South Korea’s largest crypto exchange UPbit said On Jan. 5, it announced that it would list several fan tokens including the AC Milan (ACM), Atletico Madrid and Manchester City (CITY), Naples/NAP), Arsenal/AFC, Barcelona (BAR), Inter Milan(INTER) and others.
The exchange said the initial tradings of the assets would be based on its users’ deposits, and there could be “sudden price fluctuations due to excessive or insufficient liquidity.”
The exchange said that it will only accept deposits from Chiliz chain for the fan tokens.
Alexandre Dreyfus, CEO of Chiliz Blockchain said the network would bring more football and sports brands to South Korea because it is “one of the biggest crypto markets and with a massive fandom culture.”
Fan tokens rise 7%
CryptoSlate’s data shows that the fan token sector rose by 6.61% in the last 24 hours, continuing an impressive price performance that saw it grow over 10% in the previous seven days.
The data shows that the market cap of the 50 most popular fan tokens has increased by 0.87% over the past 24 hours. However, Young Boy’s fan token lost 0.87%.
All fan tokens UPbit-listed saw massive gains after the news. NAP recorded the greatest increase, increasing 74% over the last 24 hours to $4.8. AFC rose 25.97% at $2.66 and INTER rose 9.2% at $2.29.
ACM was trading at $2.61 and up 9.1% as of press time. CITY gained 7.75% and traded at $4.40. BAR increased 5.08% and traded for $3.73.
In the meantime, fan tokens for football teams like Lazio FC, Fenerbahce FC, Millonarios FC and Levante saw double-digit gains over the past 24 hour.
The seven-day metrics showed that Arsenal and Napoli fan tokens increased by 84.48%, respectively, and 40.9%, respectively.
Despite the better performance of fan tokens, they still trade at a substantial discount to their highs.
Chiliz up 10%
Chiliz (CHZ), also reacted positively by UPbit to its support. CryptoSlate data indicates that the sport-related token rose by more 10% to $0.1155, but has now retraced its steps to $At press time: 0.11079
On-chain sleuth Lookonchain reported The wOver 15 million tokens were withdrawn from hale addresses (roughly $2 million). Binance.
CryptoSlate data indicates that tokens on the Blockchain Network have all increased by more 10% in the last 24 Hours and by 13% during the previous seven Days. The network also has fan tokens for Argentina, UFC, Aston Villa, and others.