- After global football organization FIFA released digital artworks on the platform’s blockchain, Ethereum (ETH) rival has become a altcoin‘s price is rising.
According to data from crypto analytics firm IntoTheBlock, the smart contract platform has thousands of new users every day following the launch of official FIFA World Cup non-fungiable tokens (NFTs) on the platform. to Algorand (ALGO) flocked to.
“Over the past three months, the number of new addresses making their first ALGO transactions has increased from 5,000 to 20,000.”
In May, FIFA signed a sponsorship deal with Algorand to make Ethereum’s rival altcoin FIFA’s official blockchain platform. This month, the global football group launched FIFA+ Collect, a platform designed to give fans around the world the chance to own FIFA digital collections in NFT format.
As a result, ALGO pricehas challenged the downward price trend of other cryptocurrencies over the past week. The smart contract protocol rose from a seven-day low of $0.293 to as high as $0.407, gaining nearly 40 percent in just one week.
ALGO has since pulled back a bit and is trading at $0.388 at the time of writing.
Algorand announced the appointment of a new chief marketing officer earlier this month. Michele Quintaglie joined Algorand’s leadership team on September 19 to lead the company’s global marketing and communications efforts and build the firm’s brand awareness and reach.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.