They have not yet debuted in the World Cup, but Argentina, Brazil and Spain are already losing in the market

Key facts:
  • Brazil has the most affected token, with a 14% drop in 24 hours.

  • The Argentine token, which debuts this Tuesday in the Cup, has fallen 6.3%.

The soccer world cup started. And although it seemed the propitious moment for the fan tokens associated with the “king sport” to explode upwards in the market, the effect has been quite the opposite.

Tokens of great teams present at the World Cup have depreciated sharply between this Sunday, November 20, and Monday, November 21. This movement occurs with percentages of up to 2 digits just 24 hours after the opening of the event.

The Qatar 2022 World Cup began this Sunday, and since then, the tokens of the selections of Argentina, Brazil, Spain and Portugal have suffered in their market value. The most affected has been that of the Brazilians, one of the favorite teams to lift the Cup. The token, identified as BFT, has fallen 15.5% depreciation in 24 hours, according to the records of CoinGecko.

Brazil’s fan token has fallen more than 15% in the last 24 hours. Source: CoinGecko.

In that period, the selection token canarinha it has gone from $1 at its highest point to $0.84 per unit. Despite that short-term move, BFT has rallied after the market meltdown caused by the FTX collapse. It fell as low as $0.47 at its worst in November.

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The token of the Spanish team has fallen, for its part, more than 14% between yesterday and today. At the time of writing this article, your quote it is at $0.37 after being close to $0.45 on Sunday.

Portugal is another of the big teams affected in the market, with more than 12% depreciation of your token; meanwhile, the asset of the Argentine team, who will debut this Tuesday in the World Cup, has fallen almost 10%.

As in the case of Brazil, the tokens of the other mentioned teams have recovered after the market debacle suffered by the FTX case. The World Cup had been boosting the assets of these teams, but once the competition started, interest seems to have fizzled out.

Overview of football fan tokens

Coincidentally, among the few soccer tokens that have risen since yesterday we find that of Peru, one of the teams that were left out of the World Cup. Turkey’s cryptoactive, also outside of Qatar, has fallen less than that of other teams, although it is still in the red.

Football token outlook is mostly negative in 24 hourseven with those of big Latin American and European clubs falling.

In the months leading up to the World Cup, there seemed to be much enthusiasm with this type of tokens. Even Chiliz, the issuing platform for many of the tokens of the great teams and clubs in the world, had been benefitedas we reported in CriptoNoticias.

However, right now it is in a situation very similar to the tokens of the World Cup teams: its cryptocurrency, CHZhas lost more than 15% of its trading value in the last 24 hours.

We could be facing a “buy the rumor, sell the news” event, which alludes to the enthusiasm generated in the market by an event that is yet to come; or the market is simply very weak after what happened with FTX and the uncertainty that has reigned since then.

They have not yet debuted in the World Cup, but Argentina, Brazil and Spain are already losing in the market