Fan tokens are cryptocurrencies that allow their holders to vote on minor decisions related to sports clubs, earn rewards and have a chance at unique experiences like matches. They can be used by any other organization to engage a community with digital assets.
Fan tokens in action
For example, supporter token holders can vote to choose a team’s uniform. They can also be rewarded with tickets to games or clothing. The possibilities are limitless. The concept is still fresh and the use cases are still being created.
Teams that offer these tokens hope to increase their team’s engagement and awareness. As much as we like to think of teams as only about winning, they actually operate like a business. They want to generate income and earn money. These teams are beginning to realize that creating tokens for supporters could have lucrative potential.
Socios is currently the main fan token platform. Its business model has been copied by other blockchain companies trying to enter this cryptocurrency industry. Binance also joined the market.
Teams make deals with these companies to mint fan tokens on a blockchain. Once the deal is done, a Supporter Token Offering (FTO) is scheduled. People can purchase these supporter tokens for a fixed price at FTO time. After the FTO, the value of fan tokens can rise and fall based on demand, just like other cryptocurrencies. If a team is in the running for the championship, their token may be in high demand. If a team is not performing well, the value of their token could drop.
Where to buy fan tokens
Supporters can purchase most tokens on Binance or on their phone through the Socios app. It’s up to the user, but the learning curve is a little longer if they’re using Binance.
The Socios app can be downloaded for Android and iPhone users. It provides a more seamless experience. Surveys, rewards, and other perks are all in the app. In order to purchase Fan Tokens on Socios, users must have a Chiliz ($CHZ) balance. CHZ is the currency that allows users to purchase tokens on the Socios platform. The purchase steps are simple and clearly explained in the app.
Who Issued Fan Tokens?
Many top organizations are starting to issue their fan tokens. The list includes some of the most important football clubs in Europe, a few Formula 1 teams, and even some esports clubs have their own tokens.
As of May 2022, sports teams across the United States have yet to issue fan tokens. But, over the past year, Socios has struck advertising deals with the NFL, NHL, and NBA. It looks like fan tokens for sports clubs in the United States are about to arrive.
Currently, more than 50 supporter tokens are listed on coinmarketcap.com, and the list will continue to grow. More and more clubs are recognizing that fan tokens serve a unique purpose. Fans can support their team wherever they live. Stay tuned for your favorite team to issue their own fan token in the future.
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What are Fan Tokens? – News from free Internet users
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