The International Federation of Football (FIFA) has announced a partnership with Avalanche (AVAX) to create its own Layer-1 blockchain, named FIFA Blockchain. This move marks a shift from the previous collaboration with Algorand and highlights FIFA's ambitions in the Web3 space. The new blockchain, which supports the Ethereum Virtual Machine (EVM), will serve as the foundation for the FIFA Collect platform, offering digital collectibles and unique fan experiences. Avalanche was chosen for its high throughput (over 6500 transactions per second) and low fees, which are ideal for FIFA's global audience of 5 billion fans.
After the announcement, the price of AVAX rose by 10-11%, reaching $25.16, reflecting a positive market sentiment. The partnership also coincides with the Avalanche9000 update, which facilitates the development of customized blockchains. FIFA plans to expand Web3 products, including potential loyalty systems and digital tickets. This could serve as a boost for other sports organizations. Stay tuned for news from the crypto world! Subscribe to #MiningUpdates for the latest information.
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