Buoyed by the upcoming FIFA World Cup that begins on Sunday, sports fan tokens are having a bull run. In 24 hours between Friday and Saturday, fan tokens linked to Chili, Portugal, and Argentina national teams have reported 11%, 15% and 10% rise in prices, respectively. During the week, some tokens have risen between 28% and 50%, taking the the market cap of fan tokens to $399 million.
After some initial hiccups, the global market for sports-focused tokens has shown signs of rebounding from its previous dull state. The world’s largest soccer tournament is expected to bring in billions of dollars, adding fuel to the fire for sports fan tokens that represent a particular team or player.
For example, Chiliz blockchain’s native token CHZ, which underpins the biggest platform for sports fan token creators, Socios.com, has seen a sharp 11% rise within a single day.
Not only that, fan tokens for the World Cup playing countries have also grown tremendously. While Portugal’s fan token’ POR’s value increased by a whopping 15% just yesterday, the fan token of Argentina, ARG, is no slouch either. With a massive 10% growth, it’s giving Portugal tough competition even beyond the football ground. It’s important to note that this was not just yesterday when these tokens gained significantly.
According to the major fan token value tracker FanMarketCap, the price graphs of both tokens are set upward during the whole last week with an impressive 50% and 28% hike from their humble start.
CoinGecko data also reflects the same vibe; it shows that the soccer fan token’s overall market cap expanded 11% just yesterday alone.
The rebound in interest in sports-focused tokens could be a sign that investors are becoming more focused on underlying fundamentals and less concerned with speculative factors like price movements.
The FIFA World Cup is quickly approaching, and investors are excited to see how the tournament will impact the crypto market. Thanks to the excitement surrounding the World Cup, investors are anticipating further growth in the value of their fan token assets against all odds relating to recent unfortunate happenings like FTX that plagued the cryptocurrency economy.
