UPDATED: October 8, 2024, 8:42AM EDT
The 24-hour trading volume of fan crypto tokens has surpassed $1 billion, with Chiliz-based OG Esports fan cryptocurrency accounting for more than half.
According to data from CoinMarketCap, fan token trade volume jumped 219.98% in the past day to $1.08 billion, while the entire token group's market capitalization rose 15.94% to $348.5 million.
Most of the past day's trade volume came from OG Fan Token, the cryptocurrency for supporters of the European Esports group OG. Over 51 million OG tokens were traded in the past day, amounting to a volume of around $563 million.
Around $282.33 million was traded on the OG-USDT pair on Binance alone, which exceeds the past day's trade volume of dominant tokens like Toncoin and Cardano on the exchange.
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OG's price also grew 87% in the last 24 hours, or around 245% in the past seven days, to trade at $10.50. Several other sports fan tokens saw significant growth in price — Santos FC's fan token surged 58% to $4.59, and the Alpine F1 team fan token grew 23.65% to trade at $1.54.
Fan tokens are cryptocurrencies that allow sports fans to participate in decision-making processes within their favorite sports teams or leagues. These digital assets often have exclusive benefits, like voting on team merchandise or participating in special events.
About Author
Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.