Sports fan tokens are soaking in a new wave of excitement due to the FIFA World Cup 2022, which began on Sunday, despite the doom and gloom of the collapsed FTX crypto markets.
Fan tokens for the national soccer teams of Portugal (POR) is up 50% during the previous week, according to FanMarketCap, a fan token price tracker.
The native token of the Chiliz blockchain (CHZ), which powers the largest platform for creating tokens for sports fans, Socios.com, has increased by 11% too.
However, all the tokens fluctuated greatly based on the results of the football matches. Take Argentina as an example; ARG Token are up 28% a day before World Cup starts as a major contender to win the Cup. But then, the situation quickly shifted after their shocking defeat in front of Saudi Arabia. It plummeted from roughly $7.20 at the start of the match to a low of $4.96, according to CoinGecko data.
ARG's price has gradually risen to about $5.36 since the match ended. The token has decreased by 18% during the last 24 hours. However, it's important to keep in mind that ARG has still increased 17% over the past month and just four days ago hit an all-time high of $9.19.
On the other hand, Saudi Arabia’s NFT Collection soars after an unexpected soccer win against Argentina. According to OpenSea, trading activity and sales for a collection called "The Saudis" containing CryptoPunk-inspired art have increased by over 2,300% over the past six hours. The collection is not tied to the Saudi Arabian government or the country’s football team.