The World Cup is the biggest stage there for association football. With the sport having the most fans of any sport, it is unsurprising that the World Cup is as hyped as it is now.
Argentina and Portugal are clear favorites in the competition right now, not only because they are two large soccer nations but also because their teams are home to some of the best soccer players of this generation. We are talking about Lionel Messi and Cristiano Ronaldo, respectively.
Of course, there will be betting because it is a sporting event, but it appears that FIFA fans have another way to support their favorite teams: soccer fan tokens.
Crypto Trends at the World Cup
Fan tokens are designed to reward fandoms for bands, sports teams, and other organizations. According to data from CryptoSlate, F1 racing and soccer are the two sports that have the most fervent supporters of the digital coin. The Lazio Fan Token, which has a market cap of more than $40 million as of this writing, is the most valuable fan coin available.
Holders of fan tokens are often entitled to membership perks, such as access to exclusive content, prizes, experiences, and the right to vote on club decisions. But it is also worth noting that digital currency runs in a very volatile market prone to risk.
FIFA fans seem not to mind this inherent risk, as fan tokens seem to be starting a massive trend in Qatar as the teams' World Cup runs go deeper. Specifically, sports teams like Barcelona and Brazil have been charged up by the soccer World Cup, which began on Nov. 20.
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Crypto analytics firm Kaiko reveals that average daily trading volumes for these currencies increased to almost $300 million in November, up from $32 million the previous month.
Volumes for five of the top fan tokens by market cap have risen dramatically from their summer lows, coinciding with the start of the regular season for the majority of the clubs involved.
"So we have 10-fold increase in volume which is huge for these tokens," said research analyst Dessislava Aubert.
The overall market cap for fan coins increased to $401 million on the first weekend of the World Cup, up from $256 million roughly 10 days earlier, but has since dropped below $300 million.
Messi, Ronaldo Fan Token Goes Head-to-head
According to Reuters, the value of Lionel Messi's Argentina team has dropped 25% to $5.26 following the team's defeat by Saudi Arabia in their first World Cup game. However, it has dropped another 22% since the team's subsequent victory over Mexico, which provided fans with some solace.
Meanwhile, based on the same report, Cristiano Ronaldo's coin rose 119% to $7 in the ten days leading up to the tournament before falling nearly half its value, despite the fact that Portugal was unbeaten and top of its group heading into its match against Uruguay on Monday, which it won to advance to the knock-out stage.
The two soccer icons are now attempting to cement their legacy in this year's World Cup, which is expected to be their final.
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