As the 2022 FIFA World Cup approaches, national team-based tokens are showing incredibly strong price action. The related altcoin tokens made their investors smile despite the crisis in the crypto market.
Leading altcoin projects on the offensive: FAN tokens
The upcoming football ‘holiday’ bodes well for the ongoing misery in the crypto market due to the ongoing FTX turmoil. Football fan tokens of several national teams are showing strong price action just two days before the 2022 FIFA World Cup in Qatar this winter.
Over the past seven days, prices of ARG (Argentina) and POR (Portugal) have increased by 31% and 43%, respectively. Also, most of this growth has only occurred in the last 24 hours. Football legends Lionel Messi and Cristiano Ronaldo play for these national teams. So, the reason behind this is pretty simple. Other nations’ tokens, such as Brazil, Germany, France, and Italy, are also showing strong price action. In addition, analysts expect it to increase even more as the 2022 FIFA World Cup approaches.
Not only country tokens, but also football club fan tokens are increasing in value significantly. FAN tokens like LAZIO, PORTO, SANTOS, ALPINE and others have increased by over 30-60% in the last seven days. The platform used to issue most of the football-related tokens is Chiliz. That’s why the altcoin project’s token CHZ is also experiencing positive price action. In the months leading up to the World Cup, it was among the top 100 most profitable cryptocurrencies.
A token issued by Binance also made a good comeback
As Cryptokoin.com reported, national team tokens have increased in value significantly with the headwind of the 2022 World Cup. A useful tool for analysis here will be FOOTBALL/USDT, a type of ETF for Binance’s football club tokens. This tool has lost 23% on the crypto market crash caused by FTX. A week later, it has not only recovered as of now, but surpassed its decline by 12%.
NFT Craze Surrounds 2022 FIFA World Cup
Meanwhile, Visa has announced the release of its NFT collection, which features the famous goals of five iconic football players. Also, the official sponsor of FIFA’s cryptocurrency trading platform Crypto.com has started offering Visa Masters of Movement NFTs on their platform.
For each NFT, winning bidders will receive tokens in their Crypto.com wallets plus a signed memorabilia from featured legendary players. In addition, Visa announced that it will receive 100% of the auction proceeds from ‘Street Child United’, a UK-based charity.
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