The concept of a football token on the blockchain has proven rather appealing. Many people acquire these fan tokens to support teams, earn some governance rights, and attempt to make a profit. Unfortunately, tokens tied to national teams aren’t performing too great this week despite the teams’ performances.
Downward National Team Fan Token Trend
Platforms like Socios enable clubs and teams to create fan tokens on the blockchain. It is an excellent way to strengthen bonds between the club and supporters. While this idea works rather well for individual teams, national teams are different. Last week’s performance illustrates that rather well. Team performance isn’t always tied to fan token performance, which is rather intriguing.
The Spain National Football Team Fan Token lost 60.6% of its value in the past week. That is quite steep, considering the team got through the World Cup 2022 group stage. While Spain could have played better, it often takes them a few games to hit their stride. This week’s game against Morocco should’ve been a straightforward win, yet Spain got eliminated after penalties. That caused the SNFT token to plummet by over 48% yesterday, as fans are unhappy with the outcome.
A terrible team performance means a terrible performance for fan tokens. However, the Portugal National Team Fan Token (POR) also lost 31.7% of its value. Surprising, as the team defeated Switzerland 6-1 yesterday to advance to the World Cup quarterfinals. There has been a lot of news regarding Cristiano Ronaldo and his attitude, which may have made investors cool off on POR. Even so, yesterday’s 8.4% dip seemingly has nothing to do with the team’s results.
A similar trend hit the Argentina Football Association Fan Token (ARG). Although the team breezed through to the quarterfinals, the token lost over 30% of its value this week. Most of that comes from yesterday’s 13.4% setback. There seems to be less interest in a fan token than when the World Cup started. Moreover, very tough games lie ahead for all national teams, making true fans more bearish on the outcome.
Other Tokens Note Growth
While most people focus on the 2022 World Cup, the national leagues will resume soon. The transfer window is in full swing and there is tremendous excitement regarding Coritiba F.C. Its fan token, CRTB, notes a weekly gain of over 48%, even though it has a few thousand dollars in trading volume. That is remarkable, although not necessarily the best investment option, given the erratic swings.
Another fan token doing well is the OG Fan Token. The first esports club in the world to issue fan tokens has noted some success throughout 2022. Moreover, the token provides fans with influence over team decisions through the Socios platform. It is still far from its all-time high, but this week’s 6.9% gain offers a glimmer of hope.
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