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Saudi Shock Sinks Argentinian Fan Token, the Saudi’s NFT Collection Soars 2,000% in Volume

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The Argentina fan token offered through partnerships with Socios crashed 23% over the past day. The token was changing hands for around $7.20 before kick-off in Argentina's first fixture of the FIFA World Cup. However, following Lionel Messi and company's surprising loss, the token plunged 30% to $4.96. The token was trading at $5.29 at 10:00 a.m. ET.

Argentina is only one of two international teams — along with Portugal — to offer fan tokens. Portugal's token is down 0.7% today, with Cristiano Ronaldo's team set to play Ghana on Thursday in their opening fixture.

While Argentinians were licking their wounds, NFT investors were busy bidding on The Saudi's NFT collection. The collection is not tied to the Saudi Arabian government. The floor price — the cost of the cheapest item in the collection — rose 2.8% over the past 24 hours. Meanwhile, according to Nansen analytics, the trading volumes soared over 2,100% in the same period.

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