Algorand Revealed How Much Its FIFA+ Collect Platform Has Grown Since Launch ALGO Shows Signs Of A Turnaround After Latest Downside Though 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 enable an engaging fan experience during the FIFA World Cup.

Read the Algorand (ALGO) price forecast for 2023/2024

With the World Cup in full swing, Algorand has released its first update on 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.

The network’s ability to secure a significant 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, confirming its commitment. Such partnerships have the potential to increase Algorand’s utility and demand for ALGO in the future.

Algorand hoped that developments such as FIFA+ Collect would boost demand for NFTs in the network. In fact, zooming out on Algorand’s NFT stats reveals that demand has slowed significantly over the past 12 months.

Source: Sentiment

Algorand managed to hold some levels, but low demand NFT trading volumes and total NFT trades count. This outcome is a sign of lower demand during the bear market, something that has also impacted ALGO’s performance.

Where is ALGO going?

Algorand’s native cryptocurrency ALGO is still among the top 30 cryptocurrencies by market capitalization. This is despite drawing a whopping 90% from its ATH at its $0.23 price point.

Source: TradingView

While the FIFA+ Collect platform is unlikely to trigger a bullish reversal, a change in sentiment could. Algorand’s weighted sentiment revealed a notable shift in weighted sentiment over the past 3 days.

The slight increase in weighted sentiment basically confirmed that investors are shifting in favor of a bullish position.

Source: Sentiment

Conclusion

While the weighted sentiment may show some bullish signals, the price action shows nothing like it. Nevertheless, the Money Flow indicator registered some upside, indicating accumulation at the current lows.

This is a sign of a turnaround in the second half of this week, especially if overall crypto market sentiment shifts in favor of the bulls.





This post Success for Algorand’s FIFA+ platform can mean this for ALGO

was published first on https://ambcrypto.com/success-for-algorands-fifa-platform-could-mean-this-for-algo/

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