Cryptocurrencies continue to fluctuate back and forth in the bear market. However, some altcoin projects continue to grow in harsh winter conditions. An Ethereum competitor is challenging the crypto markets in the midst of collapse. Providing new user growth with its FIFA partnership, Algorand (ALGO) made a spectacular rally this week.
Thousands of new users flock to Algorand (ALGO) every day
cryptocoin.comAs you follow, global football organization FIFA has launched digital art on Blockchain. Its partnership with FIFA has been a major catalyst for the price of Algorand (ALGO), an Ethereum competitor. The Official FIFA World Cup’s Non Fungible Tokens (NFT) have been launched on Algorand (ALGO. According to crypto analytics firm IntoTheBlock, under the influence of this partnership, thousands of new users flock to the smart contract platform Algorand (ALGO) every day. IntoTheBlock shared the following on his Twitter account regarding the subject:
New users are coming to Algorand, which started the official FIFA World Cup NFTs. The new addresses that made the first ALGO transaction increased from 5 thousand to 20 thousand per day in three months.
As you know, Ethereum is the leader in the NFT field, as in the altcoin market. However, this time, FIFA opted for a competitor, not Ethereum, in May. In this context, FIFA signed a sponsorship agreement with Algorand. Since football is the sport with the most interest and fan base in the world, this agreement has benefited Algorand significantly in terms of attracting users. IntoTheBlock shared the graph showing the change in the number of active addresses of the altcoin project.
This month, the global football group launched FIFA+ Collect, a platform designed for NFT. In this way, it gave fans around the world the chance to own FIFA digital collections in NFT format.
Altcoin price performance
ALGO’s price has supported 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 $0.407. The altcoin thus recorded an increase of around 40% in just one week. However, ALGO has regressed a bit since then. It is trading at $0.3786 at press time, according to data from CoinMarketCap.
Meanwhile, earlier this month, Algorand announced that the firm has appointed a new chief marketing officer. Michele Quintaglie has joined the team to lead the company’s global marketing and communications efforts. Accordingly, he joined Algorand’s leadership team on September 19 to build the firm’s brand awareness and reach.
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