23/09/2022 Algorand rallies by 27% as FIFA launches its NFT marketplace

  • FIFA+ Collect went live on September 22, bringing historic FIFA moments in the form of NFT to collectors.
  • The Genesis Drop, launched with 532,980 editions, will allow collectors to own and trade these NFTs.
  • Algorand being the official blockchain platform, noted a surge in buying pressure, rising by 12% in the span of 24 hours.

The FIFA World Cup 2022 is one of the most anticipated events ever, and with worldwide crypto adoption spreading rapidly, it was certain for the World Cup to integrate it as well. FIFA leaned into crypto through NFTs, and with its marketplace going live, Algorand is enjoying a good run-up on the charts.

FIFA turns history into NFTs

Under the FIFA+ umbrella, the International Federation of Association Football launched their NFT marketplace FIFA+ Collect. This is set to bring about a new medium of fan interaction for World Cup enthusiasts and allow FIFA to tap into a new form of audience.

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Since these NFTs (also known as “highlights”) will hold value thanks to both rarity and history, they will find takers amongst the niche as well as mainstream individuals.

As the marketplacewent live on Thursday, FIFA introduced the Genesis Drop containing highlights from the crucial moment in the history of FIFA. The Drop has been launched with 532,980 editions, with each edition containing three such highlights.

While analyzing the response to the launch can be premature, the impact noted on Algorand makes it seem to have been positive.

Algorand welcomes the bulls

As the official blockchain platform partner of the FIFA World Cup 2022, Algorand observed rising bullishness at the hands of its investors. In the last 24 hours, ALGO advanced by 12%, bringing the week-long rally to 27.68%.

The price rise was triggered by the increasing buying pressure, the highest in six months, which is evinced by the uptick in the Relative Strength Index (RSI). However, trading at $0.373, ALGO is also nearing the possibility of a trend reversal. If the RSI crosses the 70.0 mark, it will enter the overbought zone, which could cause a change in an active uptrend and eventually result in corrections.

image-637994796836035418.pngAlgorand 24-hour price chart

Furthermore, ALGO isn’t too far away from its June crash lows when the altcoin fell to $0.29, which happens to be the next critical support for ALGO. In order to maintain this bullishness, ALGO needs to avoid revisiting this level.

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Arts

https://www.fxstreet.com/cryptocurrencies/news/algorand-rallies-by-27-as-fifa-launches-its-nft-marketplace-202209222142

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JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
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