Fan Tokens
Ferrari cuts ties with crypto sponsor ahead of 2023 Formula One season
Scuderia Ferrari, the racing division of luxury carmaker Ferrari, joined the growing list of Formula One racing teams to end partnerships with their cryptocurrency sponsors. Ferrari exited its multi-year partnership deals with Velas Blockchain and chip manufacturing giant Snapdragon, resulting in a cumulative $55 million loss for the Italian team ahead of the 2023 season. The Ferrari-Velas partnership from 2021 — set at $30 million a year — was aimed at increasing fan engagement through nonfungible tokens (NFTs) and other shared initiatives. However, the team was noncompliant with the clauses that permit Velas to create NFT images, according to RacingNews365. On November 2022, Mercedes, too, bore a loss of $15 million after suspending its partnership with FTX as the crypto exchange filed f...
Fan tokens struggle to hold on as World Cup quarter-finals draw nearer
Cryptocurrencies tied to national soccer teams have failed to keep the attention of 2022 FIFA World Cup fans, with many soccer-linked fan token prices plummeting since the tournament began. Between Portugal, Spain, Brazil and Argentina, the associated digital fan tokens have fallen between 60% to 88% percent in price since the start of the World Cup on Nov. 20, according to CoinGecko. This is despite Brazil, Argentina and Portugal reaching the quarter-finals, while Spain was a strong contender up until they were knocked out on Dec. 6. The tokens do generally react to immediate results, with Spain’s SNFT token down 39.1% over the past 24 hours following the team’s loss against Morocco, however, Portugal’s POR token is also down 6.1% over that same time fram...
Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup
The FIFA World Cup in Qatar is boosting the value of national soccer team fan tokens despite the cryptocurrency bear market. World Cup Qatar hype boosts fan token prices These digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing up to 170% gains from the Nov. 10 lows. At the core of the massive uptrend is the World Cup, which will be held from Nov. 20 to Dec. 18 in Qatar. Fan tokens are cryptocurrencies that enable fans to engage with and participate in their favorite team’s decisions. Moreover, they create new sponsorship opportunities for sports clubs and national squads outside of traditional revenue sources. Here’s a brief overview of the top gainers in the fan token sector, alongside their technical outlook during th...
Boo! Halloween-themed shitcoins materialize to haunt crypto Twitter
The crypto community never shies away from deploying new cryptocurrencies that are themed on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to cash in on the hype around the festivities. Halloween-themed cryptocurrencies have taken over the crypto ecosystem on Twitter, typically offering no real use case or future for investors. Projects like these have a track record of being sourced as an off-the-shelf product, which can be quickly renamed and deployed in the free market for trading. Our target is 50 millions market cap an 0.01$ price — Halloween Token (@CyberMetaWorld) October 28, 2022 Projects like Halloween Token, as shown above, came up just days before the occasion with the sole purpose of amassing $5...
Fake Manchester United token soars 3,000% after Elon Musk jokes about buying team
Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17. Also, I’m buying Manchester United ur welcome — Elon Musk (@elonmusk) August 17, 2022 Fake Man U token pumps after Elon Musk’s tweet To clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who are said to be hardcore Manchester United fans, falsely claimed that holding MUFC would give buye influence on the football club’s decisions. The team later conducted an “airdrop” round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who followed its official social media handles. The prospects of getting free MUFC tok...
Professional soccer club Crawley Town FC signs midfielder after NFT hodlers vote
Professional English soccer team Crawley Town F.C. have followed through on a community vote by fans and NFT holders who were recently given a voice on what type of player the team should recruit next. The vote, which took place on June 15, which was the first team decision opened up to fans, took place for verified NFTs hodlers via a temporary Discord channel. Votes were also taken from nearly 1,000 season ticket holders. Speaking with the Daily Mail on July 28, Crawley Town co-owner and former ESPN gambling analyst Preston Johnson emphasized the significance of being able to offer fans a stake in the club via NFTs: “A lot of NFT projects are just speculation with no real tangible spine, no real true story. Having a football club to root for every week? That’s a spine that peo...
Fans seek trust and better understanding of sports NFT market: Research
The heavy involvement of the sports ecosystem is what expedited nonfungible tokens’ (NFT) mainstream adoption as the teams and players leveraged the technology for fan engagement. However, sports fans revealed their interest in moving beyond the hype and making investments based on knowledge about NFTs and trust in the issuers. The prolonged crypto winter razed off the inflated floor prices across the NFT ecosystem, inadvertently changing investor sentiment and forcing users to rethink their long-term investment strategies. A study released by the National Research Group (NRG) revealed an openness among sports fans to learn about NFTs as they await a greener market. Number of daily NFT sales between June 2021-June 2022. Source: NonFungible In June 2022, NFT sales plummeted to one-year lows...
