With the FIFA World Cup fever surging among most football freaks, trading fan tokens comes as an automatic response.
These tokens linked with various football teams, in fact, have a huge role to play in the World Cup. Thus, all does not take place on the field for the game; a lot takes place digitally too.
No wonder the performance of various teams affects the trade of their respective fan tokens, and the current FIFA World Cup is witnessing a ten-fold increase in token trading.
However, just like the game, the performance of fan tokens is also not uniform, which is developing negative perspectives among users.
The FIFA World Cup 2022, hosted in Qatar, has already witnessed several unlikely situations, and it seems the table has turned for teams who seldom had a chance of winning previously. For instance, Argentina fans took some time to sink into the country's defeat to Saudi Arabia.
Needless to say, the Argentine Football Association Fan Token price fell by 25%, reducing declined trading activities.
In contrast to this situation, the Portugal National Team Fan Token witnessed a 119% rise before the tournament, and of course, one has to let Christiano Ronaldo grab all the credit.
However, to everyone's surprise, the token lost 50% of its value once the tournament ended. Evidently, two fastball sensations. Lionel Messi and Christiano Ronaldo failed to hold up the value of their fan tokens.
While the World Cup saw a rapid increase in trading activities, the price of fan tokens fell by considerable percentages, not to mention the most well-known fan tokens like that of Argentina and Portugal.
However, financial experts claim the fall in fan token prices might be a direct consequence of the collapse of companies like FTX and Celsius.
Evidently, such bankruptcy cases shook investors' trust, and a similar pattern was reflected in the fan token prices.
Additionally, experts claim years of the FIFA World Cup witnessed a bearish crypto market and marked such a trend based on past records. However, there is no substantial evidence to prove the claim. Hence, one can hardly consider the FIFA World Cup as a causal factor for a declining crypto market.