Spain National Fan Token Plummets After Losing Against Japan at the World Cup

Spain National Fan Token Plummets After Losing Against Japan at the World Cup

Spain National Fan (SNFT) Token has recorded a 25.9% decrease after losing against Japan at the 2022 FIFA World Cup.

The Sudden Bearish Move

Before the Fifa World Cup kick-off between Spain and Japan, the Spain National Fan (SNFT) Token was priced at $0.117. However, the shocking defeat of 2-1 saw the price of $SNFT fall to a sudden 24-hour low of $0.0824, indicating a whopping 25% market decrease.

With the interest that World Cup 2022 Qatar is garnering globally, NFT investors are looking to purchase winning teams’ NFTs.

Football Fan Tokens Going Through Huge Slumps

All the famous football fan tokens are going through a rough time as the FIFA World Cup 2022, held in Qatar, enters the third week.

It’s estimated that approximately half a million fans are hosted in Doha’s modern-built, air-conditioned stadiums.

With that in mind, it’s assumed that crypto has a huge role to play in the ongoing fascinating soccer tournament.

According to a KuCoin survey that was conducted recently, it’s evident that football is the most popular sport among crypto users. It added that FIFA World Cup creates unity among people from all over the world, which is definitely what the crypto market needs.

Other Football Fan Tokens Facing the Crypto Winter

Most of the national team’s Football Fan Tokens face unfavorable market conditions, dropping in value as they are eliminated or underperform in the tournament.

In a previous game where Spain emerged winner against Costa Rica with a whopping 7-0 result, the Spain National Football Team Token (SNFT) did not appreciate despite the huge win. The result saw the token depreciate by 23.8% within 24 hours.

Portugal National Team Fan Token (POR) has also been facing massive slumps. Portugal’s 3-2 victorious win against Ghana saw the token drop by 18.5% right after the game ended.

The Brazil National Football Fan Token has been included. It’s following the same pattern, too, as it undergoes market drawdown each dawn. A week ago, when Brazil emerged winner against Serbia, the Brazil National Football Fan Token was priced at $0.499279, slumping a massive 26.3% to the downside in just a single day. The Brazilian National Football Fan token, as of Dec 2, is valued at $0.1735.

Crypto Fans to Earn Free Tokens

A week before the commencement of the World Cup, Binance, the crypto giant, brought forth the Binance Football Fever. Since the soccer tournament kicked off, many football and crypto fans have gotten a chance to participate in the daily challenges and won free NFTs and many cash prize pools.

Other good news states that Binance has collaborated with TopGoal NFT. Together, they plan on building a metaverse experience dedicated to the FIFA World Cup 2022. The crypto giant is certain that football will help with mass adoption, especially after the big NFT reveal with Cristiano Ronaldo.

However, recent research by Kaspersky has warned the public of the increased likelihood of the emergence of crypto scams, Football Fan Tokens, during the FIFA World Cup 2022.

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