With the FIFA World Cup 2022 tournament in action, crypto fanatics are turning to the market for fan tokens to take advantage of the potential profits associated with the event.
What Happened: According to Kaiko, a Paris-based crypto data firm, the average daily trading volumes of fan tokens have increased from $32 million to around $300 million from October to November, an 837% increase.
Fans of Brazil, Argentina and Portugal football teams are flocking to the market to bet on tokens associated with their favorite teams.
Argentine Football Association Fan Token ARG/USD plummeted 25% to $5.26 following the team's shocking World Cup opening loss to Saudi Arabia. It has since dropped an additional 22% after the team's subsequent win over Mexico relieved fans. At the time of writing, ARG is trading at $3.66, up 2.79% in the last 24 hours.
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The price of Portugal National Team Fan Token POR/USD jumped 119%, a week prior to the FIFA World Cup getting underway, but it has since dropped almost half its value even though the team was unbeaten and topped its group going into its match with Uruguay on Monday, which they won and advanced to the next round. At the time of writing, POR was trading at $3.28, up 1.42% in the last 24 hours.
Neymar Jr’s Brazil National Team Fan Token BFT/USD was trading at $1, a week prior to the FIFA World Cup. However, even after winning both matches with Switzerland and Serbia, the token is down by 80%. BFT was trading at $0.23, down 6% since the last day.
In terms of market cap, Messi fan token beats the likes of both Ronaldo as well as Neymar. The total market cap of Argentine fan tokens is $14 million, up 3%, in the last 24 hours.
Price Action: At the time of writing, apex crypto Bitcoin BTC/USD was trading at $16,861, up 2.41% in the last 24 hours, according to Benzinga Pro.
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