The upcoming World Cup starting on June 11 has sparked considerable discussions surrounding Thomas Tuchel’s England squad announcement set for May 21. While this has captured the interest of sports fans, a notable issue remains overlooked in the crypto market. England, despite being one of the tournament's most followed teams, currently lacks a dedicated national team fan token.
This absence is particularly noticeable as FIFA recently appointed Kraken as its Official Crypto Exchange Supporter right before the tournament kicks off. While platforms like Chiliz have introduced fan tokens for clubs such as Arsenal, Manchester City, and Aston Villa, the Three Lions are still without their own.
#What Impact Does the Squad Announcement Have on Market Trends?
The squad announcement by Tuchel has driven some discussions, especially with the exclusion of players like Phil Foden and Harry Maguire, along with the inclusion of Ivan Toney. However, market data shows that there is no significant volatility in related tokens due to the squad's selection. It suggests that news related to squad selection cannot act as a reliable market mover.
In addition to this, there exists a player-specific token for Jude Bellingham, named $BELI, which is currently traded on the Solana network. Unlike club tokens on Chiliz, player-specific tokens are community-driven and do not have formal endorsements. This means that their liquidity can fluctuate rapidly, and their price changes might not correlate with actual performance on the field.
#How Does Kraken’s Partnership With FIFA Change the Game?
Kraken's partnership with FIFA is a significant step for the crypto landscape related to this World Cup. Having a reputable US exchange involved as FIFA's official crypto partner adds institutional credibility to the fan token ecosystem, even if Kraken is not directly issuing any tokens.
#What Should Investors Keep an Eye On?
Currently, the Football Association (FA) has not indicated any interest in the fan token market, and regulatory measures in the UK make navigating the crypto promotional space challenging. A pertinent case to consider is Bukayo Saka's recent injury news. Despite Arsenal having a partnership with Bitpanda for crypto, Saka's token, $Saka, saw minimal trading effects following the news. This illustrates the need for caution when considering player tokens as viable investment options, given their unpredictable nature on market trends.