Experts are puzzled as to why the Spanish fan token has lost value despite Spain's victory in the UEFA Euro 2024 football championship. What a mystery! The Spanish national team won the Euro final, beating England. Even though the country lifted the trophy and reverberated with jubilation, the official cryptocurrency of the Spanish team, the Spain National Fan Token (SNFT), suffered heavy losses. Within 24 hours, the digital asset dropped by nearly 23%. Moreover, its bearish trend may not be over yet.
According to analysts, fan tokens tend to gain sharply ahead of a sports tournament. The asset typically continues its bullish run during the competition and after the team’s victory. Interest in the cryptocurrency gradually wanes thereafter. This pattern was observed during the 2022 World Cup. This time, however, the situation is different. Experts attribute a steep decline in SNFT amidst a recovery in other digital currencies and Spain's victory to investors wanting to sell the token at a higher price. Notably, SNFT had briefly surged by over 70% to peak at $0.03845 a few days before the final.
In 2021, Spain's national team launched the SNFT token in partnership with Turkey’s blockchain platform Bitci, aiming to enhance fan engagement. In addition to the Spain National Fan Token, Bitci offered other fan tokens, including the official cryptocurrencies of football clubs Paris Saint-Germain and Barcelona.
