Argentina Football Association Fan Token Plummets 25% on World Cup Loss

The Argentine Football Association Fan Token plunged over 25% after Argentina’s national team suffered a shock defeat to Saudi Arabia in the 2022 World Cup, ending their 36-game winning streak. In contrast, the NFT project “The Saudis” saw its floor price jump over 37% following Saudi Arabia’s triumph.

ARG Token Plummets on Argentina’s Shock Defeat to Saudi Arabia

Argentine Football Association’s Fan Token (ARG), the Argentine football fan token developed by fan token firm Socios, is down over 25% Tuesday after Argentina lost 1-2 to Saudi Arabia in their first match in the 2022 World Cup. The loss marks the end of Argentina’s 36-match unbeaten run.

Argentina took the lead following Lionel Messi’s penalty goal in the first half. But Saudi Arabia responded in an extraordinary fashion in the second half, scoring two goals in six minutes. The Saudis had two shots on target the whole game and both went in.

Similarly, Socios’ native token Chiliz (CHZ) is also down over 7% Tuesday amid the broader market downturn. CHZ was on the rise ahead of the first day of the 2022 World Cup, but the coin, along with almost all other football fan tokens, has been pushed down by ruthless crypto bears. Socios is a blockchain platform behind the majority of football fan tokens.

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“The Saudis” NFT Collection Sees its Floor Price Jump Almost 40%

Saudi Arabia’s remarkable win boded well for the non-fungible token (NFT) project “The Saudis,” which saw its floor price jump over 38%. The Saudis NFT collection launched earlier this year, topping the volume charts in its debut weekend with $7.7 million in sales. The collection’s floor price stood at 0.25 ETH at the time of writing.

The collection consists of 5,555 NFTs that represent the derivatives of the popular CryptoPunks collectibles. All of the NFTs were sold out within a couple of hours.

The NFT project was launched amid a tough period for the NFT market, which is nowhere near its 2021 highs. Difficult macroeconomic conditions and fears of recession have pushed investors away from risk assets, with NFT sales plummeting 68% in Q3 2022.

However, apart from Socios, several crypto firms have launched NFT initiatives ahead of the long-awaited 2022 World Cup. Earlier this month, crypto exchange OKX unveiled the NFT Football Cup with $1 million in spot rewards.

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