Crypto Sports Betting Goes Wild: Fan Tokens Crash After Team Losses and Wins

Sports bettors have put their money into tokens named after their favorite teams, such as the spain national football team fan token (snft) and the argentine football association fan token (arg). on november 23, 2022, the snft crashed 42% from $0.09 per coin down to $0.03 after the team’s defeat 3-0 in extra time to morocco in the fifa world cup. meanwhile, the price of the arg token dropped after saudi arabia defeated argentina on the same day. at the start of the world cup on november 20, 2022, the argentina team fan token traded at $8.10 per coin, but after the loss three days later, it was at $5.35 and has remained in freefall ever since.

Token’s value was further affected when argentina defeated australia 2 to 1 on december 3, 2022. at the time, the value of the arg token was trading at $3.57, failing to return to the previous week’s highs. on april, digital asset platform socio inked a deal to create fan tokens for thirteen nfl teams, followed by a deal with major league soccer to create fan tokens for twenty-six teams. the atlanta falcons, baltimore ravens, chicago bears, cleveland browns, los angeles rams, and tampa bay buccaneers are among the nfl teams with fan tokens, while major league soccer has twenty-six teams with fan tokens.

Winter is hitting tokens hard right now, and sports fan tokens are no exception. the league was in a good enough place after their discussions to sign with as many teams as they did. the tokens are all about the game, and even a win doesn’t guarantee a token will increase in value. the price of the tokens are dependent on the performance of the team and the sentiment of the fans, as evidenced by the snft and arg tokens crashing after their respective teams’ losses.

By Evey Lovelace

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