Aaryamann Shrivastava
FXStreet
- FIFA+ Collect went live on September 22, bringing historic FIFA moments in the form of NFT to collectors.
- The Genesis Drop, launched with 532,980 editions, will allow collectors to own and trade these NFTs.
- Algorand being the official blockchain platform, noted a surge in buying pressure, rising by 12% in the span of 24 hours.
The FIFA World Cup 2022 is one of the most anticipated events ever, and with worldwide crypto adoption spreading rapidly, it was certain for the World Cup to integrate it as well. FIFA leaned into crypto through NFTs, and with its marketplace going live, Algorand is enjoying a good run-up on the charts.
FIFA turns history into NFTs
Under the FIFA+ umbrella, the International Federation of Association Football launched their NFT marketplace FIFA+ Collect. This is set to bring about a new medium of fan interaction for World Cup enthusiasts and allow FIFA to tap into a new form of audience.
Since these NFTs (also known as “highlights”) will hold value thanks to both rarity and history, they will find takers amongst the niche as well as mainstream individuals.
As the marketplace went live on Thursday, FIFA introduced the Genesis Drop containing highlights from the crucial moment in the history of FIFA. The Drop has been launched with 532,980 editions, with each edition containing three such highlights.
While analyzing the response to the launch can be premature, the impact noted on Algorand makes it seem to have been positive.
Algorand welcomes the bulls
As the official blockchain platform partner of the FIFA World Cup 2022, Algorand observed rising bullishness at the hands of its investors. In the last 24 hours, ALGO advanced by 12%, bringing the week-long rally to 27.68%.
The price rise was triggered by the increasing buying pressure, the highest in six months, which is evinced by the uptick in the Relative Strength Index (RSI). However, trading at $0.373, ALGO is also nearing the possibility of a trend reversal. If the RSI crosses the 70.0 mark, it will enter the overbought zone, which could cause a change in an active uptrend and eventually result in corrections.
Algorand 24-hour price chart
Furthermore, ALGO isn’t too far away from its June crash lows when the altcoin fell to $0.29, which happens to be the next critical support for ALGO. In order to maintain this bullishness, ALGO needs to avoid revisiting this level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.