Ahead of the 2022 FIFA World Cup, the Brazilian team led by Neymar was among the favorites to win the most prestigious soccer tournament in the world.
In order to capitalize on this sentiment, The Brazilian Soccer Federation announced over a year ago the introduction of a brand new “fan token”, developed by Bitci Teknoloji.
At the time, the demand for the token was so big that the initial drop completely sold out only 20 minutes after its release. At the time, it broke the record for the largest fan token offer in the world. Exactly 30 million Brazilian Fan Tokens (BFT) were sold to 13.658 fans on Bitci’s platform.
The day before the inauguration of Qatar’s World Cup, the BFT reached an ATH of $1,08 on November 19. This made investors wonder how much value would the token gain if the South American country wins its sixth World Cup title.
And for the first couple of games, the Brazilian squad confirmed the favoritism. Brazil won its first two matches and became one of the first nations to confirm a spot in the playoffs.
In its first knockout match, the team led by Neymar and Richarlisson ran through South Korea with relative ease. Scoring four goals to one against the Asian team.
It seemed like no one would be able to stop Brazil from reaching the finals of the tournament. However, in a closely disputed game, the veteran team of Croatia beat the South Americans, putting a stop to Brazil’s dream of reaching a sixth World Cup title.
This loss ultimately caused the Brazilian Fan Token to plunge by over 50%, going from around $0,21 to $0,05 in a matter of seconds.
Performance of Soccer Fan Tokens In The World Cup
Fan tokens are a sort of cryptocurrency that is intended to give membership advantages to fandoms of sports teams, bands, and other organizations. The holders are frequently eligible for membership benefits such as access to unique material, rewards, events, and the ability to vote on club decisions.
This year’s World Cup featured four major squad’s fan tokens: Brazil, Argentina, Portugal, and Spain.
Much like the BFT, both the Portuguese and the Spanish fan tokens plummeted following their World Cup elimination.
The Portuguese Fan Token devalued by around 55% following the country’s elimination to Marrocos in the quarterfinals of the event. Meanwhile, the Marroquians were also responsible for another European team elimination.
A couple of days later, Marrocos defeated the 2010’s World Cup champion by 1×0, knocking off the Spaniards off of the competition.
According to CoinMarketCap, the Spanish Fan Token lost nearly 95% of value, going from %0,53 at ATH to less than five cents as we speak.
