National team fan chips soar as World Cup approaches

With the FIFA World Cup less than a month away, national team soccer fan tokens have seen a massive drop, reflecting the sentiments of the countries that own the tokens and will be participating in the World Cup.

According to data from the crypto-currency market price aggregation platform, the Brazilian national soccer team fan token (BFT) is currently changing hands at $1.01, up 1.9% over the past 24 hours and has recorded 11.7% growth over the 7-day tracking period.

The Argentine Football Association (ARG) fan token is also one of the top performing country fan tokens priced at $5.19 at the time of writing. The coin is up 11.9% over the past 24 hours but has trimmed its gains for the week to a 10.9% growth.

The Portugal National Football Team, Spain National Football Team and Peru National Football Team tokens are also trending positively at 4.5%, 15.8% and 25% over the past seven days.

Fan tokens currently represent a new avenue for holders to interact with their teams in a way that was not previously possible. While the tokens do not represent an equity stake in the teams in question, holders gain exclusive access to events, meet-and-greets, and other initiatives that foster VIP-like connections.

Many people have even touted the advent of fan tokens as an alternative to online betting to gauge interest and sentiment in the teams that will participate in the World Cup. For example, national teams whose chances of winning the cup are high relative to their performance in the competition may see their fan tokens increase relatively more than others.

The World Cup will feature other blockchain innovations besides fan tokens

The World Cup is a highly anticipated event that usually takes place every four years, however, since the last event hosted by Russia in 2018, a lot has changed, especially in the blockchain ecosystem.

The industry has evolved with more players now participating in providing innovative solutions through consulting. With this evolution comes increased recognition from FIFA, the World Cup organizer, which has signed strategic partnerships with two major players in the digital currency ecosystem.

For the World Cup, which kicks off Nov. 20 in Qatar, FIFA has named Crypto.com as its official exchange partner, while Algorand, a Proof-of-Stake (PoS) blockchain protocol, has been chosen as the blockchain partner for the event.

Among the many allowances the partnership will offer is the creation of NFTs that can help capture and immortalize some of the moments of the teams attending the event.

Based on the current outlook, the World Cup is expected to offer more blockchain solutions than just the fan tokens or national tokens provided by Socios.com.