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Brazil National Fan Token is down 50% in a few hours and about 56% in 24 hours after losing against Croatia at the FIFA World Cup in penalty shootouts.
Priced at $0.218 at kick-off, the team's shocking defeat saw the price of $BFT fall to a 24-hour low of $0.0892 after the match.
— CoinGecko (@coingecko) December 9, 2022
Brazil’s government and football federation launched BFT on August 25, 2021, to deliver special privileged experiences to investors and sports enthusiasts worldwide.
If a fan has a higher number of tokens in their wallet, they can vote on the music played in the stadium, sign a shirt, and even travel and accompany the team if the team reaches a final.
Before the world cup, BTF reached its highest price (ATH) of $1.53 on September 29, 2022. However, following the team’s loss and no upcoming Brazil matches in the near term, investors appear to have lost hope in the token, as evidenced by the recent drop in price.
At the time of writing, BTF is trading at $0.091049103780 with a 24-hour trading volume of $252,882. The circulating supply of BFT coins is 30 million, and the total supply is 100 million.
In addition to Brazil, other prominent international teams such as Spain (SNFT), Portugal (POR), and Argentina (ARG) also have their fan tokens.
The post Brazil Fan Token drops 50% fall in hours after the Croatia World Cup loss appeared first on CryptoSlate.
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