Robert Steinadler, 4 months ago
Chiliz and Algorand are unique and very different blockchain projects, and both have their own merits. In the last few weeks, both have gained in price, despite the fact that the market was shaken by the US CPI data and the Fed’s most recent decision. While both technologies are very different, they both gained momentum because of an upcoming event that will attract worldwide attention and possibly drive more adoption to both Chiliz and Algorand.
How are Chiliz and Algorand connected to the FIFA World Cup 2022, and why is the price increasing for both crypto assets before the event?
There is no direct partnership between Chiliz and FIFA. Instead, Chiliz is the fuel that is needed to interact with Socios, which is a platform dedicated to football teams. Each team has its own token and Chiliz allows fans to get engaged with this unique token economy of fan tokens.
The Argentinian Football Association (AFA) is an official partner as well as Lionel Messi. It seems that many investors are getting excited that Socios could provide more fan tokens as the start of the FIFA World Cup comes near. In March 2022, Socios launched ITA, the fan token for the Italian national football team.
Fan tokens are exclusively offered through the Socios platform and fans need Chiliz to buy them during limited offerings. While it is not confirmed, many investors are speculating that Chiliz has something in the making that is going to be released when the World Cup begins.
Algorand on the other hand is an official partner of FIFA and is working on its digital asset strategy. This will include NFTs that are powered by Algorands blockchain and will be integrated into FIFA+. Needless to say, many investors are also speculating that ALGO, the native token of the Algorand blockchain, could benefit from the World Cup.
With this in mind, the price for ALGO increased during the last three days and broke out of a range that was persistent since June. It remains to be seen if Algorand can drive more adoption to its blockchain or score with a narrative that is in favor of coins that are somehow related to the FIFA World Cup.
Unfortunately, it is not that easy. There are currently very high expectations for both coins that are purely based on a narrative. Narratives can be very powerful and often drive the crypto market. Still, there are many uncertainties involved and the biggest problem for all crypto assets is that the overall market is still in a strong downtrend.
The crypto winter is not over yet and if inflation increases, the Dollar could be strengthened further causing selloffs in the stock market and as well in the crypto market. It remains to be seen if both Algorand and Chiliz can profit when the event starts.
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