ALGO price drops as FIFA Collect plans to abandon Algorand for own chain

The price of Algorand’s native token ALGO has fallen sharply following the announcement that FIFA Collect will migrate its official digital collectibles off the Algorand blockchain. FIFA Collect, the International Federation of Association Football’s digital collectibles platform, revealed plans to launch its own EVM-compatible FIFA Blockchain, marking a significant pivot away from Algorand’s proof-of-stake network.

Source: Invezz