Saudi shock sinks Argentinian fan token, The Saudi's NFT collection soars 2,000% in volume

Quick Take

  • The Argentina fan token is down 23% over the past day, chiliz dropped 7%.
  • The Saudi’s NFT collection saw trading volumes soar over 2,100% following the upset. 
  • Portugal’s fan token dipped 0.7% on Tuesday, Ronaldo’s team are yet to play in Qatar. 

Argentina's shock loss to Saudi Arabia today was heard around the world and even spilled over into crypto. 

The Argentina fan token offered through partnerships with Socios crashed 23% over the past day. The token was changing hands for around $7.20 before kick-off in Argentina's first fixture of the FIFA World Cup.

However, following Lionel Messi and company's surprising loss, the token plunged 30% to $4.96. The token was trading at $5.29 at 10:00 a.m. ET. 

ARGUSDT chart by TradingView

Argentina is only one of two international teams — along with Portugal — to offer fan tokens. Portugal's token is down 0.7% today, with Cristiano Ronaldo's team set to play Ghana on Thursday in their opening fixture. 

Last week, the Chiliz blockchain appeared to benefit from the impending FIFA World Cup. The native coin of Chiliz, the home of socios and sports fan tokens, rose last week ahead of the World Cup.

The token dropped 7% today. Chiliz peaked at 27 cents on Saturday, surrendering gains since. 

CHZUSD chart by TradingView

While Argentinians were licking their wounds, NFT investors were busy bidding on The Saudi's NFT collection. The collection is not tied to the Saudi Arabian government. 

The floor price — the cost of the cheapest item in the collection — rose 2.8% over the past 24 hours. Meanwhile, according to Nansen analytics, the trading volumes soared over 2,100% in the same period.

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