Lionel Messi vs Cristiano Ronaldo? The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar. WorldcupQatar2022
The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar.
“So we have 10-fold increase in volume which is huge for these tokens,” said research analyst Dessislava Aubert. The coin of Cristiano Ronaldo’s Portugal rallied 119% to $7 in the 10 days leading up to the tournament but then proceeded to lose almost half its value even though it was unbeaten and top of its group heading into its clash with Uruguay on Monday, which it won to reach the knock-out stage.
The overall market cap for fan coins jumped to $401 million on the opening weekend of the World Cup, from $256 million about 10 days earlier, according to data from CoinGecko, but it has since fallen back below $300 million. “But the first perception should never be that you’re buying the fan token from a profit-generating standpoint.”, is the biggest player in this slice of the crypto industry. It facilitates trading of most fan coins, describing buying such tokens as joining a loyalty scheme with exclusive benefits and prizes.
“Tokens which do not offer sufficient utility could face some regulatory scrutiny, because this would infer that the token is an investment into the club,” said Marcus Sotiriou, analyst at digital asset broker GlobalBlock.
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