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Glossary

Fan Token

November 21, 2023 - Around 3 mins mins to read

When it comes to engaging with sports teams, fans have always been an integral part of the experience. However, the advent of blockchain technology has introduced a new way for fans to connect with their favorite soccer clubs – fan tokens. But what exactly are fan tokens and how do they work?

Fan tokens are a type of digital currency that grants users various membership benefits associated with a soccer club. These benefits can include discounts, prizes, the ability to vote on kit designs and club decisions, and access to unique experiences provided by the sports team. In other words, fan tokens provide fans with a way to not only support their favorite team financially but also actively participate in shaping the club’s future.

The pioneer in the creation of fan tokens is the Chiliz mobile application, Socios. This platform enables Socios users to participate in voting for ideas and decisions related to specific sports teams, such as changes to uniform designs and team matches. The use of smart contracts on the Chiliz blockchain allows Socios users to engage in the decision-making process of the clubs. To acquire fan tokens, users must first purchase Chiliz (CHZ), which can then be traded on various exchanges.

But what exactly can fans do with these tokens? Sports teams utilize fan tokens to offer fans VIP benefits, including opportunities to meet their favorite players and access premium box seats during games. The more fan tokens a user possesses, the higher their chances of receiving exclusive prizes and gaining voting power for their preferred team.

Through a mobile voting platform, holders of fan tokens can participate in fan-driven choices and become part of an exclusive inner circle of fans who share similar passions and perspectives. The number of tokens a fan holds and the number of votes they cast contribute to their clout rating, allowing them to progress through reward tiers and gain access to the most exclusive VIP privileges.

It’s important to note that while most fan tokens are available on Socios.com, some can also be found on popular centralized exchanges (CEX). However, not all fan tokens may meet the necessary certification or requirements for listing on these exchanges.

Similar to other cryptocurrencies, the value of fan tokens can fluctuate based on supply and demand. This means that the price of a fan token can increase or decrease depending on factors such as the team’s activities, new player signings, managerial changes, and league performance. Let’s take the example of the Paris Saint-Germain Fan Token (PSG). Following Lionel Messi’s transfer from Barcelona to PSG, the price of the PSG token experienced a significant increase of over 300% in just a few days. However, once the transfer was completed, the price dropped, only to surge again a few days later. This demonstrates how major events within the club can have a direct impact on the price of a fan token.

When considering any investment, it is important to assess the value and potential solutions of the product. In the case of fan tokens, their utility is primarily limited to the specific perks offered by sports teams. However, for passionate fans looking to actively engage with their favorite clubs and have a say in their decision-making process, fan tokens provide an exciting opportunity to be a part of something bigger than just being a spectator.

Author

Coincu

Glossary

Fan Token

When it comes to engaging with sports teams, fans have always been an integral part of the experience. However, the advent of blockchain technology has introduced a new way for fans to connect with their favorite soccer clubs – fan tokens. But what exactly are fan tokens and how do they work?

Fan tokens are a type of digital currency that grants users various membership benefits associated with a soccer club. These benefits can include discounts, prizes, the ability to vote on kit designs and club decisions, and access to unique experiences provided by the sports team. In other words, fan tokens provide fans with a way to not only support their favorite team financially but also actively participate in shaping the club’s future.

The pioneer in the creation of fan tokens is the Chiliz mobile application, Socios. This platform enables Socios users to participate in voting for ideas and decisions related to specific sports teams, such as changes to uniform designs and team matches. The use of smart contracts on the Chiliz blockchain allows Socios users to engage in the decision-making process of the clubs. To acquire fan tokens, users must first purchase Chiliz (CHZ), which can then be traded on various exchanges.

But what exactly can fans do with these tokens? Sports teams utilize fan tokens to offer fans VIP benefits, including opportunities to meet their favorite players and access premium box seats during games. The more fan tokens a user possesses, the higher their chances of receiving exclusive prizes and gaining voting power for their preferred team.

Through a mobile voting platform, holders of fan tokens can participate in fan-driven choices and become part of an exclusive inner circle of fans who share similar passions and perspectives. The number of tokens a fan holds and the number of votes they cast contribute to their clout rating, allowing them to progress through reward tiers and gain access to the most exclusive VIP privileges.

It’s important to note that while most fan tokens are available on Socios.com, some can also be found on popular centralized exchanges (CEX). However, not all fan tokens may meet the necessary certification or requirements for listing on these exchanges.

Similar to other cryptocurrencies, the value of fan tokens can fluctuate based on supply and demand. This means that the price of a fan token can increase or decrease depending on factors such as the team’s activities, new player signings, managerial changes, and league performance. Let’s take the example of the Paris Saint-Germain Fan Token (PSG). Following Lionel Messi’s transfer from Barcelona to PSG, the price of the PSG token experienced a significant increase of over 300% in just a few days. However, once the transfer was completed, the price dropped, only to surge again a few days later. This demonstrates how major events within the club can have a direct impact on the price of a fan token.

When considering any investment, it is important to assess the value and potential solutions of the product. In the case of fan tokens, their utility is primarily limited to the specific perks offered by sports teams. However, for passionate fans looking to actively engage with their favorite clubs and have a say in their decision-making process, fan tokens provide an exciting opportunity to be a part of something bigger than just being a spectator.

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