The private football association FIFA has launched an NFT platform just in time for the upcoming World Cup. But how to use this platform? And how is it different from other NFT trading platforms? And how are non-fungible tokens traded there?
Not much is happening in the NFT market at the moment. The well-known trading platform “OpenSea” has already lost 95% of its trading volume since January. Apparently, the main reason for this is the high rate of inflation caused by current world events such as the pandemic, war and climate crisis, as well as the recent crypto crash associated with it. Although Bitcoin and Co. has recovered from its lows, there are still no signs of a rally to highs. Therefore, NFTs as an investment, but also for collection purposes, must have lost a lot of interest. Now, with FIFA+ Collect, there is a project on the market that should give it a boost.
Non-Fungible Tokens Briefly Explained
A non-fungible token, or NFT for short, is an indivisible object of value in digital form. Token can also be translated as token and non-fungible as non-tradable. An NFT cannot therefore be replaced by another and is also clear and verifiable. Non-fungible tokens can be purchased with crypto and then stored on its own wallet – a digital wallet. Trading takes place on the decentralized blockchain, just like in the case of cryptocurrencies. Cryptos like Bitcoin and Co., on the other hand, are interchangeable. It can be compared to real coins: a €1 coin is worth the same and looks exactly like any other €1 coin. The same goes for Bitcoin and other digital coins. However, since NFTs are unique and variable in value, they cannot be traded one for one.
Non-fungible tokens are primarily treated as digital artwork for collectible purposes. But they have not only revolutionized the art world, but also completely different areas, like the gaming world. There, NFTs are used for game-to-win projects, where you can earn crypto while playing the game. , or are used in the representation of the numeric property, such as in the game “Decentraland”. Additionally, NFTs can represent a person’s digital identity or serve as another method of earning for content creators on social media platforms on Web 3, the next generation of the Internet. And these are just a few examples of where and for what purposes non-fungible tokens can be used.
Previous NFT Trading Platforms
There are already trading platforms for NFTs in the market. The best known are NFT LaunchPad, Binance and OpenSea. They are mainly used to buy or sell non-fungible tokens. “NFT LaunchPad” is very beginner friendly and makes transactions fast, safe and easy. Registration is not necessary and as a growth oriented NFT marketer you will find promising new projects with great future potential. The Binance NFT market is also suitable for beginners, especially art lovers. The platform comes with two auction events called “Genesis” and “Mystery Box Series 1”. However, you will not only find artwork here, but also collectibles and NFTs from the gaming and entertainment categories. A variety of digital assets in the fields of art, games, music and domain names are available on the “Opensea” NFT trading platform. Although the exchange was founded for the “CryptoKitties” NFT collection, it soon became clear that it had potential for all NFTs. Smart contracts provide users with security when exchanging non-fungible tokens.
FIFA’s platform for the World Cup
FIFA+ Collect is the name of the new NFT platform designed for fans to own and collect FIFA World Cup 2022 moments. Famous FIFA World Cup artwork and images and of the FIFA Women’s World Cup will also be available. The platform has been available since September and should be affordable for all football and NFT fans. It is available in English, French and Spanish and can be viewed from various web and mobile devices.
FIFA+ Collect can be compared to the existing “NBA Top Shots” platform. Digital basketball pro league trading cards are traded there. Special moments of a player or a game are represented on NFTs. This is exactly what the FIFA NFT platform should now make possible for the FIFA World Cup. The NFT series is created by BIB Meta, a Metaverse ecosystem. During this year’s World Cup hype, BIB Meta will lead the way in Meta-Fi adoption by launching a series of NFTs commemorating the 2022 FIFA World Cup. Football Moments NFTs can be hit, bought , sold and traded on the platform. According to the BIB Meta whitepaper, users can purchase the NFTs for the 2022 FIFA World Cup, which depict real players. You can then pit them against each other in different ways, earning profits. Some of the NFT players are from Fantasy Sports, some from Magic: The Gathering, and some from FIFA Ultimate Team. Additionally, the BIB Meta World Cup 2022 NFT Series program allows users to connect with their favorite football players through a global community and direct communication channels, and access exclusive online and offline events.
Cooperation with Algorand
Blockchain Algorand has found one of its biggest cooperation partners in FIFA. It has already been named a blockchain by the Football Association in June and is one of the carbon neutral blockchains. Algorand demonstrates a proof-of-stake blockchain cryptocurrency model. The proof-of-stake process allows the blockchain network to determine which user is authorized to create the next block in the chain. This happens randomly, but takes into account proven users with long tenure or high net worth. Accordingly, Algorand has its own cryptocurrency called ALGO, but payment with other methods and currencies is also possible there. The blockchain is already used by more than 2000 organizations, government agencies and decentralized financial users.
With the new FIFA+ Collect NFT trading platform, the private football association wants to bring the market back to life. The interest of NFT enthusiasts should increase further and give them new motivation. But digital collectibles also offer football fans a great new opportunity to pursue their passion. NFT and football fans will have the opportunity to collect and trade unique moments from the FIFA World Cup. Because that is exactly what FIFA+ Collect offers: a digital representation and exchange of the special moments of football matches during the 2022 World Cup in Qatar. In this way, the memory of the unique experience can be kept alive in the long term.
Author Jacqueline Lehmann is Head of Crypto Assets at Green Capital und Beteiligungen AG. She has many years of experience with crypto and fintech and was able to acquire extensive know-how in these areas. https://www.greencapital-b.ch/digital-assets/