Fan token of the Brazilian team collapses after defeat in the Cup
The price of Brazil National Football Team Fan Token (BFT) was deeply shaken by the defeat against Cameroon this Friday (2), in the third round of the group stage of the World Cup.
The Brazilian team entered the field already qualified for the Round of 16. With that in mind, coach Tite chose a team that was completely different from the one seen in the victories against Serbia and Switzerland in the first rounds of the competition.
Even so, Brazil was considered a strong favorite to beat Cameroon. However, Vincent Aboubakar took advantage of a flaw in the Brazilian defense to score the only goal of the match, in stoppage time in the second half.
Despite the historic triumph, Cameroon said goodbye to the 2022 World Cup. This is because the second place in group G went to Switzerland, which managed to beat Serbia 3X2 in a match that took place at the same time.
BFT in strong decline
The fan token of the Brazilian team entered a strong upward trend in the days leading up to the opening of the World Cup, with its price appreciating about 90% in just 9 days. However, the asset experienced a large fall in the following days -- something seen in the price of fans tokens of other teams that are also playing in the tournament.
The downward movement was intensified with today's departure. The BFT price dropped 20% after Aboubakar's goal, forming a bottom of US$ 0.16. Data from TradingView still shows a huge increase in their trading volume.
The price has made a sharp correction since then, ending the article at $0.19. Even so, the BFT still accumulated a devaluation of US$ 12.9% in the last 24 hours and 80% in the last 14 days, second the CoinGecko.
Interestingly, the fan tokens of Argentina, Spain and Portugal – other teams present at the World Cup that also launched their assets in this format – also operate in decline this Friday (2).
Price movements are even more unusual when taking into account that all teams managed to qualify for the next phase of the championship. It remains to be seen how the Brazilian team and other teams will perform in the World Cup knockout stage and whether a possible title for one of these teams will be able to boost the price of their respective fan token.
Finally, it is worth noting that despite being official assets launched by the football confederations of the four countries, fan tokens have no association with a FIFA or with the 2022 World Cup. As seen in other cryptocurrencies, their prices are subject to the laws of supply and demand in the market.
