After a quarter in which many national team Fan Tokens doubled, tripled, and even quadrupled in value, the market naturally retracted. Now they’re on the move again.

The past two months were very kind to holders of national team Fan Tokens. Between December and January, all of the tokens representing national football teams registered stratospheric gains, between 103% to 327% across the board.

READ MORE: World Cup Watch: Brazil Leads Global Surge with 327% Monthly Spike

Following a natural pull-back which coincided with Bitcoin’s dip to its lowest price since 2024, most of the national team tokens saw their value retract.

But as the World Cup approaches, momentum remains strong with national team tokens, and their general trajectory has been on the up since the final months of 2025.

National SportFi: Tokenized Real-World Sporting Assets

Recent data has shown that token growth often correlates directly with bookmaker odds for the potential winners of the World Cup, making the SportFi (sporting finance) arena a prediction market unto itself.

Differing from typical club tokens, national team tokens have the passion and belief of entire countries behind them. Since national teams don’t play every week, the tokenomics behind these real-world sporting assets (RWAs) are slightly different.

READ MORE: Why National Fan Tokens Trade Differently to Club Fan Tokens

Following a quarter in which the least ascendant of the national team fan tokens doubled in price, a natural pullback followed, but now the tokens appear to be on the move again.

As the World Cup draws nearer, national team Fan Tokens are only going to increase in prominence, both in the crypto market and in the media.

Let’s see how the field of play is looking four months out from the World Cup.

Italy National Team Fan Token ($ITA)

The Italian National Team Fan Token ($ITA) was actually among the least of last quarter’s gainers, registering just 103% growth between December and January.

After losing 25% of its value amid the recent market dip, the valuation of the $ITA token grew by 7.1% between Feb. 1 and Feb. 3, and remains 51% up since Dec. 19, at its current price of $0.30.

Trade volume climbed as high as $1.2 million during the previous surge, before falling as low as $90,000. In the past 48 hours, however, trade volume more than doubled, exceeding $200,000 by time of writing.

While the bookmakers have made Italy 30/1 to win the World Cup, this underdog status might just be the motivation Italy need when the competition comes around.

READ MORE: Underdog Bite: The Case for Italy ($ITA) at the 2026 World Cup

Spain National Team Fan Token ($SNFT)

In the space of thirty days between mid-December and mid-January, the valuation of the Spain National Team Fan Token ($SNFT) grew by 242%.

After losing 31% of its value in the subsequent dip, the $SNFT token kickstarted a revival on Feb. 2.

In the past 24 hours as of time of writing, the valuation of the $SNFT token grew by 18%, climbing from $0.0349 up to $0.0413.

Spain are the outright favourites to win the World Cup, and this has been reflected in the reactivity of the $SNFT token, which has proved one of the quickest to react to market moves in recent months.

Even amid the token’s 31% dip, there were bounces which saw the token regain as much as 35% before dropping again.

Argentine Football Association Fan Token ($ARG)

Following the 115% growth recorded by the AFA Fan Token ($ARG), the market dip saw 32% of its gains wiped out.

Still, the $ARG token price remains 45% above its mid-December valuation, and in the past 48 hours the token has regained 8.1% growth once more, climbing to $0.86.

Trade volume for $ARG has been strong, fluctuating between $2.5 million and $3.6 million for much of the past month.

With footballing legend Lionel Messi in the team, Argentina are always going to among the potential winners of the 2026 World Cup, despite the team being considered behind England, France and Spain by the bookmakers.

Brazil National Team Fan Token ($BFT)

Brazil recorded the largest growth during the New Year surge, gaining 327% in the space of a month.

Despite losing 57% of its value in the dip that followed, the valuation of the Brazil National Team Fan Token ($BFT) is still 122% higher than it was in November of last year, currently at $0.02.

Amid a tumultuous week in which the $BFT valuation sunk as low as $0.016, the token bounced back with 25% gains, carrying the token price to $0.022 earlier this week.

Brazil are ranked alongside Argentina at around 17/2 to win the World Cup outright, behind the main favourites.

Portugal National Team ($POR)

The valuation of the Portugal National Team Token ($POR) grew 144% in the recent surge, carrying $POR to a price point not witnessed since July of 2024.

A potential catalyst amid the surge may have been a clarification by Portugal boss Roberto Martinez that footballing icon Cristiano Ronaldo would be in the team for the World Cup, amid media discussion about the subject.

READ MORE: Portugal Fan Token ($POR) Climbs 21% as Manager Clarifies Ronaldo World Cup Role

The $BFT token had a volatile week, gaining 20% before losing 14% within the same seven days.

Ultimately, the token price is up 6% since Jan. 26, and despite its recent drop, remains priced 65% higher than it was on Dec. 21, currently at $0.74.

National Team Token Trading Outlook

With four months to go before the first ball is kicked at the 2026 World Cup, there will be plenty of ups and downs in the Fan Token market, and lots of opportunity for short-term traders to capitlalize on the often highly reactive nature of the tokenized sporting assets.

For true fans and proud football obsessives from the nations involved, the current prices of the tokens represent a very enticing entry point, considering their general momentum over the past three months.

Long-term holding may prove the better strategy given the likely ramp-up in media attention in the build up to the World Cup, and the growth of SportFi arena in general.

Greg Thomson: Fan Tokens Market Reporter