Why IQONIQ (IQQ) fan token has taken a sudden hit?

Be the First to Comment Read

Why IQONIQ (IQQ) fan token has taken a sudden hit?

 Why IQONIQ (IQQ) fan token has taken a sudden hit?
Image source: © Ipeema | Megapixl

Highlights

  • IQONIQ is a popular platform for all the sports enthusiasts and players from the entertainment industry to create a platform wherein they can make a two-way relationship with stars and fellow fans.
  • Recently, the firm's CEO Kazim Atilla hinted that the token was now worth almost nothing. This could be a major setback to the fans and followers.
  • As of 27 January 2022, the market cap of the token is US$ 298,957,896 with a 24-hour trading volume of US$40,722,163 as per fanmarketcap.com.

IQONIQ is a popular platform for the sports enthusiasts and players from the entertainment industry who want to create a platform wherein they can have a two-way relationship with stars and fellow fans. IQONIQ grabbed the attention of several crypto investors following sponsorship deals with leading football clubs, such as Real Madrid, Real Sociedad, and McLaren Formula One team.

While the big deals looked promising and good on paper, the firm and its popular fan token have come under fire following allegations of a series of missed payments pointing towards bankruptcy.

According to a Times report, several deals with leading football clubs in Spain and England, the Formula One team collapsed due to the bankruptcy news. Recently, firm CEO Kazim Atilla hinted that the token was now worth nothing but assured that the token would bounce back. Following this, the Football Supporters Association (FSA) called for regulations to safeguard investors’ interests who are in danger of losing their money.

Also read: Wedding to fashion shows: Quirky things happening on crypto metaverse 

Rise of Fan Tokens

Fan tokens have risen significantly in the last one year, in which big stars have also gained. Like PSG star Lionel Messi received his joining bonus in PSG Fan token. Another famous token is Man City's fan token that has received active interest on the Socios platform. Since the launch of fan tokens, several sports industry players have found a unique way to connect with team supporters in a meaningful manner. These fan tokens act like digital currencies and offer investors a chance to connect with stars, win rewards and merchandise. Besides, they also offer a unique opportunity to the organizations to democratize and offer them a source to generate income.

Also read: Drip Network (DRIP) crypto: Is it a scam?

Today, there are more than 50 Fan Tokens in the market. Clubs such as Manchester City, Paris Saint-Germain, Inter Milan, Barcelona, and others, are leading the way in fan token adoption. As of 27 January 2022, the market cap of these fan tokens is US$ 298,957,896 with a 24-hour trading volume of US$40,722,163 as per fanmarketcap.com. The tokens are not limited to just football clubs. It has entered Formula One, UFC, tennis, and others.

How is the IQONIQ token faring?

IQONIQ fan token is governed by its native token IQQ, and at the time of drafting, it was trading at US$0.02017017 with a trading volume of US$90.33 as per CoinGecko. It was down by a massive 66.8%, with a total supply of 2,500,000,000 coins.

Currently, the mood around the token is gloomy following the CEO’s comment. But there are no updates on IQNIQ's website or its Twitter handle as yet regarding this.  For now, it has created a flutter in the mind of investors, and further developments can only tell where the token is heading.  

Disclaimer

Speak your Mind

Featured Articles