There are 2 weeks left until the end of the season in the Turkish football league. However, Galatasaray declared its championship by taking today’s match. On the other hand, Galatasaray FAN Token (GAL) price saw a sharp decline.
Galatasaray became the champion, the price of GAL collapsed!
There are 2 weeks left until the end of the 2022-2023 season in the Turkish football league. However, cryptocoin.com As we reported, the champion was determined early. In the 36th week of the league, Galatasaray defeated its opponent 4-1 and declared the championship before the league ended.
This is the part that concerns football. However, this joy gave way to defeat in the crypto world. Because, the price of Galatasaray FAN Token (GAL), the FAN token of Galatasaray football club, saw a sharp decline with the field of the championship. The GAL price, which hovered around $3.90 during the day, started to stretch. After falling below $3.70, the token slumped below $3 with a hard break. Although it recovered somewhat later, the GAL lost more than 20% on a daily basis. Currently, the altcoin is trading at $3.06.
When we look at the picture of the token from a 1-month perspective, we see that it rose up to $ 5 in early May. However, the GAL witnessed a drastic decline on the very day of the good news. Experts attribute this situation to the event of buying the expectation and selling the actual situation in the crypto markets, as in the financial markets.
What is the role of fan tokens as utility assets?
Blockchain has either service tokens or security tokens. Fan tokens are utility tokens that are usually programmed to offer a number of benefits for fans. Fan tokens are like points in a mobile app where a team can reward their fans or load points. A solid backend technology keeps the project in place.
Fan tokens play an important role in monetizing the fan ecosystem as useful assets. Teams can use their fan tokens to generate a new revenue stream. When sold for the first time, it can give a team a huge capital increase. For example, when Barcelona’s fan token was sold, it generated $1.3 million in revenue.
The blockchain aspect, on the other hand, allows tokens to be used for non-critical voting and other participation activities. Non-critical voting refers to situations where token holders vote on issues that may not have a major impact on the project. For example, fans may be allowed to decide the color of the team car or which song to play after scoring a goal. This is different from governance tokens, where token holders are in a position to make critical project-specific decisions.
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