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For the World Cup event that will start on November 20 in Qatar, FIFA has named CRYPTO.COM as its official exchange partner while Algorand, a Proof-of-Stake (PoS) blockchain protocol, has been tapped as a blockchain partner for the event.
With the FIFA World Cup less than a month away, the fan tokens of National Football teams have been recording a massive slump, signifying sentiments for the countries who have these tokens and will be participating in the Mundial.
According to data from the crypto market price aggregation platform, the Brazilian National Football Team Fan Token (BFT) is currently changing hands at $1.01, up 1.9% over the past 24 hours and it has recorded an 11.7% growth in the trailing 7-day period.
The Argentine Football Association Fan Token (ARG) is also one of the top-performing country fan tokens whose price is pegged at $5.19 at the time of writing. The coin is up by 11.9% over the past 24 hours but has pared off its gains for the week at a growth of 10.9%.
The Portugal National Team Fan Token ((POR), Spain National Football Team Fan Token (SNFT), and the Peruvian National Football Team Fan Token (FPFT) are all also trending in the positive range at 4.5%, 15.8%, and 25% over the past 7 days.
Fan tokens currently represent a new avenue for which holders can interact with their teams in ways not made possible before. While the tokens do not represent equity ownership of the teams in question, holders gain exclusive access to events, meet and greets, and other initiatives that foster VIP-like bonding.
Many people have even presented the advent of fan tokens as an alternative to online betting as a way to gauge the interest and sentiments surrounding the teams that will be participating in the World Cup. For instance, National Teams whose chances of winning the cup are high per their performances in the competition may see their fan tokens rise relatively higher compared to others.
World Cup to Feature More Blockchain Innovations Beyond Fan Tokens
The World Cup is a highly anticipated that typically takes place every four years, however, since the last event was hosted by Russia in 2018, a lot has changed, particularly in the blockchain ecosystem.
The industry has evolved with more players now participating in bringing innovative solutions across the board. With this evolution comes more recognition from FIFA, the World Cup organizer as it has inked strategic partnerships with two prominent players in the digital currency ecosystem.
For the World Cup event that will start on November 20 in Qatar, FIFA has named Crypto.com as its official exchange partner while Algorand, a Proof-of-Stake (PoS) blockchain protocol, has been as a blockchain partner for the event.
Amongst the many allowances that the partnership will offer includes the creation of uniqueNon-Fungible Tokens (NFTs) that can help capture and immortalize some of the historic moments from the teams that will be participating in the event.
From the current outlook, the World Cup is billed to offer more blockchain solutions than just the fan tokens from national tokens as provided by Socios.com.
