Saudi World Cup Win Shows Argentina Fan Token the Red Card

What does Argentina’s fan token performance mean for Spain, Brazil, and Portugal supporters?

article-image

Yuliyan Velchev/Shutterstock

share

The 2022 FIFA World Cup in Qatar is causing the value of national soccer team fan tokens to fluctuate wildly, as events on the field have effects off it. 

Immediately following Argentina’s 1-2 loss to Saudi Arabia on Tuesday, the ARG fan token’s price fell from $7.21 at the start of the game to $4.96 at the end of it — a 31% decline. At the time of writing, the token has climbed slightly to $5.36, according to CoinGecko.

Argentina’s loss came as a shock to fans, given that the team counted on a 36-match unbeaten streak since 2019, and it was one match short of beating Italy’s 37-match unbeaten run.

Anticipation of the game propelled ARG to the number one spot by 24-hour volume on fan token tracking site FanMarketCap

Fan tokens represent a tiny fraction of the overall crypto market’s total value. ARG’s market capitalization is only $21.6 million, compared to ether at $138 billion or bitcoin’s $311 billion market cap. 

Only four teams participating in the World Cup this year — Argentina, Portugal, Spain and Brazil — offer fan tokens through partnerships with the Socios platform. Token holders can benefit from merchandise and ticket promotions, as well as voting about a team’s kit change.

Fan tokens generally have an average of around 20,000 holders each, and about 16,700 people currently hold the Argentina fan token.

The Chiliz token (CHZ), which powers the Socios fan token ecosystem, has also collapsed by about 30% since the World Cup started. Portugal and Brazil have yet to play.

As for the winner of the match, Saudi Arabia, it saw support from NFT investors. A collection titled “The Saudis”, featuring artwork derivative of CryptoPunks, saw trading volumes and sales soar over 2,300% in the last six hours, according to OpenSea. The collection is not tied to the Saudi Arabian government or to the country’s football team.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

MicroStrategy discloses the purchase of 16,000 bitcoin throughout November

article-image

Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion

article-image

Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks

article-image

DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely

article-image

Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

article-image

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said