Argentina's stunning 2-1 loss to Saudi Arabia in their first FIFA World Cup match has prompted the Argentine Football Confederation (ARG) to price fan tokens in line with the expectations of the fans for the country's footballers.
According to Coingecko, the ARG token started the game at $7.21, but poor performance by Lionel Messi's soccer team caused the token price to drop 31% to $4.96 by the end of the game, before rising to $5, 22 again.
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By contrast, the base price of "The Saudi", a collection of non-soccer non-fungible tokens (NFTs) related to Saudi Arabia, increased 52.6% over the same period, from 0.196 ETH (ETH) to 0.3ETH. after cooling down to 0.225 ETH. Price around $250.
According to OpenSea, sales of the series increased by 990% in the last 24 hours to close at 24.5 ETH. Despite the uproar surrounding the official kickoff of the FIFA World Cup on November 20, crypto-analytics firm Delphi Digital noted that Socios' native Chiliz (CHZ) token, along with other soccer tokens representing the countries participants, have also significantly cooled the recent event. days:
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Many soccer-based tokens are powered by Socios, which partners with some of the biggest soccer clubs in the world, including FC Barcelona, Paris Saint-Germain. and Manchester City football club
While the tokens do not represent team ownership, the tokens allow buyers to vote on certain sponsoring team decisions and receive certain rewards.
The popularity of fan tokens has also increased recently in the sports industry, with token sales increasing more than 250% month over month since January 2022.
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Some seem to see the chips as an indirect way to bet on the success of these teams, although they weren't meant to be.
In addition to the success of the football team on the field, tokens are also affected by other factors, such as regular ebbs and unexpected events in the cryptocurrency market. One example is the recent fall of FTX, which caused the price of CHZ to fall by almost 40% due to reports of liquidity problems and possible stock market failure.
In May, the Algoranda smart contract platform became the first blockchain-based official sponsor of the FIFA World Cup, which ends on December 18.
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