Saudi-Themed NFTs Go Up 387% Following Victory over Argentina
In response to Saudi Arabia’s surprising victory over Argentina, one of the best football teams in the world, 2-1 in the World Cup in Qatar on Tuesday, the sales of Saudi-themed NFTs, called “The Saudis” hiked 387%, according to Coin Desk.
While Association Fan Token (ARG) plummeted by 32% as it recorded $5.49 for each token, compared to $8.4 days ago, in light of the Argentinian national team was likely expected to win the game on Tuesday, according to data from CoinMarketCap.
It is worth mentioning that the Argentine Football Association (AFA), the governing body of football in Argentina, collaborated in May 2021 with Chiliz ($CHZ), a pioneering blockchain fintech provider for sports & entertainment in launching the $ARG Fan Token on Socios.com, a multi-sport fan engagement and rewards app.
The non-fungible tokens became popular among crypto users during the World Cup. Argentina was the world’s first national team to mint fan tokens to interact with their global fan base.
Since the beginning of the World Cup in Qatar, the prices of national teams-linked NFTs went down. The Spain National Fan Token plunged to $0.36 at the time of writing. While the Brazil National Football Team Fan Token, created in partnership with Bitci, fell by about 10% to $0.709 at the time of publication.
NFTs, known as non-fungible tokens, refer to cryptographic tokens that have a unique capability or element, making them distinct from other NFTs. These digital tokens are permanently associated with a piece and encoded with the creator’s sign. It attests to the piece’s possession and legitimacy.
In simple terms, NFT is a form of digital asset that showcases real-world artifacts such as music, art, precious gems such as diamonds, in-game stuff, and many more. They are often encrypted with similar software as any other cryptos and are purchased and sold online with cryptocurrency.
However, remember that no NFT is the same, and it’s not similar to any other with respect to value or property. Every NFT is allotted a digital hash differentiating it from other NFTs. This distinct trait enables an NFT to be used as proof of provenance. NFTs come with essential features such as rarity, indivisibility, and uniqueness.
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