Argentina’s fan token drops 31% after losing against Saudi Arabia

The value of the Argentine Football Association Fan Token (ARG) has significantly decreased as a result of Argentina’s shocking loss to Saudi Arabia in the first match of the FIFA World Cup by a score of 2-1. This is in line with the expectations of the country’s devoted soccer supporters, who believed that Argentina would win its opening match.

The information that was supplied by Coingecko indicates that the price of an ARG token before to the beginning of the match was $7.21.

However, as a result of the soccer team led by Lionel Messi’s poor performance, the price of the token fell by 31% to reach $4.96 by the time the game was over. It then rose to $5.22 at the time this article was written, but it had already reached $5.22 when it was written.

On the other hand, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection that is unrelated to the soccer team, increased by 52.6% over the same period of time, going from 0.196 Ether (ETH) to 0.3 Ether before leveling off at a price of 0.225 Ether, which is approximately $250 in value. “The Saudis” does not have any connection to the Saudi Arabian national soccer team.

On the Socios platform, which is a blockchain-powered fan engagement platform, CHZ operates as a native ERC-20 token. Socios is one of the most prominent factors behind the recent growth in the number of sports-fan tokens.

Despite the fact that the tokens do not represent ownership in the teams, buyers of them are provided access to certain awards and the opportunity to vote on certain decisions made by the teams that sponsor them. This is the case even if the tokens do not reflect ownership in the teams.

In the recent past, there has also been an increase in demand for fan-based tokens in the business of athletics.

Since January 2022, the volume of token sales has climbed by more than 250% on a month-to-month basis on average. This growth can be traced back to the beginning of the year.

Despite the fact that they were not designed to be used in this manner, it seems that some individuals have understood the tokens as a way to indirectly gamble on the success of the teams who are utilizing them.

The value of the tokens may also be impacted by occurrences and tendencies that are unrelated to the success of specific soccer teams. For example, the natural ebb and flow of cryptocurrency markets as well as breaking news may have an effect on the value of the tokens.

In May, the blockchain-based decentralized smart contract platform Algorand became the first official sponsor of the FIFA World Cup to be powered by blockchain technology.

The final round of the competition is set to take place on December 18 this year.


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Visa Launches a Special NFT Auction Ahead of FIFA World Cup in Qatar

Financial services giant and the official payment partner of FIFA at the upcoming World Cup in Qatar has announced the launch of Visa Masters of Movement Non-Fungible Token (NFT) pre-event auction.


According to the firm, the NFT is inspired by unique goals from 5 football legends including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez.

The movements from these football stars were turned into an NFT by award-winning XK Studio and as revealed, the bidding for the NFTs has been opened on, the official crypto exchange partner of the 2022 FIFA World Cup.

Visa said collectors who throw in the winning bid for the Masters of the Movement NFTs will receive the artwork in their wallets alongside a high-quality printable file. The NFTs will be signed by the footballers featured, adding to their authenticity.

“As FIFA World Cup 2022™ approaches, we want to celebrate football, art, and technology through the lens of what makes the FIFA World Cup™ so special – wildly impassioned fans, legendary athletes, and for a few short weeks, the ability to bring the world together in a uniquely connected way,” said Andrea Fairchild, senior vice president and head of sponsorships, Visa.

FIFA has made a lot o partnerships ahead of the World Cup scheduled to hold in Qatar. While the event remains one of the most anticipated sporting tournaments this decade, the brands partnering with FIFA are notably pushing forth the avenues to register the historic moments on the blockchain.

Besides its partnership with Visa and, FIFA also has an active partnership with Algorand, a Proof-of-Stake (PoS) blockchain protocol. 

The pre-event NFT auction is just a sequel to the FIFA Fan Festival that will take place live in Doha. Per its design, fans will be able to create their own Masters of the Movement moves, some of which will get to be minted as NFTs to commemorate the history that is bound to be made.

Image source: Shutterstock


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Binance Launches Football Fan Token Index Perpetual Contracts Ahead of FIFA 2022

Cryptocurrency exchange Binance on Wednesday announced the launch of its Football Fan Token Index perpetual contracts.

The exchange stated that its new crypto price index is tracking the market performance of football club fan tokens listed on Binance’s spot market in USDT.

USDT, also known as Tether, is a cryptocurrency that is pegged to the US dollar at a 1:1 ratio.

The company said that the Binance Football Fan Token Index perpetual contracts are now available 24/7 trading hours, with up to 25 times leverage, and with settlement assets as USDT on the exchange’s derivatives market.

Binance said that based on market risk conditions, it may adjust the specifications of the contracts from time to time, which include the tick size, maximum leverage, initial margin, and/or maintenance margin requirements.

Today, the company has launched its USDC perpetual contracts for its fan token index – a new product that allows users to trade using their USDC balance on the Binance derivatives market.

Binance’s new USDC perpetual contract allows customers to use USDC as collateral and place long or short contracts with up to 25x leverage and no expiration date.

Users are able to place an order based on the quantity of the cryptocurrency they are using (e.g. Bitcoin, Ether, among others), and calculate the margin, profit, and loss based on USDC.

In a bull or bear market, investors majorly use perpetual contracts as a diversified trading product to help them make the most out of a volatile market. Users are expected to understand how the product works before beginning trading.

The Rise of Football Fan Tokens

The launch of the Binance Football Fan Token Index perpetual contracts is well timed as most football seasons have resumed, and the upcoming FIFA world cup 2022 is scheduled from 20 November to 18 December 2022 in Qatar.

Fan tokens are a type of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs.

Several top clubs, such as Manchester City, Porto, PSG, Lazio, Barcelona, Santos, AC Milan, and Atletico Madrid, among others, have launched their fan tokens.

Domestic leagues and international tournaments, football clubs have been competing in the digital world over the past few months.

As one of the main digital assets offered by football clubs, fan tokens have grown in popularity among football fans.

Many teams now have their own coins, with Binance and Socios remaining as the leading platforms for launching the fan tokens.

The tokens are increasingly seen by clubs as a source of new revenue, which provides tokens for such football clubs.

Like Bitcoin and other cryptocurrencies, fan tokens can be traded on exchanges. They also share similarities with other digital currencies, a tendency for wild price swings – events that often prompt some regulators to issue warnings to investors about digital assets.

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