What Are Fan Tokens?

almost 2 years ago

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Cryptocurrency has taken the world by storm, and it’s easy to see why! The technology behind it allows for fast and secure transactions that are much cheaper than traditional methods of payment without the need for any intermediary. But there’s another way that cryptocurrencies can bring about a revolution: through the introduction of fan tokens. They are the future of Sports currency!

What Are Fan Tokens?

Fan tokens are virtual currencies created specifically for use by fans in an online community or game. They can be used to buy exclusive merchandise and other perks from within the walls of this community or game-like tickets to concerts, or access to special events like meet-and-greets with players, actors, and musicians worth thousands of dollars each!

Crypto Fan Tokens in the Sports industry are digital assets similar to Crypto coins or Tokens, with unique features and benefits from their favorite club, team, athlete, and federation issuing them.

The most important feature of a fan token is that it gives the holder voting rights in polls that decide major decisions regarding their favorite club/team/athlete/federation. For example:

Vote on which players should be signed by the club
Vote on which players should be sold by the club
Vote on which players should be loaned out by the club
Vote on which players should receive new contracts from the club

Crypto Fan Tokens were conceived by sports investment firm Chiliz ($CHZ), which has created the Socios.com platform for fans to take part in decision-making, earn rewards, and vote in polls. The company's vision is nothing short of revolutionizing how we support our favorite teams by giving us all a voice at last!

If you're a fan of a particular sport, it can be hard to feel like your opinion doesn't matter. You might feel like you have no choice but to sit back and watch as the club does things its own way, whether or not those decisions are in line with what you think is best for the team.

However, crypto fan tokens allow fans to take ownership over their favorite clubs—and even make decisions on how they operate. This can lead to more exciting matches and higher profits for teams too!

Fan Token Offering

New Fan Tokens are available through a limited-time purchase window called a “fan token offering” or FTO. An FTO is a fixed number of tokens sold at a fixed price. Each token will be sold on the open market and can be traded freely, but only during the FTO.

In addition to selling FAN Tokens, clubs also sell merchandise and offer other benefits with their fans' tokens.

Clubs can exchange their fans' FAN Tokens for rewards such as:

VIP tickets or experiences at the club's stadium
A chance to meet players
Discounts on merchandise
Tickets to actual matches

Fan Tokens can be bought using a credit card or $CHZ from within the Socios.com App. This app is available on both iOS and Android devices, with features like live scores, fantasy leagues, and news updates to keep you engaged while you watch games or bet on them.

Once an FTO is closed, the total supply of Fan Tokens will remain fixed forever and the price will continually vary depending on demand for that token.

How To Price A Fan Token?

The price of a Fan Token is determined by the market. In this case, "market" refers to how many people want to buy and sell Fan Tokens at any given time. The more people who wish to buy or sell a particular FTO, the higher its value will be in comparison with other tokens within that same system.

As an FAN Token owner, you can hold onto your tokens indefinitely, speculating on future potential price increases, use them for voting in club-related polls or exchange them for rewards exclusive to that club’s fan token such as signed shirts and meet-and-greets with players.

You might be wondering about the benefits of buying a Fan Token from a football club? Well, here are some real-life examples of the rewards you can get by owning them:

Holders of Arsenal Fan Tokens ($AFC) will receive access to exclusive digital content from the football club such as wallpapers and videos of player interviews
Atletico Madrid ($ATM) fans who hold Fan Tokens will receive one (1) ticket for every ten (10) tokens purchased during the sale period
Bayern Munich offers early access and discounts on digital collectibles exclusively for their token holders

Conclusion

While Fan Tokens are still in their early days, they represent a big step forward for sports fans around the world who want to get more involved with their favorite teams. A brand new way for fans to be part of the action and make their voices heard via blockchain technology. What do you guys think? Would you buy Fan Tokens in the sports and entertainment industry? Comment below!

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_{Not financial advice. For infotainment purposes only.}