  National football teams increasingly issue tradeable blockchain-based fan
tokens to strategically enhance fan engagement. This study investigates the
impact of 2022 World Cup matches on the dynamic performance of each team's fan
token. The event study uncovers fan token returns surged six months before the
World Cup, driven by positive anticipation effects. However, intraday analysis
reveals a reversal of fan token returns consistently declining and trading
volumes rising as matches unfold. To explain findings, we uncover asymmetries
whereby defeats in high-stake matches caused a plunge in fan token returns,
compared to low-stake matches, intensifying in magnitude for knockout matches.
Contrarily, victories enhance trading volumes, reflecting increased market
activity without a corresponding positive effect on returns. We align findings
with the classic market adage "buy the rumor, sell the news," unveiling
cognitive biases and nuances in investor sentiment, cautioning the dichotomy of
pre-event optimism and subsequent performance declines.
