FIFA has announced the creation of its own blockchain on the Avalanche platform, which will be used for digital collectibles and other products as part of its web3 strategy.
Creation of FIFA Blockchain
The International Football Association (FIFA) is launching its own blockchain, named FIFA Blockchain, on the Avalanche platform. This decision is part of FIFA's web3 strategy and focuses on digital collectibles and fan interaction. The announcement states that the new platform will offer 'high throughput, low latency, and full governance control.'
Partnership with Modex
FIFA plans to develop the FIFA Collect marketplace in partnership with blockchain development firm Modex. The rollout of the FIFA Blockchain will begin with the FIFA Collect platform; however, it is expected to expand as 'more future business cases are still kept confidential and might be unveiled at a later stage.' Currently, FIFA has not disclosed a timeline for the full launch of its blockchain.
Discussion of Digital Tokens
The recent announcement follows discussions by FIFA's leaders about digital tokens. In March, FIFA president Gianni Infantino informed former U.S. President Donald Trump at the White House Crypto Summit that FIFA is very interested in developing a FIFA coin to engage the five billion soccer fans worldwide. Trump remarked on the potential value of the coin, suggesting it might be worth more than FIFA itself.
The creation of the FIFA Blockchain on the Avalanche platform emphasizes FIFA's commitment to integrating digital technologies and enhancing fan engagement, which could represent a significant step in the evolution of the football industry.
