FIFA Unveils New Ethereum-Compatible Blockchain to Boost NFT Platform
30.04.2025 15:10
FIFA announced plans to launch its new "FIFA Blockchain," an Ethereum Virtual Machine (EVM) compatible network designed to enhance performance, scalability, and future features for its NFT collectibles. As part of this initiative, FIFA Collect—the official NFT collection—will migrate from the Algorand blockchain to the new platform. The transition, set to begin no earlier than May 20, 2025, will see the discontinuation of external Algorand-based wallets such as Pera and Defly, with users encouraged to connect via MetaMask or other EVM wallets supporting WalletConnect. Detailed, step-by-step instructions will be provided when the migration process commences. This move reflects FIFA's commitment to optimizing its digital collectibles ecosystem and signals broader industry trends towards increased interoperability and improved blockchain performance.
FIFA’s decision to migrate its NFT collection from Algorand may exert downward pressure on ALGO in the short term, as reduced usage and wallet support could dampen investor sentiment. Historically, high-profile migrations have led to temporary price declines, and without immediate compensatory partnerships or developments, there may be sustained negative effects over the longer term.
The launch of a new blockchain with EVM compatibility is likely to reinforce Ethereum’s ecosystem, boosting demand for ETH-related services. In the short term, increased wallet activity and network usage could drive positive price movements, while long-term benefits may stem from deeper integration of NFT platforms within the Ethereum ecosystem and broader institutional interest.