ARG Fan Token Price Tumbles After Argentina's Loss to Saudi Arabia in the FIFA World Cup

The 2022 FIFA World Cup in Qatar is causing the value of national football team fan tokens to fluctuate wildly.

ARG Fan Token Price Tumbles After Argentina's Loss to Saudi Arabia in the FIFA World Cup

Photo Credit: FIFA

Over the past year, a number of the world’s largest clubs have created fan tokens

  • ARG is an Ethereum-compatible ERC-20 token
  • The ARG fan token can be purchased on exchanges like OKX
  • Fan tokens are an additional source of revenue for national teams

As Argentina faced Saudi Arabia in the FIFA World Cup on Tuesday, the value of the Argentine Football Association's crypto fan token ARG fell precipitously, dropping from about $7.20 (roughly Rs. 600) at the start of the game to a low of $4.96 (roughly Rs. 400). Argentina's defeat was so severe that many supporters decided to sell their tokens, which were produced by the crypto firm Chiliz in official collaboration with the Argentine Football Association and launched on Chiliz's exchange Socios. ARG's price has marginally risen to about $5.68 (roughly Rs. 460) since the match ended.

After a shocking 2-1 loss for Argentina's national team, led by superstar Lionel Messi, the $ARG token plummeted 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 sold for roughly $4.30 (roughly Rs. 350).

The token, one of several digital crypto assets created on the Chiliz blockchain by in partnership with football teams, gives buyers a vote in some decisions made by sponsoring teams and access to rewards. For the uninitiated, ARG is a particular kind of Ethereum-compatible ERC-20 token which requires fans to first purchase Chiliz's CHZ token, which is down 17 percent over the last week before they can swap it for any other token on Socios. The fan token can be purchased on a number of popular exchanges like OKX, Huobi, and DigiFinex.

Over the past year, a significant number of the world's largest clubs, such as FC Barcelona, Paris Saint-Germain F.C., and Manchester City F.C., as well as some national teams, have partnered with and Bitci to create fan tokens. The tokens have quickly become a new source of revenue for teams.

The tokens, although they don't represent ownership in teams, are a way for investors to bet on the success of their favourite team. The value of these fan tokens can fluctuate greatly in value and fans can lose money, especially as the wider crypto market faces the fallout of crypto exchange FTX's financial collapse earlier this month.

What are the best wireless and wired earphones you can buy in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Jio 5G Rollout Expands to Pune, Offers Up to 1Gbps Internet Speeds
Kantara OTT Release Date: Rishab Shetty-Led Thriller Premieres November 24 on Amazon Prime Video
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.