09 Dec 2022
Following their quarterfinal defeat, Brazil's football token drops by 60.5%
The Brazilian national team fan token, BPT, has dropped by over 60% due to the defeat to Croatia in the FIFA World Cup quarterfinal.
Brazil's national team, which many fans believe to be one of the clear favorites to win the ongoing FIFA World Cup in Qatar, recently lost to Croatia on penalties.
The incident hurt the fan token for the national team. The Brazil National Football Team Fan Token (BFT) decreased by a staggering 60% from $0.218 at kickoff to $0.086 at press time.
Just minutes after the game ended, the Croatian fan token VATRENI experienced a 15% growth.
Changpeng Zhao was one of those who lamented Brazil's defeat. In an encrypted message earlier today, the CEO of Binance placed a wager on the Brazilian team's victory.
The popularity of national team fan tokens has increased since the World Cup began. Millions of fans trade the tokens of various national teams for multiple purposes, from buying tickets to gaining access to VIP deals.
The most recent iteration of football's premier competition has welcomed blockchain and cryptocurrency. The World Cup's lead sponsor, Crypto.com, was first announced as early as March.
FIFA also entered into a partnership agreement with the blockchain business Algorand to offer fans blockchain-supported wallet options.
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