- Tram Ho
According to CoinGecko data, the Argentinian Football Association’s ARG cryptocurrency plummeted from $7.2 to as low as $4.96 when the Argentina team started playing against Saudi Arabia. At the end of the match, the ARG coin recovered slightly to $ 5.36, down 18% compared to 24 hours earlier. But overall in the past month, the ARG is still up 17% and reached an all-time high of $9.19 four days ago.
The painful loss of the Argentina team is considered to be stronger than the Saudi Arabia team, making angry fans sell out ARG coins. This is a coin of the Chiliz platform, issued as a token and launched on the Socios exchange, an official partner of the Argentine Football Association.
To buy ARG on Socios, fans must first buy Chiliz’s CHZ token (which has also dropped 33% in the last 2 weeks), and then exchange it for the token they desire. ARG holders are not shareholders or owners, but only have the right to participate and vote on “decisions made by fans”.
“The more tokens a fan owns and the more votes, the higher that fan’s rating, helping them progress through various rewards until they gain access to the biggest packages of VIP benefits.” , Chiliz’s website says.
According to Decrypt, it is also possible that some fans have used ARG as an indirect way to bet on the victory of the Argentine team in the hope that the digital currency will increase in value when the home team wins. Therefore, after the Argentina team lost in shock, they sold off ARG, causing this digital currency to drop sharply.
In the opposite direction, the victory of Saudi Arabia against the Argentina team also made the NFT market volatile. The NFT Ethereum collection commonly known as The Saudis – launched in July and has nothing to do with football – also saw an increase in sales yesterday.
In addition, after Saudi Arabia won, 52 NFTs from the OpenSea collection were also sold for an average price of 0.2ETH per NFT, or about $280.
According to Gem, OpenSea is the NFT market with the most Saudi Arabian NFTs with 180 NFTs listed.
NFT and cryptocurrency collections are named after real entities that, like it or not, are sometimes subject to fluctuations in information about those entities.
In the opening match at the 2022 World Cup on the evening of November 22 (Vietnam time), Saudi Arabia created a shocking victory when defeating Argentina with a score of 2-1. Not only won 3 important points, Saudi Arabia also ended Argentina’s 36-match unbeaten streak. Everyone believed that this would be a brilliant World Cup for Argentina, but were disillusioned as soon as the tournament began.
According to Decrypt
Source : Genk