It would appear that Saudi Arabia is a well-liked option in the bitcoin market right now. Fans are already making wagers on who they think will advance to the knockout stages of the 2018 FIFA World Cup in Qatar, despite the tournament having just been underway for a matter of days.
There was a 387% increase in sales of a Saudi Arabia-themed non-fungible token (NFT) collection on Tuesday, after the country shocked the globe by defeating one of the best soccer teams, 2-1.
However, at of press time, ARG, Argentina’s fan token, has dropped 21% from the previous day’s trading price to $5.44 on cryptocurrency exchange platform CoinMarketCap. The South American squad, captained by Lionel Messi, was the heavy favorite heading into Monday’s encounter.
Bets placed using cryptocurrency tokens saw a spike in popularity during this year’s World Cup. Chiliz (CHZ), the native token of the Chiliz blockchain that drives Socios.com, the largest sports fan token creation platform, rose by 39% in the week leading up to the tournament as fans basked in a new wave of hype.
But by Tuesday, the hype had died down and bitcoin (BTC) and ether (ETH) had outperformed even the fan tokens of Brazil (BFT) and Portugal (POR) (ETH).
In a Monday blog post, Priyansh Patel of Delphi Digital argued that large-scale events often present excellent opportunities for trading. There are many in the market that begin preparing a few weeks ahead of time so that they can profit from the event when it occurs. Tokens given to fans “seen enormous alterations just two days before the event began,” he said, adding that the World Cup was no exception.
The post Saudi Arabia’s NFT Sales Soars After Shock Soccer Win Over Argentina appeared first on NFT News Pro.