AVAX soars 10% as FIFA taps Avalanche to power its own blockchain for digital collectibles

FIFA is turning to Avalanche for a purpose-built blockchain to power digital collectibles and future web3 products.

The world’s football governing body FIFA is creating its own blockchain on Avalanche, named the FIFA Blockchain, as the latest move in its web3 strategy focused on digital collectibles and fan engagement, starting with hosting its digital collectibles platform, FIFA Collect.

In a blog announcement on Thursday, Avalanche said the new platform wil lbe designed to offer “high throughput, low latency, and full governance control.” FIFA said the move is aimed at delivering more scalable and consistent digital products for its global fan base, which spans over five billion people. Amid the news, the price of Avalance (AVAX) soared 10.49% to $24.92, per data from crypto.news’ price tracking page.

FIFA will develop the FIFA Collcet marketplace with Modex, a blockchain development firm. The rollout of FIFA Blockchain will start with FIFA Collect but may expand further as “more future business cases are still kept confidential and might be unveiled at a later stage.” Still, FIFA hasn’t disclosed a timeline for when the FIFA Blockchain will fully launch.

The announcement follows earlier talks from FIFA’s leaders about digital tokens. In early March, FIFA boss Gianni Infantino told U.S. President Donald Trump at the White House Crypto Summit that FIFA was very interested in developing a FIFA coin to engage the five billion soccer fans worldwide. Trump responded that the coin might be worth more than FIFA itself and called it “quite a coin, actually.”