NFT continues to see growing usage as possible applications of the technology are recognized in areas ranging from sports entertainment to real estate.

One sub-sector of this market that saw a boom on February 28th is fan token projects, a protocol that allows holders to participate in the management of their favorite sports brands and receive specialized NFTs with other unique redeemable items.

Top 7 coins with the strongest gains in 24 hours.

Data from TradingView shows that the 3 tokens that have increased the most in the last 24 hours are FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR) and Atletico De Madrid Fan Token (ATM), all of which are Fan Tokens belonging to the exchange are Chilliz Formula (CHZ).

The three reasons why the price of these fan tokens have skyrocketed include the partnership between Socios and the Union of European Football Associations (UEFA), the growing attention paid to football as round-robin games become more popular, and the nature of the World Cup underway and the popularity of the NFT is combined with the most watched sport in the world.

Cooperation with UEFA

The recently announced partnership between UEFA, the governing body of European football, and Socios, a protocol focused on creating fan tokens, could be a catalyst for the current rally.

The partnership is currently under contract until 2024 and Socios will become a regional sponsor of the Champions League, the most popular tournament organized by UEFA.

Through this partnership, Fan Tokens will be freely available to Fan Token holders from clubs participating in the Champions League, Europa League and Europa Conference League.

Club fans holding Fan Tokens have a chance to win a free VIP or NFT experience during live play as long as they hold their tokens in the Socios app.

Competitions are running

The second reason for the strength of many fan tokens is the ongoing football season and the anticipation of the World Cup season, which is set to begin on November 21, 2022.

The football season typically lasts from August to May, meaning that the season is three quarters complete and teams and their fans are now awaiting a possible title game.

Excitement for football is also growing as World Cup qualifiers are now underway ahead of the 2022 World Cup, which is due to take place in Qatar from November 21st to December 17th.

Soccer is the most popular sport on the planet, which makes it ideal for applying fan token technology to better interact with fans and usher in a new era of the sport.

The growing popularity of NFT

The third factor driving the rise of fan tokens is the overall popularity of NFT, which continues to gain popularity with new use cases.

Sports collectibles have long been a hallmark in many different areas of the market, from cards to in-game gear autographed by players who have used them.

As digital technology continues to integrate into all aspects of daily life, it is now reshaping the world of collectibles by creating unique digital items that are stored on the blockchain.

With Fan Tokens, holders can now receive NFTs generated in real-time during live games and in extremely limited quantities, offering a level of rarity never before seen in pre-recorded sports memorabilia.

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