Fan token market value has fallen 13% since Euro 2024 kicked off

The UEFA Euro 2024 soccer tournament kicks off on June 15, and on the surface, one might think that soccer-related cryptocurrency tokens, especially those associated with football, would perform very well during the quadrennial event. However, the reality is quite different. The Block’s Sports Token Index, which tracks the performance of fan tokens of prominent European soccer teams, is one of the worst performing baskets of assets on the market this week. The index has fallen sharply since the tournament began on June 15, and the cumulative market value of these tokens has fallen by about 12.8% as of publishing. During the same period, the price of Bitcoin has fallen by 3%, while the price of Ethereum has risen by about 1%. (The Block)