The Argentine Football Association‘s Crypto Fan Token ARG ARG/USD plummeted after Argentina lost to Saudi Arabia in the FIFA World Cup on Tuesday.
What Happened: According to CoinMarketCap, ARG was down 30% in the last 24-hours, going from roughly $7.20 at the start of the match to a low of $5.15, at the time of writing.
The Argentine Football Association partnered with crypto company Chiliz to create and launch ARG tokens on its exchange.
Meanwhile, the Saudis, an NFT collection, saw a modest increase in sales. The avatars, which resemble profile pictures, are apparently an unaffiliated “derivative” of the CryptoPunks NFTs.
On OpenSea, 52 NFTs from Saudi Arabia’s win collection sold for an average of 0.2 ETH each, which is about $280. However, that brief surge seems to have been a blip, as the collection’s baseline price has already fallen from its daily high of about 0.31 ETH to 0.24 ETH.