ALGO Price Falls Sharply as FIFA Collect Migrates Its Official Digital Collectibles Off the Algorand Blockchain

The price of Algorand’s native token ALGO plummeted sharply on Friday 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 (FIFA) digital collectibles platform, unveiled plans to launch its own EVM-compatible FIFA Blockchain, marking a significant pivot from Algorand’s proof-of-stake network.

According to the official announcement, the migration is set to commence no sooner than May 20, providing time for users to conveniently re-import any previously exported non-fungible tokens (NFTs) for a seamless transfer to the new chain.

First introduced last year ahead of the World Cup, FIFA Collect chose Algorand for its low transaction fees, quick finality, and green credentials. However, the platform noted that these advantages are no longer sufficient as it seeks to achieve greater scalability and expand the collectible experience.

“We are always looking for ways to improve our products and services for our users. As part of this commitment, we have made the decision to migrate FIFA Collect to a new blockchain later this year. The new chain will be EVM-compatible and will support even better performance, future features and improved scalability for FIFA Collect. This will allow us to create an even richer and more engaging experience for our collectors. The migration will begin no sooner than 20 May, providing plenty of time for users to prepare. Any previously exported NFTs can be easily re-imported into an EVM wallet for the seamless transfer. We will provide more details about the migration process and the new chain in due course.”

This changeover will see users of Algorand wallets, such as Pera and Defly, transition to EVM-compatible wallets like MetaMask or Rabby.

ALGO drops 5.5% on heavy volume

In response to the news, saw a sharp decline of 5.5% on Friday, sliding to $0.2196 amid broader market volatility and uncertainty over Algorand’s future utility.

Despite trading near its historical low relative to the 2019 all-time high of $3.56, ALGO has shown resilience over one year, delivering a 24.hour volume of approximately $89.6 million.

Algorand’s market capitalisation now stands at around $1.89 billion, a figure that underscores its status as a mid-tier blockchain but also raises questions about its competitive positioning.

Algorand’s strategic disadvantages, such as limited EVM compatibility before external bridges, have become more pronounced with FIFA Collect’s departure, fueling concerns among developers and over the ecosystem’s long-term retention.

In the near term, ALGO’s price trajectory will depend on Algorand Foundation announcements, partnership renewals, and the speed at which competing, EVM-based networks.