FIFA, the international governing body for football, revealed a collaboration with Swiss blockchain company Modex to release a collection of non-fungible tokens (NFT). The release of the collection is timed with the current Club World Cup in Saudi Arabia.
Non-fungible tokens (NFTs) are virtual goods, which unlock unique features or benefits within digital ecosystems. Beyond marketing, NFTs offer a blockchain-based solution to ensure authenticity and transparency, this adds a new dimension to the brand-consumer relationship. For these reasons, major brands are increasingly harnessing NFTs for their marketing strategies. By releasing limited edition digital collectibles and exclusive access tokens, brands create a sense of scarcity and exclusivity, driving demand among their audiences.
FIFA's NFT collection
The first 100 NFTs of the collection were released on December 15th and sold out in 3 hours. The NFTs offer fans the chance to secure tickets to the 2026 FIFA World Cup finals. A further round of 900 digital collectibles were released on the Polygon network via OpenSea on December 19th. The NFTs showcase football items and memorable moments from the tournament.
The NFTs will be available on FIFA's FIFA+ Collect platform, powered by Algorand. Since its launch in September 2022, the platform has gained considerable traction. It's running 11 NFT drops and minted over 909,000 digital collectibles. The platform has generated a total trading volume of $2.4 million.
"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." - FIFA Chief Business Officer, Romy Gai
FIFA's view on the NFT space
FIFA has observed a shift in the dynamics of football fans. According to the organization, fottball fans are looking for new ways of engagement. Their marketplace is supposed to be positioned as an affordable and inclusive marketplace for digital collectibles, providing football enthusiasts with an opportunity to own a piece of the World Cup.
While the platform currently lacks a secondary marketplace, according to the FIFA plans for its introduction are underway. In addition to the FIFA World Cup, the platform features digital collectibles highlighting memorable moments from the FIFA Women's World Cup. Notably, FIFA also signed the crypto exchange Crypto.com as a sponsor at the FIFA World Cup Qatar 2022.