Argentina Fan Token Drops 25% Following World Cup Defeat by Saudi Arabia

Riding emotions from its loss in the FIFA World Cup 2022 to Saudia Arabia, the price of the Argentina fan token tanked by more than 25%. For the victors, the floor price of their Saudi Arabian-themed nonfungible token (NFT),The Saudis,’ blasted off

The ongoing FIFA World Cup in Qatar is one of, if not THE most trending global event currently taking place. Given the enthusiasm among enthusiasts from across the world, fan tokens saw a fresh surge in the run-up to the first set of matches. 

As of Nov. 23, 2022, fan token sales for the month were roughly $6.9 billion, with an all-time sales volume surpassing the $175 billion mark. Given the results of individual matches, respective token prices could swing wildly. 

Shock and awe

Argentina’s loss of 2-1 to underdogs Saudi Arabia sent shock waves all across the globe, including the crypto sector. The Argentine Football Association’s crypto fan token ARG tanked significantly, dropping by more than 25%. 

Source: BeInCrypto

Consider this, before the kick-off, the flagship token stood at $7.50. But at the time of press, ARG traded around the $5.25 mark, highlighting that many fans sold off their tokens. These tokens were created by the Chiliz crypto firm and were launched on its Socios exchange in an official partnership with the Argentine Football Association.  

Chiliz’s CHZ token was also seeing red. Overall, the FOOTBALL index was down by 21% over the past weekend.

Delphi Digital, a crypto research firm, highlighted these happenings in a Nov. 22 tweet:

Football Fan Tokens have cratered over the past 3 days as the FIFA World Cup 2022 Begins:

Chilis / $CHZ: -21%
Argentina / $ARG: -17%
Portugal / $POR: -17%
Brazil / $BFT: -21%
Spain / $SNFT: -31%
Peru / $FPFT: -26%

The index (FOOTBALL) is down 21% over the period.

— Delphi Digital (@Delphi_Digital) November 21, 2022

Other respective tokens, too, were down.

Underdogs are smiling 

While one team lost and tanked, Saudi Arabia’s national team and fans rejoiced in their unexpected victory. The floor price of ‘The Saudis,’ a Saudi Arabian-themed nonfungible token (NFT) collection (unofficial), spiked by more than 50%. 

Source: CoinGecko

The floor price skyrocketed from 0.196 ETH to 0.3 ETH following the victory. Although, at press time, the floor price settled back to 0.225 ETH (~$261 at press time). 

Overall, the tokens are impacted by factors such as on-field scores, be it a loss or a win, and teams’ performances.

The post Argentina Fan Token Drops 25% Following World Cup Defeat by Saudi Arabia appeared first on BeInCrypto.

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