The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar. Interest in this niche breed of cryptocurrencies, typically linked to sports teams like Barcelona or Brazil, has been charged up by the soccer World Cup which began on Nov.
20. Average daily trading volumes for these tokens have risen to around $300 million in November from $32 million the month before, according to Kaiko, a Paris-based crypto data firm. "So we have 10-fold increase in volume which is huge for these tokens," said research analyst Dessislava Aubert.
For some buyers, these token offer the chance to engage with their side and gain perks such as the chance to win prizes and vote on songs played at matches.
For others, the tradeable coins provide a new investment opportunity. It's a brave investor who'd seek to divine any sensible link between erratic coin prices and real-world events, though.Read more on tech.hindustantimes.com