The Fan token of the Peruvian National Team ( FPFT ) cost up to 30 cents. Now, after a stage of crisis in cryptocurrencies , it is worth a maximum of two cents.
The cryptocurrency crisis that dragged down the entire market during 2022 also had a great impact: the Peruvian National Team.
It is that the Peruvian Football Federation ( FPF ) and the Bitci company maintained the Fan token of the Peruvian Selection (FPFT) , a digital currency that has fallen from almost 30 cents to only 2.
The fall of the FPFT
The FPFT officially went on sale on September 3, 2021, although it had an initial pre-sale stage in August in which any user of the Bitci.com platform could enter.
The FPFT allow you to support the Peruvian National Team through your purchase: they allow investors to participate in special events and surveys created for them.
Its market value was 4 BITCI, the store’s official cryptocurrency , which at that time had a value of $0.0566. For the same reason, buying a Peruvian token had a cost of 0.2264 dollars (20 cents).
After the victories of the selection, the fan token increased in value by up to 10% each time.
The problem began later, when the market began to fall due to the strong crises that the industry was facing, such as the chaos caused by Luna (Terra), the collapse of the Celsius Network or FTX itself.
This caused a general decline in the value of cryptocurrencies . The FPFT also began to be bought with USDT, a stablecoin with the value of one dollar, to avoid a double decline in value (BITCI was also an unstable cryptocurrency).
Currently, the exact value of the fan token is $0.01954, down more than 90% from its all-time high.
Crisis in the company?
While cryptocurrency investors have seen their money plummet, Bitci is in a negative economic situation.
According to Maquina Do Esporte , the Brazilian Football Confederation (CBF) terminated the sponsorship of this company due to several months of delay in payment to the federation.
This history is not the only one. Sporting (Portugal), Spezia (Italy) and McLaren (Formula 1 team) also terminated their contract with the Turkish company due to “the lack of strategic alignment” between the parties.
In Peru , Bitci has stopped appearing on FPF sponsorship banners .