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

2 mins
Updated by Kyle Baird
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In Brief

  • The Argentina fan token $ARG is down more than 25% following Argentina's defeat to Saudi Arabia.
  • Floor Price of 'The Saudis,' a Saudi Arabian-themed nonfungible token (NFT) skyrockets by 50%.
  • Fan tokens are impacted by factors such as on-field scores and performance.
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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%. 

Argentine Football Association Fan Token to USD Chart on BeInCrypto
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:

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%. 

The Saudis (THE-SAUDIS) is an NFT collection. The Saudis (THE-SAUDIS) price floor today is $261.48 on CoinGecko
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.

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Shubham Pandey
An engineer and an accountant by degree, Shubham ventured into the crypto world to pursue his passion. He believes digital currencies will redefine our economies in the decades to come, which drove his transition into this industry. Shubham has a multicultural background, having lived across India, Qatar, Oman and Australia. He is currently settled in Melbourne. As a News Writer, Shubham aims to actively analyze trends in the crypto world and break it down for everyday readers.
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