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Algorand price rise: ALGO on the move with FIFA NFT marketplace launch, new CMO hire

By Alara Jordan

Edited by Charlie Mellor

11:34, 26 September 2022

ALGO token
The price increase may be linked to a recent partnership with FIFA to launch World Cup NFTs ahead of the upcoming Qatar World Cup – Photo: Shutterstock

The price of the Algorand blockchain’s native cryptocurrency ALGO has witnessed a surge in what is believed to be the result of a recent partnership with FIFA and a new chief marketing officer (CMO) hire.

Algorand is a proof-of-stake (PoS) Layer 1 blockchain and has seen a price surge over the past week. As of 26 September 2022, ALGO was changing hands at around $0.36, before breaking its long-term resistance price and has surged by more than 30% in the last seven days.

However, the price of ALGO was trading down earlier today around 7% over the past 24 hours.

ALGO to USD

Partnership with Fifa ahead of Qatar World Cup

ALGO’s price increase may be linked to the blockchain’s recent confirmation of its official partnership with FIFA to launch World Cup non-fungible tokens (NFTs) ahead of the upcoming Qatar World Cup later this year. 

Algorand confirmed the partnership via Twitter, stating that fans around the world “will now have the opportunity to affordably own the greatest moments in football.”

ETH/USD

3,374.84 Price
-3.210% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.63 Price
+4.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

180.71 Price
+3.320% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.13 Price
-0.320% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

FIFA also confirmed the partnership earlier this month in tandem with its FIFA+ Collect launch, which will see the firm release a series of limited edition digital collectibles for fans around the world ahead of the FIFA World Cup.

W. Sean Ford, interim CEO of Algorand, said: “FIFA’s platform – via a truly decentralised and scalable public blockchain – is the first tangible representation of the technical partnership recently announced between FIFA and Algorand.

“The commitment FIFA has made to bridge to Web3 enabled by Algorand, is a testament to its innovative spirit and desire to directly and seamlessly engage with football fans around the world.”

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New CMO joins Algorand team

In addition to the hype around FIFA's partnership to launch exclusive NFTs for fans, Algorand also confirmed the appointment of ex-Visa and Fidelty executive Michele Quintaglie as its chief marketing officer, effective 19 September.

Quintaglie boasts experience from a series of top firms, with her role at Algorand set to help the company attract key partnerships and sponsorships. Quintaglie said:

“I've had a passion for blockchain and Web3 for some time now, which is why I couldn’t be more excited to join the Algorand team.  Algorand represents the key values I look for in any great brand — amazing technology, global reach, proven leadership, and most importantly, a purpose-driven ethos to create technologies that offer meaningful societal and environmental impact.”

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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