December 19, 2022

Argentina’s ARG Tokens’ Price Falls Despite World Cup Victory

Argentina Fan Tokens

Argentina Fan Tokens

Argentina claimed the title of FIFA World Cup Qatar 2022 after beating France on penalties in the final, however, the price of Argentine Football Association Fan Token (ARG) plummeted, unlike what was expected.

The price of the Argentine National Team’s Fan Token, $ARG, declined 42.63% over the past 24 hours to reach $3.22. Before the final match, the price was floating around $6.

After Argentina’s astonishing winning over France, ARG decreased hard as it slipped to under $3. But the token has recovered back above the $3 level, however, it is still almost half its value from before the final.

According to Bitcoinist, Argentina’s victory seemed to be bearish for its tokens, not a bullish event as some may have expected.

It is worth mentioning that the Argentine Football Association (AFA), the governing body of football in Argentina, collaborated in May 2021 with Chiliz ($CHZ), a pioneering blockchain fintech provider for sports & entertainment in launching the $ARG Fan Token on Socios.com, a multi-sport fan engagement and rewards app.

The non-fungible tokens became popular among crypto users during the World Cup. Argentina was the world’s first national team to mint fan tokens to interact with their global fan base.

NFTs, known as non-fungible tokens, refer to cryptographic tokens that have a unique capability or element, making them distinct from other NFTs. These digital tokens are permanently associated with a piece and encoded with the creator’s sign. It attests to the piece’s possession and legitimacy.

In simple terms, NFT is a form of digital asset that showcases real-world artifacts such as music, art, precious gems such as diamonds, in-game stuff, and many more. They are often encrypted with similar software as any other cryptos and are purchased and sold online with cryptocurrency.

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