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Cryptoverse: Messi takes on Ronaldo in fan coin world cup

Cory Russell

Nov 30, 2022 15:15

微信截图_20221130105421.png


The soccer World Cup, which started on November 20, has stoked interest in this specialized breed of cryptocurrency, which are generally associated with sports clubs like Barcelona or Brazil.


According to Kaiko, a Paris-based cryptocurrency data company, the average daily trading volumes for these tokens increased to almost $300 million in November from $32 million the previous month.

The volume has increased by ten times, which is significant for these coins, according to research analyst Dessislava Aubert.


These tokens give certain consumers the opportunity to support their team and get benefits like the possibility to win prizes and the ability to choose the music played during games. Others see the tradeable coins as a fresh potential for investing.


But it takes a courageous investor to try to draw any logical connections between fluctuating coin prices and actual occurrences.


In the wake of the team's shocking loss to Saudi Arabia in their opening World Cup game, the Argentina team's token dropped 25% to $5.26. However, since the team's subsequent victory over Mexico, which gave fan relief, it has fallen another 22%.


The value of Cristiano Ronaldo's Portugal coin increased by 119% to $7 in the ten days before the tournament, but it then dropped by almost half even though the team was unbeaten and in first place of its group going into Monday's match against Uruguay, which it won to advance to the knockout round.


In club football, despite their sparkling rise to the top of the English Premier League, Arsenal's token has dropped 12.5% to $1.68 since the season began.


Researchers claim that the general state of the cryptocurrency market is partly to blame for price declines and that investors' aversion to risk has caused the flimsy assets to wither.


According to data from CoinGecko, the total market cap for fan coins increased to $401 million on the first weekend of the World Cup from $256 million roughly 10 days earlier, but it has since dropped back below $300 million.


People shouldn't purchase the coins primarily with the intention of making money, according to Siddharth Jaiswal, founder and CEO of Sportzchain, which predominantly issues tokens for the Asian market.


The icing on the cake, in his words, is that the tool is accessible via the blockchain and may be readily sold in the future, giving it a financial significance.


But the first impression should never be that you are purchasing the fan token to make money.


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