• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

Argentina’s fan token falls 31% after World Cup defeat against Saudi Arabia

Hania by Hania
November 23, 2022
in General News
Reading Time: 5 mins read
A A
0
Argentina’s fan token falls 31% after World Cup defeat against Saudi Arabia
Tweet

In Brief:

  • You May Also Like:
  • Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
  • Crypto.com Obtained Digital Token License In Singapore

The cost of soccer fan tokens, which are intended to increase fan interaction, appears to be influenced by how well teams do on the field.

In keeping with the expectations of the country’s ardent soccer supporters, Argentina’s shocking 2-1 loss to Saudi Arabia in the FIFA World Cup opening match has caused the price of the Argentine Football Association Fan Token (ARG) to collapse.

Data from Coingecko shows that the ARG token, which was priced at $7.21 at kickoff, fell 31% to $4.96 by the game’s end before climbing to $5.22 at the time of writing due to the Lionel Messi-led soccer team’s disappointing performance.

The floor price of “The Saudis,” a collection of non-fungible tokens (NFT) with a Saudi Arabian theme and unrelated to the soccer team, soared by 52.6% from 0.196 Ether (ETH) to 0.3 ETH within the same period before falling to a price of 0.225 ETH, or about $250.

You May Also Like:

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023

Argentina’s fan token falls 31% after World Cup defeat against Saudi Arabia

According to data from OpenSea, the collection’s sales volume increased by 990% over the last 24 hours and is already approaching 24.5 ETH.

Despite the pre-existing excitement for the FIFA World Cup, which began on November 20, cryptocurrency research firm Delphi Digital observed that Chiliz (CHZ), the native token of the fan engagement platform Socios, along with other soccer-related tokens representing participating nations, has also significantly cooled off over the past few days:

Football Fan Tokens have cratered over the past 3 days as the FIFA World Cup 2022 Begins:

Chilis / $CHZ: -21%
Argentina / $ARG: -17%
Portugal / $POR: -17%
Brazil / $BFT: -21%
Spain / $SNFT: -31%
Peru / $FPFT: -26%

The index (FOOTBALL) is down 21% over the period. pic.twitter.com/y7tb72R3Et

— Delphi Digital (@Delphi_Digital) November 21, 2022

On Socios, a fan engagement platform enabled by blockchain that has been one of the major drivers of the sports-fan token explosion, CHZ is a native ERC-20 token.

Socios, which has relationships with some of the biggest soccer clubs in the world, such as Barcelona F.C., Paris Saint-Germain F.C., and Manchester City F.C., powers many of the soccer-related tokens.

Although the tokens don’t represent ownership in teams, they do give buyers access to some benefits and the ability to vote on some decisions made by sponsored teams.

Sports-related fan-based tokens have become increasingly popular recently, with token sales volumes frequently rising by more than 250% month-over-month since January 2022.

Despite the fact they weren’t made for that purpose, some people seem to have perceived the tokens as a sneaky means to bet on the success of such teams.

Other elements, such as the normal ups and downs of the cryptocurrency markets and breaking news stories, have an impact on the tokens in addition to the performance of soccer teams on the field.

As an illustration, consider how the recent FTX collapse caused the price of CHZ to drop by around 40% following news of the exchange’s liquidity problems and impending insolvency.

The first official blockchain-based sponsor of the FIFA World Cup, which is scheduled to end on December 18, was the smart contract platform Algorand in May.

Tags: BLOCKCHAINCoingeckocryptocrypto newsFIFA 2022ftxNFTSportstokenWorld Cup
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam
General News

Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam

May 29, 2023
Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether
Ethereum

Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether

May 29, 2023
Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro
General News

Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro

May 25, 2023
Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June
Regulation

Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June

May 24, 2023
FBI Warns About Crypto Job Scams
General News

FBI Warns About Crypto Job Scams

May 24, 2023
Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”
General News

Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”

May 12, 2023
Paxful Marketplace Reopens A Month After Suspension
General News

Paxful Marketplace Reopens A Month After Suspension

May 10, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In