Even as the quarterfinal event approaches, the excitement surrounding fan tokens of teams competing in the FIFA World Cup 2022 is not up to snuff.
As the World Cup has progressed since November 20th, the value of the digital fan tokens for Portugal, Spain, Brazil, and Argentina has dropped by as much as 88%.
The ATHs for Portugal and Argentina fan tokens were on November 18, while those for Spain and Brazil were on September 28.
Following its losses to Saudi Arabia (-25%) and Mexico (-22%), the value of the Argentine peso (ARG) fell by 25% and 22%, respectively.
The POR fan token, which supports the Portugal national soccer team, had a 119% price surge in the 10 days before the tournament began. As the World Cup began, the team's value dropped by about half, despite its unbeaten run.
The present calamity in the crypto market is being blamed by some for the fall in the value of fan tokens. After FTX's bankruptcy, the market has been trying to get back on its feet.
In the meantime, the supply of these tokens for football supporters has multiplied by ten. In November, the tokens' average daily trading volume jumped to over $300 million, from about $32 million in October.
Do you want to be updated on the most recent NFT and crypto market news, as well as other web3-related developments? Follow us on Twitter.
