After Argentina’s shock defeat to Saudi Arabia at the FIFA 2022 World Cup in Qatar, the country’s Fan Token ARG fell by 30%.
In the aftermath of Argentina’s 1:2 upset loss to Saudi Arabia in the World Cup, Argentina’s football fan token ARG has dropped over 30% to a low of $4.56. The ‘Saudis’ NFT project saw a 15% increase in floor prices. https://t.co/JdhsTMPh63
— Wu Blockchain (@WuBlockchain) November 22, 2022
According to CryptoSlate data, the token crossed $5 after trading at $4.96.
This was a direct result of the South American team’s poor performance in the opening round. The team, captained by Lionel Messi, was a firm favorite to win matches and one of the favorites to win tournaments.
Price movements reflect how the performance of sports teams affects the value of Fan Tokens linked to such teams.
The token launched in July 2021 and peaked at $9.19 on November 18, 2022, when the current World Cup began.
Saudi NFT rises
on the other hand, NFT project in Saudi ArabiaAccording to NFTgo, a collection of 5,555 NFTs saw a 15% increase in floor price after the match to 0.258 ETH. data.
According to the site’s data, the floor price increased by 38% within 24 hours and the trading volume increased by 1,694% to 43.43 ETH.
