The hype of fan tokens of teams participating in the FIFA World Cup 2022 is not up to the mark as they are under pressure even as the quarter-final event is approaching.
Since the World Cup commenced on November 20, the price of the accompanying digital fan tokens for Portugal, Spain, Brazil, and Argentina has plummeted from 60% to 88%.
On November 18, both the Portugal and Argentina fan tokens reached their all-time highs (ATHs), while the Spain and Brazil fan tokens’ ATHs were on September 28.
Argentina (ARG)’s price dropped by 25% following its loss against Saudi Arabia and by another 22% following its victory over Mexico.
In the ten days leading up to the competition, the value of the Portugal National Team Fan Token (POR) increased by as much as 119%. Despite the team’s winning streak, it lost approximately 50% of its worth as the world cup got underway.
Some assume that the current disaster in the crypto market may be responsible for the decline in fan token values. The market is striving to recover following the bankruptcy situation involving FTX.
Meanwhile, the volume of these football fan tokens increased by ten times. The average daily trading volume for the tokens increased to over $300 million in November from roughly $32 million in October.
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