Cryptocurrencies continue to fluctuate back and forth in the bear market. However, a number of altcoin projects continue to grow during the harsh winter rules. An Ethereum competitor is challenging the crypto markets in the midst of collapse. Providing new user growth with its FIFA subsidiary, Algorand (ALGO) made a spectacular rally this week.
Thousands of new users flock to Algorand (ALGO) every day
Koindeks.com As you follow, global football organization FIFA has launched digital art on Blockchain. Its partnership with FIFA has been a valuable catalyst for the price of Algorand (ALGO), an Ethereum competitor. Non Fungible Tokens (NFT) of the official FIFA World Cup have been launched on Algorand (ALGO. According to crypto analytics firm IntoTheBlock, thousands of new users are flocking to the smart contract platform Algorand (ALGO) every day under the influence of this affiliate, according to crypto analytics firm IntoTheBlock. Regarding the bet, IntoTheBlock shared the following on his Twitter account:
New users are coming to Algorand, which started the official FIFA World Cup NFTs. The new addresses that made the first ALGO process increased from 5 thousand to 20 thousand per day in three months.
As you know, Ethereum is in the leading position in the NFT field, as in the altcoin market. However, this time, FIFA preferred a competitor, not Ethereum, in May. In this context, FIFA signed a sponsorship agreement with Algorand. Since football is the sport that attracts the most attention and has a fan base in the world, this agreement has benefited Algorand significantly in terms of attracting users. IntoTheBlock shared the graph showing the change in the number of active addresses of the altcoin project.
This month, the global football cluster launched FIFA+ Collect, a platform designed for NFT. In this case, it has given fans around the world the chance to have their FIFA digital collection in NFT format.
Altcoin price performance
ALGO’s price has supported the downward price trend of other cryptocurrencies over the past week. The smart contract protocol rose from a seven-day low of $0.293 to $0.407. The altcoin thus recorded a nearly 40% increase in just one week. However, ALGO has regressed a bit since then. According to CoinMarketCap information at press time, it is trading at $ 0.3786.
In the middle, earlier this month, Algorand announced that the firm has appointed a new chief marketing officer. Michele Quintaglie joined the group to lead the company’s global marketing and liaison efforts. Accordingly, he joined Algorand’s leadership team on September 19 to build the firm’s brand awareness and reach.