This last week the FIFA World Cup Qatar 2022 has been the most prominent news in the media, and is that soccer is the sport with more followers on the planet, which makes this sporting event the most anticipated of all, and its early opening has not only triggered the mood of all soccer fans, but also the price of fan tokens linked to this sport.
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During this week prior to the opening of the World Cup, the price of fan tokens that are linked to soccer teams and clubs has rebounded despite the general chaos that the crypto ecosystem has experienced these days, mainly due to the case of the FTX Exchange.
But what is a fan token? As with other projects, fan tokens work as a governance token, and are issued by a sports team or national team to its fans, giving them the possibility to participate in some team decisions, for example, token holders of Paris Saint-Germain (PSG) or Juventus (JUV), to name a few of the teams that have fan tokens available, can vote to decide on some aspects of the team, such as choosing the most valuable player or the design of the jersey.
And for this World Cup, four national teams have their own tokens: Spain, Argentina, Brazil and Portugal. And especially the best performance of these tokens has been the Spain National Fan Token ($SNFT), belonging to the Spanish national team.
Screenshot taken from Tradingview.com.
As we can see in the graph ($SNFT) seven days ago closed at $0.32, then we can see how it started an important rebound that raised its price to reach a maximum of $0.524 on November 18, which means an increase of more than 60% in one week, not bad for its holders.
Another important rebound was shown by the Portugal National Team Fan Token ($POR), the fan token of the Portugal national team, this token closed trading seven days ago at $4.0 and registered an increase of almost 47% to close on November 18 at $6.04, even registering a long wick that reached a high of $6.42.
Screenshot taken from Tradingview.com.
But it wasn't just European national team tokens that fared well this week, with Argentina and Brazil national team tokens also showing significant increases. The Brazil National Football Team Fan Token ($BFT), the fan token of the Brazil national team, one of the favorites of many, showed an increase of just over 40% in the last seven days, going from $0.72 to trade at just over $1.
Screenshot taken from Tradingview.com.
The Argentine Football Association Fan Token ($ARG), the token of the Argentine national team, was trading at approximately $6.1 on Tuesday, November 14, and then began a significant rally to reach almost $8.5 on Saturday, an increase of approximately 38%.
Screenshot taken from Tradingview.com.
These movements demonstrate the effect that the much-anticipated World Cup has had on the prices of tokens linked to the teams participating in it. And although some of these tokens have already registered a slight drop, certainly the gains registered during this week must have the fans of these teams very happy.
Well friends, let's wait and see how the development of the World Cup continues to affect the price of fan tokens. See you next time!