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Argentina’s Fan Tokens Fell 31% After Its World Cup Defeat To Saudi Arabia

After Argentina’s shocking 2-1 loss to Saudi Arabia in the first game of the FIFA World Cup, the value of the Argentine Football Association Fan Token (ARG) has dropped a lot. This is what the country’s passionate soccer fans expected to happen.

According to data provided by Coingecko, the price of the ARG token was $7.21 prior to the start of the match. However, due to the poor performance of the Lionel Messi-led soccer team, the price of the token dropped by 31% to $4.96 by the time the match was over, before rising to $5.22 at the time this article was written.

On the other hand, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection that is unrelated to the soccer team, shot up by 52.6% from 0.196 Ether (ETH) to 0.3 Ether over the same period of time before levelling off at a price of 0.225 Ether, which is equivalent to approximately $250. According to the statistics provided by OpenSea, the collection’s sales volume has increased by 990% over the last twenty-four hours and is getting closer and closer to 24.5 ETH.

In spite of the expectations that had been building up for the FIFA World Cup, which began its official run on November 20, a cryptocurrency research firm called Delphi Digital observed that the native token Chiliz (CHZ) of the fan engagement platform Socios, along with other soccer-based tokens representing participating nations, had experienced a significant drop in value over the course of the past few days.

CHZ is a native ERC-20 token on the Socios platform, which is a blockchain-powered fan interaction platform that has been one of the most influential drivers of the recent explosion in sports-fan tokens. Socios, which has relationships with some of the most successful soccer teams in the world, including Barcelona F.C., Paris Saint-Germain F.C., and Manchester City F.C., is the platform on which many of the tokens based on the sport of soccer are managed.

In spite of the fact that the tokens do not confer ownership rights in the teams, purchasers of tokens are granted access to certain prizes and the right to vote on certain choices made by the teams that sponsor them. In recent times, there has also been a rise in demand for fan-based tokens in the athletic business. Since January 2022, the volume of token sales has increased by more than 250% on a month-to-month basis on average.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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