Fan tokens rise by 7% following UPbit listing Fan tokens rise by 7% following UPbit listing
The exchange said the initial trading of the assets would be based on its users' deposits, and there could be "sudden price fluctuations due to excessive or insufficient liquidity."
2 min read
Updated: Jan. 5, 2023 at 8:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
South Korea’s largest crypto exchange UPbit said on Jan. 5 that it would list several fan tokens, including that of AC Milan (ACM), Atletico Madrid, Manchester City (CITY), Naples (NAP), Arsenal (AFC), Barcelona (BAR), and Inter Milan (INTER).
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.”
Meanwhile, the exchange added that it would only support deposits from Chiliz-chain for the fan tokens.
The CEO of Chiliz blockchain Alexandre Dreyfus 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.
According to the data, the top 50 fan tokens by market cap posted gains in the last 24 hours, except for the Young Boy fan token, which lost 0.87% of its value.
Following the news, the UPbit-listed fan tokens all recorded massive gains. NAP saw the highest increase, surging 74% in the last 24 hours to $4.8. AFC rose 25.97% to $2.66, and INTER increased 9.2% to $2.29.
ACM was up 9.1% and trading for $2.61 as of press time, while CITY gained 7.75% to trade at $4.40, and BAR jumped 5.08% to $3.73.
Meanwhile, other fan tokens from football teams like Lazio, Fenerbahce, Millonarios FC, and Levante also saw double-digit gains in the last 24 hours.
On the seven days metrics, Napoli and Arsenal fan tokens were up by 84.48% and 40.9%, respectively.
Meanwhile, despite the improved performance of the fan tokens, they are still trading at a significant discount to their all-time highs.
Chiliz is up 10%
Chiliz (CHZ) also reacted positively to the support of its network by UPbit. CryptoSlate data shows that the sport-related token jumped by over 10% to $0.1155 but has now retraced to $0.11079 as of press time.
On-chain sleuth Lookonchain reported that whale addresses withdrew over 15 million tokens (around $2 million) from Binance.
Meanwhile, CryptoSlate data shows that tokens on the blockchain network have all increased by over 10% in the last 24 hours and by 13% over the previous seven days. Other fan tokens on the network include the Argentina fan token, UFC fan token, Aston Villa fan token, etc.
Mentioned in this article
Chiliz 
AC Milan Fan Token 
Inter Milan Fan Token 
Flamengo Fan Token 
Clube Atlético Mineiro Fan Token 
Napoli Fan Token 
UPbit Posted In: Trading
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Featured Story
Advertise Here
In this article
Chiliz (CHZ) is a digital currency for sports and entertainment platforms.
AC Milan Fan Token
$1.56733
The AC Milan Fan Token (ACM) is a utility token that gives AC Milan fans a tokenized share of influence on club decisions using the Socios application and services.
Inter Milan Fan Token
$1.22151
The INTER Fan Token allows Inter Milan fans to have a tokenized share of influence on club decisions, purchased through the consumer facing platform, Socios.com, fans can engage in a wide variety of club decisions for example, choosing a goal celebration song or deciding which MMA fighters should face off and in doing so, earn […].
Flamengo Fan Token
$0.27741
Fan Tokens allow fans across multiple sports verticals to exercise their share of influence within their favourite teams/leagues/clubs.
Clube Atlético Mineiro Fan Token
$0.15335
The GALO Fan Token allows Clube Atlético Mineiro fans to have a tokenized share of influence on club decisions, purchased through the consumer facing platform, Socios.com, fans can engage in a wide variety of club decisions for example, choosing a goal celebration song or deciding which MMA fighters should face off and in doing so, […].
Napoli Fan Token
$1.22501
Napoli Fan Token (NAP) is a cryptocurrency that operates on the Chiliz platform.
