FIFA Launches Club World Cup NFT Collection

28MF...5MUD

23 Mar 2024

The international governing body of the most played global sports, FIFA, is launching a new NFT collection later this week. The collection will be launched in collaboration with the blockchain firm Modex.
Quick Take:

FIFA releases an NFT collection with Modex ahead of the Club World Cup in Saudi Arabia.
FIFA+ Collect makes a switch to Polygon, users question the change.
The NFT trading volumes continue to rebound in a positive market development.

As per the announcement, FIFA will release a 100 NFT collection on December 15, ahead of the 2023 Club World Cup in Saudi Arabia. The NFT holders from this collection will also have a chance to win tickets to the 2026 FIFA World Cup Final.
The 2023 FIFA Club World Cup is scheduled to start in Jeddah tomorrow. The prestigious event allows the winners of FIFA’s six confederations to compete against each other. Moreover, these teams are Al Ittehad, Al Ahly FC (CAF), Auckland City FC (OFC), Fluminense FC (CONMEBOL), Club Leon (Concacaf), Urawa Reds (AFC), and Manchester City FC (UEFA).
The statement read,

“For the first drop, 100 digital collectibles will be made available … and will feature the rarest collectibles that offer the chance to secure 2026 FIFA World Cup final tickets.”

In addition, FIFA will release 900 digital collectibles on the Polygon network and OpenSea. These will consist of the event’s iconic and memorable moments. Users can get their hands on these NFTs at FIFA+ Collect. This NFT platform was launched in September 2022 and it is powered by Algorand.

We are excited to announce a new era⚡️ @FIFAcom announces collaboration with @modex_tech to power @FIFAPlusCollect ahead of FIFA Club World Cup Saudi Arabia 2023™ 🚀⚽️🙌 https://t.co/01nwAT261u
— FIFAPlusCollect (@FIFAPlusCollect) December 11, 2023

FIFA Continues to Explore NFTs and Digital Collectibles

Since its launch, FIFA+ Collect has issued 11 NFT collections and over 909K digital collectibles. The platform has also seen around $2.4 million in trading volume across NFT markets. These figures hint towards the success of the platform that was launched to offer global football fans a chance to own digital collectibles.
The hype around NFTs is gaining some of its momentum back. Moreover, the NFT trading volumes have also seen a rebound, but they are still far from the levels reached previously. The persistent involvement and dedication of big names in the NFT world is a positive sign for this industry.
FIFA is ensuring that it can utilize digital collectibles to bridge the gap between fans and the game itself. Like other brands and collections, FIFA can monetize super fans with such measures. However, it will still have sentimental value for the fans, who could engage with their favorite teams, players, and moments in a unique way.
The CEO of Modex, Francesco Abbate, stated,

“Digital collectibles increase the ways in which fans can interact with their favorite players, teams, and the game they love, and we’re honored to support FIFA in realizing this goal.”

FIFA’s Migration to the Polygon

FIFA has stated that it will be making a shift from Algorand to Polygon, a widely used platform by web3 enthusiasts. Furthermore, it is expected that the company will continue to utilize Polygon for digital collectible launches in the future as well.
However, people were quite critical of FIFA’s move. They expressed their concerns in reply to the announcement post at X. Some said that FIFA should focus on marketing the product in a better way rather than switching blockchains. Plus, others commented that Algorand was a far better choice than Polygon.
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Afroz Ahmad

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