Cryptoverse: Soccer tokens shine ahead of summer of sport

FILE PHOTO: General view of a giant replica football outside Munich Football Arena ahead of Euro 2024 REUTERS/Michaela Stache/File Photo

Trading volumes of fan tokens have also picked up in recent months, registering more than US$170 million on May 24, versus between US$25 million and US$57 million for most of January, according to data from Kaiko. The total market value of listed fan tokens stands around US$413 million, CoinGecko data shows.

The price of Portugal's fan token has edged up about 2 per cent in the past 30 days to US$2.94, while Argentina's token briefly touched its highest level since 2022 at US$2.46 - though both are still trading below their peaks hit around the 2022 World Cup. "I don't see evidence that holders benefit from holding these tokens as a sort of bet on the respective teams success," he added.

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