• Crypto

Football fan tokens surge as Socios- UEFA partnership pays off

Credit: UEFA

Fan tokens have surged by 27.53% in global sales volume over the past seven days.

A wave of pessimism toward football fan tokens dropped their prices after the hype around their initial sales wore off earlier this year. However, neither fans nor the platforms have backed off from supporting the ambitious project.

A major turning point was the announcement of UEFA’s partnership with Socios, who are the main providers of football fan tokens. 

The deal runs until 2024, adding the Cryptocurrency platform as one of the Champions League sponsors. Fan token holders will also have additional privileges when watching the competition. 

Socios announced the partnership on February 15, but it did not pump the fan tokens as much as expected. It was mostly due to the Cryptocurrency market’s general downtrend in recent weeks. 

However, with Bitcoin breaking above $40k, fan tokens have enjoyed great sales in recent days. The market capitalization of fan tokens has increased 41.3%, based on data from Coinmarketcap. Paris Saint-Germain Fan Token (PSG), which has the highest market cap of all Socios’ football fan tokens, enjoyed a 13% rise in its market cap. 

The weekend’s biggest winners were the holders of Barcelona’s fan token (BAR), which went from 4.7$ to 9.7$ in only four days (111%). 

Santos fan token (Santos), which is available on Binance, returned even higher profit as it went from 2$ to 4.7$ in three days. However, the token has retreated to under $3.5 since Tuesday.