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2022 FIFA World Cup: Fan tokens all down as competition continues

By Darius McQuaid

15:50, 7 December 2022

Lionel Messi (10) of Argentina celebrates their victory and a player of Australia gets upset after the FIFA World Cup Qatar 2022 Round of 16 match between Argentina and Australia at Ahmad Bin Ali Stadium in Al Rayyan, Qatar on 3 December, 2022
Crypto.com is an official sponsor of the FIFA World Cup Qatar 2022 - Photo: Getty Images

Even though the FIFA World Cup Qatar 2022 still has a week to run, fan token cryptos for teams left in the competition are all falling in value.

The World Cup will end on 18 December, after 32 national teams competed across 64 matches to determine a winner.

The Argentinian Football Association Fan Token, $ARG, was created after the national team partnered with Chiliz, the global blockchain providers for the sports industry, and unveiled a fan token via the fan engagement and reward app Socios.com.

As of 15:17 GMT on 7 December, $ARG was trading at $2.81, down by 4.1% compared with the previous day, according to CoinMarketCap.  

This is despite Argentina getting through to the quarter-finals, where the team will play the Netherlands on 9 December.

The same can be said for Brazil, whose fan token (BFT) has fallen by 3.4% to $0.1088, despite the fact the team also  qualified for the quarter-finals. The BFT was issued by Bitci, a crypto trading platform.

The Portugal National Fan Token (POR), which was also created after a partnership with Chiliz, is down by 0.73% to $2.41. Portugal is through to the quarter-finals as well, after beating Switzerland 6–1.

ETH/USD

3,500.61 Price
-0.620% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

66,950.35 Price
-0.600% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

173.86 Price
-0.230% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.13 Price
-1.490% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

The Spain National Fan Token (SNFT), also issued by Bitci, is down by 45.98% to $0.05015, though Spain is out of the World Cup after losing to Morocco 3-0 on penalties. 

BTC to USD

World Cup has a crypto feel

In March 2022, Crypto.com announced it would be an official sponsor of the World Cup in Quatar.

The crypto platform is the exclusive trading platform sponsor of Qatar 2022 and says it would “benefit from significant branding exposure both within and outside the tournament’s stadiums”.

At the time, Kris Marszalek, co-founder and CEO of Crypto.com, said: “We could not be more excited to sponsor the FIFA World Cup, one of the most prestigious tournaments in the world, and to drive further awareness of Crypto.com globally.

“Through our partnership with FIFA, we continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world.”

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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