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Cryptocurrencies categorized as fan tokens surged by 27.53% in global sales volume over the past seven days while non-fungible tokens (NFTs) dropped by 31.66%, according to CryptoSlam data.
Fast facts
- The market capitalization of fan tokens surged in tandem, rising by 41.3% over the same timeframe as NFTs also jumped by 30.4% in this measurement.
- Fan tokens allow investors to engage with clubs, mainly soccer and eSports teams, in ways such as obtaining rewards or voting for decisions.
- Major fan tokens platform on Chiliz blockchain, Socios.com, recently announced deals with popular leagues such as National Basketball Association (NBA), National Hockey League (NHL) and the National Football League (NFL), generating further excitement for the expansion of the fan token ecosystem.
- Chiliz was trading at US$0.2361, at press time, up more than 30% in the past week, in part of a greater crypto market surge.
- While some individual NFT projects have seen success over the past week, the general ecosystem has slowed down.
- Active traders on the largest NFT marketplace OpenSea dropped by 17% over the past seven days, according to data from Dune Analytics.