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Which venues have joined the sporting event, what is happening with the coins of the national teams, and which of the World Cup-related assets are the most attractive for investment
The FIFA World Cup kicked off in Qatar on November 20 and will run until December 18. The crypto community is actively participating in the event: platforms sponsor it, and crypto exchanges add new fan tokens of football teams and announce promotions related to the World Cup.
The championship is sponsored by the Algorand blockchain (ALGO), which will continue to assist FIFA in the development of digital assets after the event. The 2022 World Cup is also sponsored by the Crypto com (CRO) crypto platform, whose users have the opportunity to attend matches and win official merchandise.
Crypto exchange Binance has launched a promotion called Binance Football Fever 2022 for fans to win rewards during the Championship by completing tasks. On the occasion of the event, the OKX platform launched the OKX Football Festival promotion, in which platform users can win participation in an NFT airdrop.
Huobi raffled tickets to the 2022 World Cup in October, Poloniex hosted the “Poloniex FIFA World Cup Carnival” with a prize pool of $100K. the Gate.io World Cup NFT Collection promotion is underway, with a pool of $10,000 and other prizes.
At the same time, against the backdrop of sports excitement, a lot of tokens and NFT collections on the theme of the championship appeared on the network, which have unclear tokenomics and unknown developers. If you want to join the digital football celebration, you should carefully study the history of the project and its financial component.
Fan tokens of football teams
In September, on the eve of the 2022 World Cup, the MEXC, Gate and OKX crypto exchanges added tokens of the national teams of Spain, Brazil, Argentina and Portugal. The first two coins were issued on the Bitci platform, and the second two support the Socios and Chiliz platforms.
Argentina — Argentine Football Association Fan Token (ARG)
Despite the fact that the championship has just begun, the token of the team of Lionel Messi has already been marked by a fall in the rate by 24% after the loss of the Argentina national team to Saudi Arabia with a score of 1:2.
The result of the match was unexpected, as the Saudi team was considered the outsider in the group. Over the past day since then, the coin rate has slightly recovered, it has grown by 4.2% to $5.61. The next game of the Argentina team will take place on November 26, the opponent is Mexico.
Brazil — Brazil National Football Team Fan Token (BFT)
The token rate at the beginning of the championship was about $1, but on November 23 it fell by 10% and fluctuates around $0.69. The first match of the team will take place on November 24, the Latin American team will play against the Serbian team.
Spain — Spain National Football Team Fan Token (SNFT)
The first game of the Spanish national team will be held on 23 November. The opponent will be the team of Costa Rica. The SNFT token rate before the match is at $0.35 and shows a daily decline of 2.2%.
Portugal — Portugal National Team Fan Token (POR)
Cryptocurrency POR on November 23 costs about $4.92 per day, its rate increased by 2.9%. The first match the team will play against opponents from Ghana on November 24th.
France — France Fan Token (FRA)
The first game of the French team took place on November 22. The French defeated the Australian team with a score of 4:1. The FRA team token rose by 147% overnight to $0.0013. The team’s next game will take place on November 26 against Denmark.
Changing the function of tokens
Although fan tokens were designed to address utilitarian issues and enable loyal fans to become more involved in the life of the team, today these coins are not used in the way the developers intended.
The paradox lies in the fact that initially aimed at purely technical functions, fan tokens have become instead a kind of analogue of “shares” for clubs, says Nikita Zuborev, senior analyst at BestChange.ru.
The price of most of these tokens was tied not to the value of their functions for the fan, but to the success and public reputation of the club, the expert explained. According to him, in this regard, the fan token market has become a sweepstakes, already compromised by the ability to manipulate the price, regardless of the actual success of the teams.
If we consider the investment component of this segment, then it looks more interesting, first of all, the platforms and blockchains that place such tokens, and not the fan tokens themselves, Zuborev believes. He noted that, for example, buying a notional Chiliz (CHZ) token looks more strategic than the coins of some promising sports club.
The CHZ cryptocurrency was released back in the fall of 2018 on the Ethereum network as a control token for the fan token ecosystem being created, and a year later, a side chain (Chiliz Chain) of the Ethereum network was created to reduce commissions, the analyst said. He explained that the project has united around itself most of the fan community under the auspices of Socios.com. They became the first blockchain project to issue tokens for sports fans, Zuborev says.
Cryptocurrency Сhiliz (CHZ) on November 23 is quoted at $0.183. Before the start of the 2022 World Cup, it cost $0.26, but by the evening of November 22, it dropped to $0.17. Over the past day, the coin has grown in price by 2.2%.
In addition to Chiliz and its platform Social.com, the Turkish platform Bitci is gaining momentum. It has already issued tokens for the football teams of Brazil, Peru and Spain, the Turkish basketball team and numerous other sports teams, mainly from Turkey and Spanish-speaking countries. The platform token Bitcicoin (BITCI) is worth about $0.003, it has fallen in price by 2.2% in the last 24 hours.
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