Ethereum Challenger ALGO Surges By 38%

According to the latest figures, the price of one Ethereum (ETH) competitor ALGO is surging. This is happening as the global soccer organization FIFA launches digital art on its blockchain.

It’s been revealed that the crypto analytics firm IntoTheBlock says that new users are flocking to smart contract platform Algorand (ALGO) by the thousands daily following the launch of official FIFA World Cup non-fungible tokens (NFTs).

“New addresses making their first ALGO transaction have climbed from 5,000 a day to 20,0000 a day within three months.”

Back in May, FIFA inked a sponsorship agreement with Algorand to make the Ethereum rival the official blockchain platform of FIFA.

This month, it’s been reported that the global soccer group launched FIFA+ Collect, a platform designed to give fans around the world the chance to own FIFA digital collectibles in the form of NFTs.

The online publication the Daily Hodl noted that the smart contract protocol jumped from a seven-day low of $0.293 to a high of $0.407. This move is marking a nearly 40% increase in just one week.

Ethereum challenger Algorand (ALGO) founder recently explained that crypto assets with one key feature would survive into the next decade. This is happening as blockchains become mainstream tools used by traditional financial institutions.

During a new interview with the Los Angeles Times, Silvio Micali, who is a professor of computer science and cryptography at the Massachusetts Institute of Technology (MIT), said that digital assets with low transaction costs will survive into the future.

“The moment the blockchain starts to be used for transactions, the few blockchains that are really capable of transacting at a very low cost, they’re going to emerge, in my opinion.”

He continued and said the following:

“When traditional finance starts getting on the blockchain, you’re going to see the blockchains that are really used in a massive and transactional way are going to accelerate.”