Key Takeaways:
- The FIFA World Cup promoted a number of fan tokens
- Several football team fan tokens saw double-digit gains in the previous week.
- The bearish sentiment across the market could dampen the excitement from the tournament.
YEREVAN (CoinChapter.com) – While the rest of the crypto market was hit by shock waves from the FTX collapse, the fan token sector printed green candles ahead of the FIFA World cup, coming on Nov 20.
In detail, fan tokens are digital assets designed to provide membership benefits to fandoms of sports teams, music bands, etc. Often the holders of such coins get a ‘seat at the table’ for team-related decisions. Moreover, they might get perks such as access to exclusive content, prizes, or experiences.
Fan tokens surge as World Cup anticipation builds
The FIFA World cup is the largest football tournament globally, as well as the most widely viewed and followed single sporting event in the world. Thus, it is no wonder that the cryptoverse met the demand, providing dozens of fan tokens for various teams and leagues.
The sector has a collective market cap of nearly $470 million after a 5.5% uptick in the previous 24 hours, as per CoinMarketCap. Meanwhile, some fan tokens did better than others due to a stronger community and more fund inflow. Here are three of the week’s biggest winners.
#1 S.S. Lazio for the win?
Notably, the largest football fan token by market cap is S.S. Lazio (LAZIO), dedicated to the renowned Italian football club founded in 1900. The token alone accounts for $67 million of the mentioned collective market cap and rallied 90% in the previous 30 days, with a weekly uptick of 18%. As a result, the token stood at $7.8 on Nov 18.
LAZIO lost ground during the Nov 8-9 crypto wipeout but peaked at a yearly high of $9.8 on Nov 16. The fan token’s trading volumes have been declining since Nov 5. Thus, a post-FIFA rally is not likely. However, depending on the overall focus on the World Cup over the next two days, LAZIO might see additional inflow.
#2 FC Porto (PORTO)
FC Porto is one of Portugal’s largest football clubs. Unlike most European sporting entities, Porto’s members have owned and operated the club throughout its history. Hence, its fan token, PORTO, enjoyed much attention ahead of the FIFA World Cup.
The token jumped 73% since Nov 10 and stood at $5.6 on Nov 18. However, like LAZIO, PORTO trading volumes have declined in the previous week, hinting at a possible bias reversal.
#3 Spain National Fan Token (SNFT)
As evident from the name, SNFT is the token for Spain National Football Team. The latter has represented Spain in international men’s football competitions since 1920 and will do so during FIFA World Cup in 2022 as well. Meanwhile, SNFT registered a 23% uptrend in the previous 24 hours, bringing the weekly gains to 33% and standing near $0.5 on Nov 18.
The FIFA World Cup in 2022 promises a spectacular viewing experience for thousands of fans worldwide. Thus, fan tokens could also enjoy some attention over the weekend and during the tournament. However, the dire market conditions could hinder a lengthy rally.
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