Crypto tokens related to Argentina, Portugal and other national teams have suffered a plunge so far at the start of the World Cup, with a maximum drop of nearly 90%
Crypto tokens associated with soccer teams have suffered a plunge since the start of the World Cup in Qatar.
According to CoinGecko data, the prices of fan tokens associated with Portugal, Argentina, Spain and Brazil have fallen by an average of 60% to 88% since the World Cup kicked off on Nov. 20.
Generally speaking, token prices are closely related to the results of the tournament. After Spain's loss to Morocco, the Spanish national team's fan token, SNFT, fell 39% in the last 24 hours. However, POR, the fan token for the Portuguese national team, has also dropped 6.1% in the last 24 hours, despite their defeat of Switzerland.
It is worth noting that these team tokens have peaked before the World Cup kicked off. The data shows that fan tokens for Portugal and Argentina hit new highs on Nov. 18, while those for Spain and Brazil hit new highs on Sept. 28.
Fan tokens were originally designed to provide fans with the opportunity to interact with the teams they support, for example by allowing investors who hold tokens to receive certain benefits. However, some critics have a different view of fans. They argue that fan tokens are just a tool for traders to cut the leeks.