
While he may never become a full-blown proponent, Griffin appears to be at least happy to sit on the fence on a personal level as his market-making firm works to roll out crypto services.
In that regard, he also noted that “the institutional increase in interest in cryptocurrency,” helped sway the firm and may see it provide “liquidity to institutional, and potentially retail, investors.”
“I have to live with the reality that an asset’s worth what people perceive it to be worth.”
In terms of Citadel’s views on crypto, Griffin said it was a “great hotspot topic of debate” and suggested that the younger portion of his colleagues are the ones pushing for the company to make a play:
“All my colleagues who are younger than I am, probably think I’m a dinosaur on this issue. They’re big believers. They believe that cryptocurrency has an important role in the global economy as a means of facilitating payment in a web3 world.”
The Japanese video game publisher has already made grounds in the adoption of nonfungible tokens and expects metaverse technology to grow significantly.
In a statement published on Monday, Japanese video game publisher Square Enix announced that it would be divesting its popular Tomb Raider franchise for $300 million and investing the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies.
The principal developer of Tomb Raider is Square Enix's subsidiary Crystal Dynamics, which generated $92 million in revenue in its fiscal year ending March 2021. Aside from Tomb Raider, Crystal Dynamics and Eidos Interactive, another subsidiary to be divested, hold intellectual properties for titles such as Deus Ex, Thief and Legacy of Kain.
Shares of both companies, as well as Square Enix Montreal, will be transferred to Sweden-based Embracer Group AB. The agreement is expected to conclude between July and September of this year.
Since its inception in 1996, the Tomb Raider franchise has sold more than 88 million units. About 40% of the sales came from the franchise's rebooted trilogy consisting of Tomb Raider, Rise of the Tomb Raider and Shadows of the Tomb Raider, while the rest came from sales of the original game. Additionally, the franchise saw over 53 million paid mobile downloads from games such as Lara Croft: Relic Run.
Cointelegraph previously reported that Yosuke Matsuda, CEO of Square Enix, revealed plans for blockchain, metaverse and nonfungible tokens integration at the beginning of the year. Specifically, the CEO sees the development of play-to-earn blockchain games as a key pillar of growth for the industry and expects 2022 to be a year with growing hype for the metaverse.
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