Saudi Arabia NFT Collection Explodes! Thanks to Argentina’s Big Win

Sales of The Saudis, a Saudi Arabia NFT Collection explodes after beating Argentina 2-1

The Argentine Football Association Fan Token down 25% after Argentina’s national team suffered a shock defeat to Saudi Arabia in the 2022 World Cup, ending their 36-game winning streak. In contrast, Saudi Arabia’s NFT collection explodes as “The Saudis” saw a massive jump in price after the national team beat Argentina. The team won their group opener 2–1, marking one of the largest upsets in World Cup history. The win is also the most significant result the Arabian nation has achieved in the history of the tournament.

Argentine Football Association’s Fan Token (ARG), the Argentine football fan token developed by fan token firm Socios, is down over 25% Tuesday after Argentina lost 1-2 to Saudi Arabia in their first match in the 2022 World Cup. The loss marks the end of Argentina’s 36-match unbeaten run.

Argentina took the lead following Lionel Messi’s penalty goal in the first half. But Saudi Arabia responded in an extraordinary fashion in the second half, scoring two goals in six minutes. The Saudis had two shots on target the whole game and both went in.

Following the exploits of the national team, The Saudis, saw its sales jump by over 380% on OpenSea. On the contrary, the Argentine Football Association Fan Token has lost almost half its value since the start of the World Cup.

According to NFT News Today, The result had a more adverse effect on the Argentine fan tokens, as the ARG token has seen less interest from fans. The token lost 47% of its value in the past few days since Argentina’s defeat in its opening match. This might change if Argentina advances to the next round, as they remain favorites in a group that also features Poland and Mexico.

 

Saudi Arabia NFT Collection Explodes: But for How Long?

The Saudis was a free-to-mint collection of 5,555 NFTs which sold out within hours last July. The collection of 5,555 avatars is in a 2D pixelated style resembling CryptoPunks. The token has a floor price of 0.2292 ETH, or $269, at the time of writing. The Saudis collection sold out within hours last July and the collection’s sales volume currently totals 9,949 ETH.

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 competition as fans basked in a fresh wave of hype.

However, the hype died down quickly and other fan tokens, including those of Portugal (POR) and Brazil (BFT) all declined after Monday and underperformed both bitcoin (BTC) and ether (ETH).

Interest in these NFTs may well keep growing if the national team maintains its magnificent performance. Up next for Saudi Arabia are Poland and Mexico.

Many NFT collectibles, like crypto coins, are heavily influenced by speculation. And it takes the right catalyst to spark mass interest. Fan tokens and team NFTs are a growing trend as projects seek to capitalize on the huge football fan base.

Earlier this month, OKX launched World Cup NFTs. The NFTs give fans the chance to predict the winners of a matchand earn a share of the pool prizes.

The post Saudi Arabia NFT Collection Explodes! Thanks to Argentina’s Big Win appeared first on Analytics Insight.

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