Argentina's first fall in the world's finest sport makes the defeat more heartbreaking. The emotional impact of the loss reduced the value of the Argentina Fan Token by more than 25%.

It was an unforeseen turn of events when Saudi Arabia came from behind to end Argentina's 36-game winning streak and caused a major World Cup upset.

The ARG is a World Cup casualty

ARG's price has risen to around $5.36 since the summary of the World Cup match. The token has dropped by 17% in the last 24 hours.

However, ARG is still up 16% over the last month and has recently set a new all-time high of nearly $9.20. According to CoinGecko data from Wednesday, the ARG dropped overnight from around $7.55 to $4.95.

The winners' non-fungible token (NFT) with a Saudi Arabian theme, "The Saudis," saw its floor price rise by more than 50%. Following the country’s victory, 52 NFTs from the collection were sold on OpenSea for an average of 0.2 ETH, or approximately $280 per piece.

On OpenSea, the collection's floor price has dropped from its daily peak of around 0.31 ETH to 0.24 ETH, implying that the slight increase was likely only temporary.

FIFA World Cup: The Most Popular Global Event

The ARG token is an ERC-20 token created by Chiliz in partnership with the Argentine Football Association that can be purchased through the Socios app. It's also available on the OKX and Gate.io exchanges, among others.

The FIFA World Cup, which is currently underway in Qatar, is one of, if not the most popular international events. Before the first round of matches, there was an increase in demand for fan tokens due to the sheer passion of soccer fans all over the world.

It's interesting to note that, following Tuesday's defeat, not only the Argentina backer token has lost value. The value of the Brazil team fan token fell by nearly 10% on Tuesday to $0.7386. Similarly, the Spain National Fan Token's value fell by 7% to $0.7386.

Were you surprised by Argentina’s loss to Saudi Arabia and the drop of Fan Token? Let us know your thoughts by sharing this article on social media.

Posted 
Nov 24, 2022
 in 
Crypto News
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