Not a good time for the Spain National football team and for the fans who supported Spain in FIFA 2022. Spain lost the match 3-0. Winning and losing is part of the game, but what about the fan who invested in Spain National Football Team Fan Token (SNFT)?
What happened with SNFT
According to the data from CoinGecko, It has been seen that the price value of Spain National Football Team Fan Token (SNFT) slumped by 46.4% at the time of writing over the next day of the match held between Spain vs. Morocco in FIFA world cup 2022 on 6 December hosted by Qatar.
Meanwhile, during the match, the backward journey of SNFT was from $0.09 to $0.03. Currently trending at $0.05 at the time of writing.
As observed, the crypto winter is not only the reason for the crypt price down; another factor is the world cup too. So what happened before the world cup? Football fans and crypto users invested money in their favorite team named token.
The fanbase token and NFT function according to the spreading valuation and demand of the particular token. The SNFT token is the soccer fan base token; the main aim of the fanbase token is to increase the engagement of football fans in the crypto world.
The same condition also arrives at the Argentine Football Association Fan Token (ARG), which surges down when Argentina loses by 2-1 to the Saudis. The price of the ARG token surged by 31% as poor performance by Argentina’s team.
According to the CoinGecko data, Santos FC Fan Token (SANTOS) ranked in the top position by the prize; the SANTOS token is trending at $6.53, which is the highest price among all football fan base tokens.
Recently, Socios, a fan token platform, announced a deal with Major League Soccer to create fan tokens for 26 teams.
Max Rabinovitch, chief strategy officer at Socios and parent company Chiliz told Decrypt, “The best way to look at these deals, as anything, is as a signal that the league is comfortable and interested in us, and was in a good enough place after our discussions.”