What if you can influence your favorite sports team decision? You can affect the management decision on anthems, jerseys, and probably the team MVP? A fan token can change that.
Fan tokens is a digital asset that allows fans of a sports team like e-sports, football, or mixed martial arts, to engage in a voting process. Usually, the vote will decide on a team’s appearances, themes, and interactions with fans.
Chiliz (CHZ) spearheads the way!
For those who are not familiar with Chiliz (CHZ), it is a digital currency project to improve the way fans engage with their favorite sports team.
It is possible thanks to blockchain technology. Chiliz utilizes blockchain technology and powered-up Socios.com. A platform that enables fans’ favorite sports team to gain an additional revenue stream globally. Moreover, the technology allows transparency and security for both parties.
Socios.com partners up with sports teams, including e-sports. A new sports team can launch a Fan Token Offering (FTO), allowing their fans to be early adopters while supporting the team.
Let’s clear this first thing first, holding a fan token does not mean holding shares in the team ownership. Please do not be mislead by such claims.
There are different benefits fan token owners can enjoy based on the team reward programs. Fans can enjoy rewards such as elite status, loyalty programs, or exclusive merchandise.
Probably the main benefit is the ability to vote for their teams’ decisions in a pool. Allowing the fans to get involves with the team decision-making process.
The teams so far
The reception for fan tokens is unbelievable. For example, the FC Barcelona team token hit a $1.3 million market cap less in two hours after the FTO launched.
So far, football teams that have launched their fan tokens are FC Barcelona, Juventus, Paris Saint-Germain, Atlético de Madrid, and more.
E-sports teams that have released their fans tokens are OG, Team Heretics, Natus Vincere, and Team Alliance. For the full list, please refer here.
Fan token is a fantastic approach for fans and their favorite teams to engage and support each other. The possibilities of interactions and rewards are endless if the sports industry fully supports such innovation.