Argentina’s Loss at the FIFA World Cup Sends ARG Token Prices Down
As Argentina take on Saudi Arabia in the FIFA World Cup on Tuesday, the value of the Argentine Football Association’s crypto fan token ARG has fallen sharply, dropping from around $7.20 (roughly Rs. 600) at the start of the match to as low as $4.96 (about Rs.400). The defeat of Argentina was so severe that many fans decided to sell their tokens, which were produced by the crypto firm Chiliz in official partnership with the Argentine Football Association and presented on Chiliz’s exchange Socios. The price of ARG has risen slightly to $5.68 (roughly Rs. 460) since the game ended.
after a a shocking 2-1 defeat for the Argentina national team, led by superstar Lionel Messi, the $ARG token decreased by more than 30 percent to $4.96 (roughly Rs. 400) on Tuesday evening, according to CoinGecko. When the token was created in May 2021, ARG was sold for around $4.30 (roughly Rs. 350).
The token, one of the digital crypto assets created on the Chiliz blockchain by Socios.com in collaboration with football teams, gives consumers a vote in certain decisions made by sponsoring teams and access to prizes. For the uneducated, ARG is a sort of ERC-20 token compatible with Ethereum that requires fans to first buy Chiliz’s CHZ token, which has fallen 17 percent in the past week, before they can exchange it for any other token on Socios. Fan Token can be purchased on a number of popular exchanges such as OKX, Huobi, and DigiFinex.
Last year, a significant number of the world’s biggest clubs, such as FC Barcelona, Paris Saint-Germain FC, and Manchester City FC, as well as other national teams, partnered with Socios.com and Bitci to build fans. tokens. Tokens have quickly become a new source of income for parties.
Tokens, while not representing ownership in teams, are a way for investors to bet on the success of their favorite team. The value of these fan tokens can fluctuate wildly in value and fans can lose money, especially since the broader crypto market is dealing with the collapse of crypto exchange FTX earlier this month.