The value of the fan token for the French football club, Paris Saint-Germain, briefly surged from just over $4.30 to $5 after they knocked the Spanish football giants, FC Barcelona, out of the UEFA Champions League. However, the token for the English champions, Manchester City, plunged by nearly 20% after the team was eliminated from the competition on April 17.
PSG Token Soars After Paris Saint-Germain Defeats Barcelona; CITY Dips Following Elimination of English Champions
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24-Hour Trading Volumes of PSG Token Surge
The price and traded volume of a fan token from the French football club, Paris Saint-Germain (PSG), surged shortly after the team advanced to the semi-finals of the Union of European Football Associations (UEFA) Champions League. The token, also named PSG, traded at just over $4.30 on April 16 and spiked to just above $5 moments after French striker Kylian Mbappe led his team to a 4-1 victory over Spanish giants, FC Barcelona.
According to data from Coingecko, the 24-hour trading volume of the PSG token surged from less than $10 million to more than $23 million in the hour following the end of the match. This is a stark contrast to FC Barcelona’s fan token, BAR, which fell from $3.38 to $3.02 over the course of eight hours after the match commenced at 14:08 EST on April 16.
Manchester City Token Plunges Nearly 20%
However, just four days before the match, the token was trading just below $3.80. After Barcelona’s defeat, the BAR token continued its downward slide. At the time of writing, the BAR was trading at the equivalent of $2.89, while the PSG token was also lower at $4.40.
Meanwhile, the fan token of the reigning English champions, Manchester City, plunged from just over $4.07 to $3.42 just moments after the team was knocked out of the UEFA Champions League by Real Madrid of Spain. Similar to the BAR fan token, the USD value of Manchester City’s token had been increasing prior to the match.
However, after Manchester City, who were also the competition’s reigning champions, lost the match in the penalty shootout, interest in the CITY token subsided.
Since their emergence in 2019, fan tokens have become integral to numerous top sports clubs, music fan clubs, and other organizations. These tokens provide holders with benefits such as voting rights, rewards, and unique experiences, among others. Artur Shustov, CEO of the Web3 marketing agency Coinband, told Bitcoin.com News that fan tokens also serve a crucial role in engaging fans.
“Fan tokens of football clubs have become an integral part of the club’s culture and serve as a great way to enhance community retention and engagement, indirectly impacting the sales of season tickets and club merchandise,” Shustov argued.
The CEO said the early success of the fan tokens has led other sports teams to issue their own tokens. Shustov added that expects many more teams to do the same in the future.
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