City, PSG and Inter Fan Tokens Hits Low Level as the Market Continues to Dip
Fan Tokens representing three of Europe’s most prestigious football clubs have plummeted to concerning lows in recent days, reflecting a broader downturn in the cryptocurrency market.
Manchester City, Paris Saint-Germain, and Inter Milan Fan Tokens have all experienced double-digit percentage drops over the past week, raising questions about the sustainability of sports-based digital assets.
Major Clubs Face Token Value Erosion
Manchester City’s Fan Token (CITY) has fallen to just $1.06, representing a significant 11.23% decline over the past seven days and a 5.69% drop in the last 24 hours alone. With 8.3 million tokens in circulation, CITY’s market capitalization now stands at approximately $8.8 million—a fraction of what many would expect for the Premier League champions’ digital asset.
The situation appears even more severe for Paris Saint-Germain’s token (PSG), which despite maintaining a higher price of $2.01, has suffered a steeper weekly decline of 17.06%. PSG tokens have shed more than a sixth of their value in just one week, with a 5.68% drop occurring in the past day. The token’s market cap currently sits at about $15.1 million with 7.5 million tokens circulating.
Inter Milan fans have also seen their club’s token (INTER) struggle, dropping to $0.81 with a 14.68% decline over the past week and a sharp 7.43% fall in the last 24 hours. With 7.4 million tokens in circulation, INTER’s market capitalization has dwindled to approximately $6 million.
These significant declines occur despite the ongoing competitive seasons for all three clubs, suggesting that even major sporting events and team performances aren’t enough to insulate these tokens from broader cryptocurrency market pressures.
Crypto analysts point to waning investor confidence in utility tokens and increased regulatory scrutiny as potential factors contributing to the continued slide in sports fan token valuations.
As the digital asset market continues to face headwinds, questions remain about whether football fan tokens can regain their previous momentum or if they’ll continue to decline alongside many other altcoins in the current bearish environment.
Fan Tokens are the largest digital asset class in sports, with more than 2 million wallets worldwide. over 70 other clubs have embraced Fan Tokens to engage with their fans, among which are Manchester City ($CITY), FC Barcelona ($BAR), Paris Saint-Germain ($PSG).
Accessible on various exchanges and through the FT-dedicated exchange Kayen, Fan Tokens offer a unique way for fans to connect with their teams. Binance has joined the ecosystem by creating Fan Tokens for clubs like Lazio and Santos.