The World Cup is currently a factor in addition to the crypto winter that is having an impact on tokens.
Today, the Spain National Football Team Fan Token (SNFT) saw a significant decrease in value, dropping 42% from its current rate of $0.09 to $0.03 in the wake of the team’s 3-0 defeat by Morocco in the FIFA World Cup, as per CoinGecko data.
Crypto sports gamblers have been investing in tokens bearing the name of the team they are rooting for since the beginning of the World Cup.
The Argentine Football Association Fan Token (ARG) works in a similar way to DAO governance tokens, giving holders the power to vote on forthcoming fan activities, but not on the management of the team or its players.
Despite the volatility of the crypto market, sports fan tokens remain focused on the sport they represent.
Following Saudi Arabia’s victory over Argentina on November 23, 2022, the cost of the ARG token dropped as supporters offloaded their tokens.
At the start of the World Cup on November 20, 2022, the Argentina team fan token was trading at $8.10 on Coingecko, but following a loss three days later, its value dropped to $5.35 and has been in decline ever since.
