The UEFA European Football Championship kickstarted its 2024 tournament on June 15, igniting a wave of excitement among football fans worldwide. At face value, one would assume that sports-related crypto tokens, especially those tied to football, would perform admirably in light of this once-every-four-years event. However, the reality has been quite the opposite.

The Block’s Sports Token Index, which tracks the performance of fan tokens from notable European football teams, has been one of the worst-performing baskets of assets in the market this week.

Since the tournament began on June 15, the index has significantly declined, with the cumulative market capitalization of these tokens dropping by ~12.8% at the time of writing. During the same period, BTC's price has decreased by 3%, …