Argentina won the World Cup last night in an emotional game. Messi and company defeated France on penalties after the match ended 3-3. The cryptocurrency world rewarded Argentina with a 36.4% decline. hey what?
And if you think a 36.4% drop is bad, France even lost 61.9% after losing the game.
We won’t write a summary of the competition here, as there are many other sites that do this much better. Still, we want to remember a great tournament and perhaps the best match ever played with Messi on one side and Mbappé on the other.
What are Phantom Tokens?
Argentina is not the only one with a fan token, other countries are also active in the World Cup with their own cryptocurrency. In addition, there are also professional musicians and sports clubs from other sports with their own fan token.
For example, Messi, Argentina’s biggest star, received a big bag of fan chips from his new employer when he joined Paris Saint-Germain FC from his old club FC Barcelona. And who was waiting for him in Paris? mbappe.
The idea is that an organization creates many identical tokens and then sells or distributes them to fans, speculators and Messi. These tokens are usually sold on secondary markets like other cryptocurrencies, meaning the price can go up and down.
With fan tokens, fans have a small say in the direction of their team. For example, fans of FC Paris Saint-Germain can vote for which player appears on the cover of the FIFA video game.
Other World Cup countries with their own fans are Spain, Brazil and Portugal.
Argentina wins and loses
Despite the sporting milestone of the South American country, the supporters of the Argentina national team reacted to the negative side.
The Argentine fan token started the day yesterday with a value of around 5.80 euros. However, at the time of writing, the cryptocurrency is trading at USD 3.10. That represents a drop of 40% in the past 24 hours.
The participants introduce themselves
You would hope that the Qatar tournament would be the time to show what these fan tokens are worth, but that turned out to be a vain hope. Fans couldn’t hold their attention or simply found the games too much fun to engage with digital currency.
Looking at the previously eliminated countries of Portugal, Spain and Brazil, according to CoinGecko, the corresponding digital tokens have fallen between 60% and 88% in price since the start of the World Cup on November 20.
France loses and loses
But the real loser of the day (not on the field because he won many hearts there) is France. Perhaps a better striker could have stopped the decline, but the fan token started yesterday at $0.00134 and only has $0.00053 left.
In a very short time, the value of the France fan token fell by half.
In short, this World Cup was not good for Fan Tokens. Perhaps things would have turned out differently if the crypto market had been in a bullish phase instead of the current crypto winter.
A conclusion based on a few matches is that during this World Cup, tokens lose value after a win, but can easily lose tens of percent after a loss.
Source: Btc Direct
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Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
