Football Fan Token Slump Prior to World Cup 2022: Here’s What’s Going On

The top football fan tokens are failing to score despite World Cup ’22 being just around the corner.

Football Fan Token Slump Prior to World Cup 2022 - Here’s What’s Going On

Just 40 days until the World Cup 2022 kick-off in Qatar, the popular football fan tokens of the most established clubs have been plunging. This comes just three days after Binance announced Lazio Fan Token (LAZIO) and FC Porto (PORTO), among others, being added to Cross Margin and Isolated Margin

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Earlier this year, Binance introduced the Football Fan Token Index, which is calculated by a formula that “uses the weighted averages of the real-time prices of the relevant Fan Tokens constituting the Index, as published on the Binance Spot market, denominated in USDT.” According to Rekt Fencer, the founder of X DAO, the unexpected price movements are happening due to “market manipulation.”

Top Football Fan Tokens in Double-Digit Deficit

Without a doubt, the overall impact of the ongoing bear market is an obvious factor. However, the football fan tokens with the largest market capitalization seem to be taking the hit. According to CoinMarketCap, the top 3 fan football tokens are:

  • Santos FC Fan Token (SANTOS)
  • Lazio Fan Token (LAZIO)
  • FC Porto Fan Token (PORTO)

Firstly, Santos FC Fan Token (SANTOS) is the most expensive out of the three. At press time, The Vila Belmiro-based team’s Santos FC Fan Token (SANTOS) trades at $14.15. The Brazilian club’s native cryptocurrency has suffered an 8.1% decline in the last 24 hours, the least of the three.

Secondly, the legendary Italian football club Lazio’s cryptocurrency dipped by as much as 11.1% in the last 24 hours. At press time, Lazio Fan Token (LAZIO) trades at $5.42, according to CoinGecko. It has been on a downward trend for the past month with 28.2% in the red.

Thirdly, there’s the Portuguese football club FC Porto, which is in a similar situation to Lazio, one of the oldest European clubs, established in 1900. Priced at $4.64, FC Porto Fan Token (PORTO) dropped out of the TOP 1,000 by market capitalization and took a huge hit in the last 24 hours with an 11% drop. Moreover, the monthly perspective looks even worse with a 33.3% deficit.

On the Flipside

  • Despite football fan tokens being in a huge slump in the wake of FIFA World Cup 2022, there’s more crypto adoption in football than ever before.
  • FC Flamengo, another established Brazilian club, has teamed up with Moonpay for a Web3 entrance just a couple of days ago.

Why You Should Care

Sports & crypto partnerships generated over $2.6 billion in 2022, doubling since 2021.

Read more about the collaboration between football & blockchain in these pieces:

Dapper Labs to Launch LaLiga Golazos Football NFT Project on Flow (FLOW)

AC Milan Kicks Off NFT Soccer Game With MonkeyLeague

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.