{"id":272972,"date":"2022-11-24T12:30:55","date_gmt":"2022-11-24T07:00:55","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=272972"},"modified":"2022-11-24T09:59:49","modified_gmt":"2022-11-24T04:29:49","slug":"success-for-algorands-fifa-platform-could-mean-this-for-algo","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/success-for-algorands-fifa-platform-could-mean-this-for-algo\/","title":{"rendered":"Success for Algorand&#8217;s FIFA+ platform could mean this for ALGO"},"content":{"rendered":"<ul>\n<li>Algorand revealed how much its FIFA+ Collect platform has grown since its launch<\/li>\n<li>ALGO has been flashing signs of a pivot after its latest downside although demand is low<\/li>\n<\/ul>\n<p>The <a href=\"http:\/\/ambcrypto.com\/algorands-current-market-standing-could-have-investors-eyeing-algo-because\/\">Algorand<\/a> network announced a strategic partnership with FIFA in October. The goal of the collaboration was to leverage blockchain technology to facilitate an engaging fan experience during the <a href=\"http:\/\/ambcrypto.com\/algorand-algo-can-holders-really-profit-off-the-fifa-world-cup\/\">FIFA World Cup<\/a>.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/algorand-price-prediction\">Algorand&#8217;s (ALGO) Price Prediction<\/a> 2023\/2024<\/p>\n<hr \/>\n<p>With the World Cup now well and truly underway, Algorand has released its initial update about FIFA+ Collect. The network revealed that the platform has already attracted tens of thousands of users in its first few weeks. While the figure is relatively small in the grand scheme of things, it represents a positive step in the right direction.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">4\/ The FIFA+ Collect platform was launched in September, and it has already attracted tens of thousands of users.<\/p>\n<p>&mdash; Algorand Technologies (@Algorand) <a href=\"https:\/\/twitter.com\/Algorand\/status\/1595133980575420417?ref_src=twsrc%5Etfw\">November 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The network\u2019s ability to secure a sizeable user base for the FIFA+ Collect platform is quite impressive during a bear market. It also confirmed that there is a market for such offerings from Algorand, thus validating its pursuits. Such partnerships have the potential to boost Algorand\u2019s utility and demand for ALGO in the future.<\/p>\n<p>Algorand was hoping that developments such as the FIFA+ Collect would stimulate the demand for NFTs in the network. In fact, zooming out on <a href=\"http:\/\/ambcrypto.com\/algorand-gets-layer-2-protocol-mikomeda-but-how-did-algo-react-to-it\/\">Algorand\u2019s NFT metrics<\/a> reveals that demand has slowed down significantly in the last 12 months.<\/p>\n<figure id=\"attachment_272975\" aria-describedby=\"caption-attachment-272975\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022.png\"><img decoding=\"async\" class=\"wp-image-272975 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022.png\" alt=\"Algorand NFT metrics\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.24.16-23-Nov-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-272975\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Algorand did manage to maintain some levels, but low demand for NFT trade volumes and total NFT trades count. This outcome is a sign of the lower demand during the bear market, something that has also affected the performance of ALGO.<\/p>\n<h4>Where is ALGO heading?<\/h4>\n<p>Algorand\u2019s native cryptocurrency ALGO is still among the top-30 cryptocurrencies by market cap. This, despite being heavily drawn down from its ATH by as much as 90% at its $0.23-price level.<\/p>\n<figure id=\"attachment_272974\" aria-describedby=\"caption-attachment-272974\" style=\"width: 1408px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06.png\"><img decoding=\"async\" class=\"wp-image-272974 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06.png\" alt=\"ALGO price action\" width=\"1408\" height=\"538\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06.png 1408w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06-300x115.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06-1024x391.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/ALGOUSDT_2022-11-23_17-36-06-768x293.png 768w\" sizes=\"(max-width: 1408px) 100vw, 1408px\" \/><\/a><figcaption id=\"caption-attachment-272974\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>While the FIFA+ Collect platform is unlikely to trigger a bullish reversal, a sentiment change might do just that. Algorand\u2019s weighted sentiment revealed a noteworthy shift in the weighted sentiment over the last 3 days.<\/p>\n<p>In fact, the slight uptick in weighted sentiment confirmed that investors are changing in favor of a bullish position.<\/p>\n<figure id=\"attachment_272973\" aria-describedby=\"caption-attachment-272973\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022.png\"><img decoding=\"async\" class=\"wp-image-272973 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022.png\" alt=\"Algorand weighted sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Algorand-ALGO-17.47.20-23-Nov-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-272973\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><strong>Conclusion<\/strong><\/h4>\n<p>While weighted sentiment may flash some bullish signs, the price action is not <a href=\"http:\/\/ambcrypto.com\/algorand-takes-another-inch-towards-protection-how-about-algo\/\">demonstrating<\/a> anything like that. Nevertheless, the Money Flow indicator did register some upside, indicating accumulation at current lows.<\/p>\n<p>This is a sign of a reversal in the second half of this week, especially if the overall crypto-market sentiment changes in favor of the bulls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algorand revealed how much its FIFA+ Collect platform has grown since its launch ALGO has been flashing signs of a pivot after its latest downside although demand is low The Algorand network announced a strategic partnership with FIFA in October. The goal of the collaboration was to leverage blockchain technology to facilitate an engaging fan<a href=\"https:\/\/ambcrypto.com\/success-for-algorands-fifa-platform-could-mean-this-for-algo\/\">Continue reading <span class=\"sr-only\">&#8220;Success for Algorand&#8217;s FIFA+ platform could mean this for ALGO&#8221;<\/span><\/a><\/p>\n","protected":false},"author":63,"featured_media":272976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4029,4,20],"tags":[],"class_list":["post-272972","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-nft","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Success for Algorand&#039;s FIFA+ platform could mean this for ALGO - AMBCrypto<\/title>\n<meta name=\"description\" content=\"With the World Cup now well and truly underway, Algorand has released its initial update about FIFA+ Collect. 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