In this article, I explained what fan tokens are and how they work.
I know you have a sports club that you always support.
You watch all their games and cheer them over meals and drinks.
What if I told you, you could do more than that?
Like you can decide what color their next jersey will be or even their theme song.
Sounds great, huh? Well, you can achieve that if you own their fan tokens.
Keep reading and I’ll show you how.
Table Of Contents
- What Are Fan Tokens
- How Fan Tokens Work
- Where Can I Buy Fan Tokens?
- Are Fan Tokens Worth Your Money?
- Conclusion
Click on any item above to read its details immediately.
Let’s roll
1. What Are Fan Tokens
Fan tokens are cryptocurrencies that grant their holders access to fan-related membership advantages.
They are created by sports clubs, leagues, music fan clubs, associations, etc. to facilitate fan engagement.
That is to say, when a fan buys the token of a club, he/she gets to participate in the club’s activities and connect better with the team and other supporters.
Fan tokens are also called sports currencies or FTs for short.
Holders of FTs can vote on club decisions, rewards, merchandise designs, and more.
They make it easy for teams to stay connected with fans who live across borders and lack the opportunity or freedom to connect directly.
Therefore, fans get to participate in the functioning of their favorite sports and teams.
In summary, FTs increase the value a fan gives to the sports ecosystem. Cool!
Let’s see how they work in the next section.
Keep reading!
In case you were wondering, FTs are not NFTs!
Fan Tokens are fungible. And as such, each specific token is equal to another of the same token in every way.
2. How Fan Tokens Work
Basically, three things happen:
- A club creates/launches its fan token
- The fans of the club buy the token
- Holders of the token vote on club matters
So, when fans buy FTs, they are able to vote on a variety of matters like:
- Club merchandise discounts
- Charity initiatives
- Match locations
- MVP categories
- A club’s merch design
- Tour bus designs
- Ticketing matters, etc.
Moreover, the matters that fans can vote on depends on the club.
Again, the more FTs a user has, the more influence he has over the club and the more loyalty he shows to his team.
Note
Fan tokens are traded like other cryptocurrencies on the exchanges that support them.
However, they derive their value from how well fans are willing to participate in the club/team.
Also, the price of FTs can change based on their popularity and market movement.
Next, I mentioned the exchanges where you can buy fan tokens.
Tag along!
3. Where Can I Buy Fan Tokens?
a. Chiliz Exchange
The most popular platform to buy FTs is Chiliz Exchange, a product of Chiliz, which is a blockchain fintech provider for sports and entertainment.
On Chiliz Exchange, you can buy and sell over 25 FTs supported on the platform.
b. Socios.com App
Additionally, you can buy FTs from the Socios.com app, which is another product of Chiliz.
Here, you’ll find more tokens. Not just that, you’ll be able to vote on team polls and win rewards when you participate in games.
Also, you can take part in Fan Token Offering (FTO) and buy FTs at a fixed price before they’re sent to the marketplace.
Note that you need the Chiliz token (CHZ) to buy FTs on the Chiliz exchange and the Socios..com app.
Presently (17/02/2022), a unit of CHZ is priced at $0.2238.
c. Binance Fan Token Platform
Binance is another exchange that supports fan tokens.
Some of the supported tokens are PSG, CITY, LAZIO, PORTO, SANTOS, ALPINE, etc.
And you can buy them with USDT or with your Credit/Debit or via Bank Deposit.
Moreover, you can vote on the polls for any team of interest.
Also, each team has NFTs that you may like.
Plus, there are rewards to earn when you participate in team games. Cool!
d. Other Exchanges
The following exchanges support FTs as well:
- Coinbase
- FTX
- Crypto.com
- OKX
- Gate.io
- WazirX
- Paribu
- Upbit.com
- Mercado Bitcoin
- BKEX, etc.
In the table below, you’ll find the list of top 10 fan tokens by market cap as seen on Coingecko on 17/02/2022.
Check it out!
List Of Top 10 Fan Tokens
Find other fan tokens here.
So, are fan tokens worth your money? Jump to the next section to know what I think.
Did you know about ETH Fan Token?
The Ethereum Fan token (EFT) was created by the ETH Fan Team for “those who love Ethereum technology” in Dec 2021. It is a BEP20 token.
4. Are Fan Tokens Worth Your Money?
Well, I think they are, especially if you want to do more than cheer your team on the screen.
Fan tokens give you voting rights to make changes on your favorite team.
Interestingly, FTs don’t expire like club memberships, so, you’ll always have a say in your team when you own their token.
Secondly, you can trade these tokens and make profits like you do other cryptocurrencies.
And the more popular a token gets, the higher its price. 😉
For example, when five-time Golden Boot winner Lionel Messi joined Paris Saint-Germain FC (PSG), the fan tokens of the team rose exponentially.
Notice that it is still first in the list of top 10 above; much to the benefit of token holders. ✌️
Furthermore, many folks are interested in sports as much as are interested in crypto.
Since fan tokens give spectators voting rights, I see a lot of adoption happening here and a resulting increase in the value of these tokens.
Already, world football giants like Atlético de Madrid, FC Barcelona, Valencia CF, AC Milan, Juventus, Manchester City, and AS Roma have fan tokens.
Even Cleveland Cavaliers, a basketball team, and other sports types have joined the bandwagon.
In February 2022, UEFA announced a partnership with Socios.com.
This means that Socios.com will become a Global Licensee and Regional Sponsor of the UEFA Champions League, UEFA Europa League, UEFA Conference League, and UEFA Super Cup.
Additionally, Socios.com can now provide users with Fan Tokens specific to UEFA’s men’s club competition.
Thus, boosting the usability and service of its fan tokens.
Superb!
Again, the more FTs you own, the more influence you have over your team.
Also, you stand a chance to earn monetary rewards.
Nevertheless, DYOR before investing in these tokens.
Heads up!!!
You can also join our Telegram community at https://t.me/ctmastery.
5. Conclusion
Fan tokens turn a passive fan into an influential fan.
They help build a strong connection between sports teams and their fans across the world.
Although they mainly derive their value from their popularity, their prices are also affected by the crypto market movement.
We have now come to the end of this post. I hope you enjoyed the read.
Before you go, I’d love to know if you own any FTs or intend to buy any soon.
Let me hear your thoughts in the comments.
Also, share this post with your friends, thank you!
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