Fan token of the Brazilian team drops 55% after elimination in the Cup
The price of Brazil National Football Team Fan Token (BFT) plummeted after the Brazilian team was eliminated from the FIFA World Cup Qatar 2022.
The dream of the sixth round is over for Brazil. Considered one of the strongest teams in the competition and favorites for the title in the main sports betting houses, the Brazilian team entered the field this Friday (09) against Croatia for the quarterfinals of the tournament.
The team was very close to victory after Neymar scored a beautiful goal in the first half of extra time. However, Petkovic tied the game late in the second half. On penalties, a 4×2 victory for the Croatians, resulting in the elimination of the Brazilians.
BFT collapses
The fan token of the Brazilian team experienced a high volatility in the days leading up to the opening of the World Cup and during the competition , even though it is not an asset officially linked to FIFA or the tournament. However, the biggest price fluctuation occurred just after the elimination of the Brazilian team.
Data do CoinGecko show that BFT is down 55% in the last hour alone. At the close of the article, the asset was trading at US$ 0.086. By comparison, the fan token price was close to the $1 level at the opening of the World Cup on November 20th.
Crypto Cup
The 2022 World Cup went down in history before it even started. In addition to being a most expensive edition in the history of the competition, the tournament featured various initiatives focused on the crypto industry, with companies from this sector among its main sponsors.
The championship started with four selections having fan tokens . In addition to Brazil, the teams from Argentina, Spain and Portugal also have official assets in this format, which had their prices influenced by their performances.
The Spanish team said goodbye to the competition last Tuesday (6), after losing on penalties to Morocco. At the time, the SNFT also had a strong fall in price, falling from $0.09 to $0.05.
Portugal and Argentina are still alive, and may even meet in the final of the tournament. Interestingly, fan tokens from selections of Messi e Cristiano Ronaldo have seen price jumps since Brazil's elimination, rising 4.2% and 2.5% in the last hour respectively.
