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Italy, the four-time World Cup champion, lost to Bosnia and Herzegovina on penalties in a playoff match on March 31, 2026. The result means the Azzurri have now missed three consecutive World Cups, a streak of futility that would have seemed unthinkable a decade ago.
The last time Italy played in a World Cup was 2014 in Brazil. Since then: three qualification campaigns, three failures. They are now the first former champions to miss three straight editions of the tournament, a particularly painful distinction given that the 2026 edition features an expanded 48-team field.
The penalty miss heard around prediction markets
The decisive match ended 1-1 after regulation, and Bosnia converted their penalties at a 4-1 clip. Prediction markets like Polymarket experienced considerable activity regarding Italy’s qualification, and engagement on Italian qualification contracts reportedly surged as the playoff approached.
The 2026 World Cup remains the most blockchain-integrated major sporting event in history. Kraken was named the Official Crypto Exchange Supporter of the tournament. FIFA’s ticketing infrastructure runs on Avalanche’s blockchain, which has already issued over 100,000 Right-to-Buy tokens for World Cup tickets.
Secondary market volumes for those blockchain-based tickets have exceeded $25 million.
Fan tokens and the cost of losing
Chiliz’s Socios platform operates fan tokens for multiple national teams, including the Italy (ITA) token. When Italy won Euro 2020 (played in 2021), fan token interest spiked. A team that won’t play in the world’s biggest tournament for another four years offers limited utility to token holders looking for engagement opportunities, voting rights on minor team decisions, or simple price appreciation.
The contrast with other Socios-listed national teams is stark. Argentina, the defending World Cup champion, and Portugal continue to generate fan token activity tied to tournament anticipation. Italy’s token now sits in a strange limbo: still listed, still tradeable, but detached from the single biggest catalyst in international football.
Blockchain infrastructure marches on without the Azzurri
The tournament, hosted across the US, Canada, and Mexico, represents a massive proving ground for blockchain ticketing, fan engagement, and exchange partnerships.
Avalanche’s role is particularly notable. Over 100,000 tickets processed through blockchain-based Right-to-Buy tokens suggests that the technology can handle event-scale demand. Secondary market volumes have already exceeded $25 million.
Kraken’s partnership as the official crypto exchange supporter positions the exchange for visibility across North American and European audiences during what will be the most-watched sporting event of 2026.
Memecoins tied to World Cup narratives have also started appearing, as they do around every major cultural event.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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