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FIFA launches "FIFA Blockchain" on Avalanche
FIFA Collect, which handles digital collectibles for organizations such as the International Football Federation (FIFA) and football club teams, announced on the 21st that it has migrated its platform to the newly launched “FIFA Practical Blockchain.”
It is explained that it has enhanced features that provide high processing speed and scalability, along with compatibility with the cryptocurrency Ethereum, offering digital collectibles and immersive fan experiences. The FIFA Practical Blockchain was launched as “Avalanche L1,” a unique blockchain on Avalanche (AVAX).
The plan for FIFA Collect to migrate from Algorand to its own Ethereum-compatible unique Block has been reported for some time. An official FAQ page regarding the migration has also been created, which explains that it is an upgrade to improve performance, functionality, and scalability, as well as to achieve long-term growth.
And in this announcement, it is stated that “By transitioning to the FIFA Practical Blockchain, it has become possible to seamlessly connect with popular wallets. Access has also become easier, and a long-term foundation for growth has been established.”
Avalanche side comment
Avalanche L1 refers to a Practical Blockchain that was previously called a “subnet.” It indicates a Practical Blockchain that companies or projects have developed with customized rules, such as tokenomics.
What is Tokenomics
The economic design and mechanism related to a specific cryptocurrency. Specifically, it refers to information regarding its use cases, supply volume, distribution ratio of the initial issuance, inflation, and deflation.
On the transition to the FIFA Practical Blockchain, Avalanche also commented on the 22nd. In an official X account, it stated, “FIFA is not only entering Web3, but has also centralized its digital strategy for handling digital collectibles and ticket sales on a customized Avalanche L1.”
He also commented, “In addition, while being supported by real infrastructure, fans will benefit from the speed of transaction finality and low fees, allowing them to access official digital collectibles faster and more smoothly, no matter where they are.”