coincodex.com
Key takeaways
- FIFA+ Connect is launching 1000 NFTs spread across Polygon and Algorand to commemorate the FIFA Club World Cup this December
- A FIFA representative stated that the organization “remains vigilant on the progress” of its partnered chains as it seeks to expand its Web3 presence
- Price action for both ALGO and MATIC has dropped in the past 24 hours in a move that is in confluence with wider market trends
Commemorative NFT collection for the FIFA Club World Cup will launch on two chains as FIFA aims to expand its Web3 presence
Polygon (MATIC) has been selected by FIFA to launch a dual-chain NFT collection during the Club World Cup this year. In 2022, the global governing body of football had launched a digital collectibles platform on Algorand (ALGO) called FIFA+ Collect. The latest set of NFTs from the platform will now be launched on both Algorand and Polygon.
The new NFTs will come with variable rarity. The most rare items, numbering 100 NFTs out of the collection’s 1000 total, will be launched on Algorand via the FIFA+ Collect platform itself. The remaining 900 items will be launched via Opensea on the Polygon blockchain.
A FIFA spokesperson clarified that the organization intended to “expand” its Web3 operations out of Algorand and into the Ethereum ecosystem with Polygon. As reported by Decrypt, FIFA’s representative stated:
“In the future, we will make any choice always having in mind the interest of existing and future users, making any technological choices as a way to serve them in the best possible way. In this sense we remain vigilant on the progress of the existing chains and community, and today we are very glad that Polygon is partnering with us on this.”
More on the NFT collection
FIFA Club World Cup kicked off on 12th December and will feature teams from all over the globe. The continental cup winners from Oceania, South America, Africa, North America, Asia and Europe will all be taking part, and FIFA’s latest NFT collection will give the owners of the rarest collectibles a chance to win tickets to the final of the event.
Romy Gai, FIFA’s Chief Business Officer, stated: “We are excited to embark on this transformative journey with Modex and take the FIFA+ Collect platform to new heights. Since launching, the platform has been immensely popular worldwide and fans from all countries now have the opportunity to own a piece of footballing history.”
Price movements: MATIC and ALGO
A significant retracement from big cap cryptocurrencies has taken both MATIC and ALGO into the red in the past 24 hours. MATIC currently finds itself -3.82% down at the current market price of $0.842, while ALGO is -7.19% down on the day at the price of $0.187.
While today’s move is negative, it’s worth stating that this does follow a period of consistent upside across the crypto markets. While the Total Crypto Market Cap (TCAP) is -1.11% down in the past 24 hours, it remains +50.39% up in the past 6 months.
Both ALGO and MATIC have rode the recent wave up, climbing +69.99% and +47.42% respectively. It could be likely that the crypto markets are preparing for a gradual retracement after such positive price action, but both ALGO and MATIC have so far held support well at their current market prices.
6-month chart for Total Crypto Market Cap (TCAP), via TradingView
The bottom line
FIFA plans to capture a broader base of users by launching the majority of its commemorative NFTs via Opensea on the Polygon blockchain, in addition to launching the rarest items on Algorand as before. This expansion comes as part of the organization’s efforts to boost its Web3 presence, offering assets to the global football community that provide unique perks and benefits.
Both ALGO and MATIC have dropped in the past 24 hours, but this can be seen as the result of the macro trend in the wider crypto markets. For now, both assets are dwindling close to their range lows and have held support. Whether or not this remains may depend on the wider market trends, in confluence with today’s retracement.