Argentina won the FIFA World Cup 2022 final, but the national team’s fan token price has declined following the occasion.
Argentina’s Fan Token Falls By More Than 40% In 24 Hours
This year’s edition of the FIFA World Cup came to an end yesterday as Argentina beat France on penalties in the final to take home the most prestigious prize in football (soccer). Held every four years, the World Cup is competed by the strongest national teams from each continent and is regarded as the most popular sporting event on the planet. The latest 2022 tournament was hosted by Qatar.
Argentina’s win is a historic one as it came 36 years and two final heartbreaks after the nation’s last triumph in the competition. What made the run even more legendary was the fact that it was Lionel Messi‘s last chance at winning the cup. Messi, who is considered the greatest to have ever graced the sport by many, was previously only missing the World Cup in his trophy cabinet.
Lionel Messi celebrating with the FIFA World Cup 2022 trophy | Source: FIFA
However, despite a win so full of narratives, the Argentine Football Association Fan Token (ARG) has taken a severe hit during the past day. “Fan Tokens” are digital assets that sporting teams mint on the blockchain to increase engagement with their fans. With these tokens, fans are able to take part in some team-related decisions, earn various rewards, and get access to exclusive experiences.
Argentina released its fan token last year and became the first national team to have done so. At the time of writing, ARG is trading around $3.3, down 40.4% in the last 24 hours. The below chart displays the recent trend in the crypto’s value.
Looks like the value of the asset has sharply dropped today | Source: ARGUSD on TradingView
Since fan tokens are tied to a particular team, it’s natural that the team’s performance in the sport influences the price of the token. It wasn’t any different with Argentina’s ARG, as the nation’s win over Croatia in the semifinal of the tournament earlier in the month lead to the asset sharply rallying and setting a peak above $7.
By the day of the final, the price had come down a little, but it was still floating around $6. However, following Argentina’s victory over France, ARG dumped down hard as it slipped to under $3. Since then, the token has recovered back above the $3 level but is still almost half its value from before the final. It would appear that Argentina’s moment of glory wasn’t a bullish event as some may have expected, and was rather a “sell the news” incident.
Featured image from Unsplash, chart from TradingView.com