The Argentine Football Association Fan Token (ARG) has sunk over 30 percent after the team lost to Saudi Arabia in a surprising 2-1 match.
Fans initially priced the token $7.21 at the match’s start, but as it unfolded, the price soon plummeted 31 percent to roughly $4.96 at the end of the competition, data from CoinGecko showed.
It later climbed to $5.22 hours after the match, figures revealed. Conversely, the non-fungible token (NFT) “The Saudi” spiked 52.6 percent to 0.3 Ether (ETH), then later fell to 0.225 ETH.
Following Argentina’s loss today against Saudi Arabia, in the 2022 World Cup in Qatar, $ARG‘s fan token momentum plummeted more than 30%. At the same time, The Saudis’ NFT collection rose. pic.twitter.com/xGJSSzCfYl
— NekoZ (@NekozTek) November 23, 2022
Several key football tokens use the Socios blockchain shared by major football clubs such as Manchester City, Barcelona, and Paris Saint-Germain, among others. Holders of the coins can join decisions and receive rewards from the respective sponsoring teams.
One of the largest sports-themed cryptocurrencies is Chiliz (CHZ), which fell to $0.1764 around 5:30 on Wednesday near the match.
Influences on the crypto coins include team performances and regular market activities. Despite this, the ongoing cryptocurrency crisis forced multiple sports-linked tokens to plummet in value.
Algorand, a major proof-of-stake cryptocurrency platform, sponsored the FIFA World Cup from May to mid-December this year, the first-ever blockchain to do so.
