November 28, 2022
By Sharan Kaur Phillora
It’s been a few days into the FIFA World Cup in Qatar; the interesting piece of news is that fans are already betting on who will make it far in this year’s tournament, and guess what? Saudi Arabia which is tipped to be a popular choice in the crypto industry has recently come into the limelight after its unexpected Soccer win against Argentina. Reports claim that Saudi Arabian NFT Collection got sold within hours after its incredible win.
Here’s what we know:
Reports claim that sales for the Saudi Arabia-themed NFT collection called “The Saudis” got increased by 387% on Tuesday following the country’s surprise 2-1 win against Argentina. We all know that Argentina is considered one of the best soccer teams in the world.
When the team lost, its fan token (ARG) dropped 21% over the past 24 hours. According to data from CoinMarketCap, Argentina is now trading at $5.44 as of press time. The South American team, led by Lionel Messi, was the absolute favorite going into Monday’s match.
Crypto tokens have become popular among gamblers in this year’s World Cup. Chiliz (CHZ), the native token of the Chiliz blockchain that powers Socios.com, the largest sports fan token creator platform, surged 39% in the week before the start of the competiton as fans basked in a fresh wave of hype.
“Big events often present big opportunities for traders,” Priyansh Patel of Delphi Digital wrote on Monday. “Some market participants begin positioning a few weeks before the actual event in order to take profits when the event occurs.” The World Cup, he wrote, was no exception and fan tokens “experienced hefty corrections just two days before the event began.”
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.