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I crypto fan token: the best and worst of 2023

source-logo  en.cryptonomist.ch 19 January 2024 11:48, UTC

In the dynamic realm where crypto intersects with the sports industry, the emergence of fan tokens has reshaped the way fans engage with their favorite teams.

This article analyzes the financial performance of some fan tokens in 2023, shedding light on the teams whose tokens have recorded noteworthy gains and losses.


The best performances of crypto fan tokens in 2023

A comprehensive study conducted by the cryptocurrency tax experts at CoinLedger has examined the price movements of 2023 fan tokens.

The analysis has considered an investment scenario in which 100 dollars were allocated to each token on January 1, 2023, providing a basis for evaluating the profitability of these investments at the dawn of 2024.

Top Performers:

$BFC – Bologna FC 1909:

Starting from 0.24 dollars, the Bologna FC fan token has risen to 0.66 dollars, with an impressive increase of 173.48%.

With a performance of 18.3% compared to Bitcoin, this token exemplifies the potential profitability of the fan token landscape.

$DSG – GNK Dinamo Zagreb:

With an initial modest price of 0.22 dollars, the Dinamo Zagreb token has recorded a substantial increase of 116.49%, reaching 0.48 dollars.

Despite the team’s position in the league, the fan token has consistently shown a positive performance.

$EFC – Everton:

Despite the challenges on the field, the Everton fans’ token has appreciated by 114.01%, going from 0.42 to 0.91 dollars.

The value of the token reflects a promising trend for investors in the context of the team’s revival.

$AVL – Aston Villa:

Starting from $0.63, the Aston Villa token gained 97.86%, ending the year at $1.24.

Despite initial skepticism, the fan token has proven to be profitable for investors.

$LEG – Legia Warsaw:

Representing the most successful club in Poland, the Legia Warsaw fan token has recorded a 62.22% increase, going from 0.25 to 0.41 dollars.

This positive trajectory highlights the broader global appeal of fan tokens.

The least performing:

$RFT – Rangers:

The Scottish team Rangers has suffered a significant setback with a 46.84% drop in the value of its fan token, from 0.02 to 0.008 dollars.

Investors have suffered a substantial loss, highlighting the volatile nature of fan token investments.

$PSG – Paris Saint Germain:

Despite starting as the most valuable fan token at $5.42, the PSG token recorded a decrease of 39.46%, closing the year at $3.28.

The decline serves as a warning for those who consider high-value tokens.

$NAP – Naples:

The fan token of Napoli, $NAP, has recorded a decrease of 34.75%, dropping from $3.94 to $2.57.

The challenges faced by Napoli on the field seem to be reflected in the performance of the token.

$BAR – Barcelona:

The Barcelona fans’ token, starting at $3.49, experienced a decrease of 34.46%, ending the year at $2.29.

The analogy between the team’s difficulties on the field and the performance of the fan token is evident.

$LAZIO – Lazio:

The Lazio token, $LAZIO, has experienced a decrease of -33.97%, going from 2.97 to 1.96 dollars.

The decline reflects the team’s position in Serie A, currently fifth.

Market trends and influencing factors of crypto fan tokens

The performance of fan tokens is not solely influenced by the successes or failures on the field of the associated teams. Various market trends and factors contribute to the dynamics of these cryptocurrencies.

Involvement of fans and team performances:

Teams with active fan engagement strategies, such as Bologna FC and Everton, have seen positive correlations between on-field performance and token value.

The emotional bond that fans have with their teams can have a significant impact on the demand for tokens and, consequently, on market value.

Regulatory landscape:

The regulatory framework surrounding cryptocurrencies can have a profound impact on investor sentiment.

Teams operating in regions with favorable regulatory frameworks may experience greater investor confidence.

Utility and exclusivity of the token:

The utility of fan tokens, such as voting rights and exclusive access, can increase their appeal.

Teams that effectively leverage these characteristics tend to attract a more engaged investor base.

General conditions of the cryptocurrency market:

The general trends of the cryptocurrency market, as exemplified by the performance of Bitcoin, can influence the behavior of investors across the entire spectrum of cryptocurrencies.

Bull market periods can see an increase in investments in fan tokens as part of a diversified crypto portfolio.


In the evolving landscape of cryptocurrencies and sports integration, fan tokens present both opportunities and risks.

While success stories like those of Bologna FC and Dinamo Zagreb show the potential for substantial gains, the cautionary tales of Rangers and PSG highlight the importance of thorough research and risk assessment before engaging in fan token investments.

As cryptocurrency continues to permeate various aspects of society, its intersection with sports introduces a nuanced dimension that requires careful consideration from investors.