Even though Brazil, Portugal, and Spain have qualified for the FIFA World Cup 2022, their respective crypto fan tokens fell. Since the beginning of the competition, the total value of fan tokens has dropped to below $300 million.
A significant drop since the beginning of the competition
It’s no secret that the highly volatile quality of fan tokens or cryptocurrency has helped propel interest in the World Cup 2022, which kicked off in Qatar on November 20 and will run through December 18.
Owners of fan tokens demonstrate support for their favorite football team with tokens that symbolize the member community and give holders access to privileges like game tickets and a voice in the running of the sports club.
According to statistics from CoinGecko, the total market valuation for fan tokens increased to $401 million on the first day of the World Cup, up from $256 million around ten days before.
However, the figure is now below $300 million again. Does the outcome of the match impact the price of fan tokens?
Spain National Fan token (SNFT)
The revised score between Spain and Germany as of Monday was 1:1, which resulted in a 27.4 percent decline for Spain’s National Fan Token (SNFT) to $0.16 as the teams started Day 9 of the World Cup 2022.
The price reduction was even more than what anybody had predicted after their 7–0 victory against Costa Rica on November 23.
According to InvestorsObserver, a market research organization, the Spain National Fan Token (SNFT) has seen more volatility than the crypto market as a whole. According to the firm’s research, SNFT has a high volatility score of 79, putting it in the top 21 percent of all cryptocurrencies.
The price prediction for the Spanish football team’s fan token is $0.77052 by 2024 and as high as $1.2467 by the end of 2025.
Portugal National Team Fan Token (POR)
Since the start of the World Cup 2022, the popularity of fan tokens has dropped dramatically, from $1.45 billion on November 19 to $864 million.
Between November 10 and November 18, the price of the Portugal National Football team Fan Token (POR) increased by almost 120 percent, as measured by statistics from CoinMarketCap.
A POR token went from $3.1852 to $7.004 in a week. The PNT token lost 2.7% of its value, falling to $3.22, despite Portugal’s 2-0 win against Uruguay.
Portugal has been in similar situations before. On November 24, during their journey for Qatar 2022, they beat Ghana 3-2 but their token price dropped by 18%.
Despite the stock’s recent lows, a POR analyst believes it has a bright future and, therefore, will continue to increase.
Argentine Football Association Fan Token (ARG)
Tuesday’s dramatic 2-1 defeat of the Argentinians to Saudi Arabia in the current FIFA World Cup prompted a 30 % decline in ARG tokens, highlighting the impact of sports on the price of tokens associated with teams.
Due to the bad performance of the soccer squad headed by Lionel Messi, the price of ARG tokens plummeted from $7.21 at the beginning of the game to $4.96 at the finish. But how much does the point total affect cryptocurrency prices?
At this precise moment, the latest ARG (Argentine Football Association Fan Token) cost is $3.54, with a 2.94 percent decrease in value over the last 24 hours, despite Argentina’s 2-0 victory against Mexico.
Brazil National Team Fan Token (BFT)
According to a recent survey of the market, the volatility of the Brazil National Football Team Fan Token (BFT) has already been substantially higher than that of the cryptocurrency market as a whole.
Recent data from Brazil’s most recent game has shown that the national team fan token fell by 14.62 % to reach $0.267012 after the team’s 1-0 win over Switzerland yesterday.
