At press time, the total market capitalization of fan tokens adds up to $384 million.
The token OG surged over 240% in price in the last 7 days.
The crypto market, at present, continues to witness astounding surges from low-cap altcoins alongside the top cryptocurrencies. Bitcoin’s consolidation, Ethereum’s anticipated Shanghai upgrade, new protocol launches, and exchange listings are registered as the reasons. Particularly, the memecoins initiated a strong trend wave in the sector in the last week – Dogecoin on top with Elon Musk’s Twitter play.
Surprisingly, the unique set of cryptocurrencies — “Fan Tokens” — climb up to the top ranks as the top trending cryptocurrencies on CoinMarketCap. The Q2 2023 has got prominent football and e-sports league matches lined up in the schedule.
Multiple factors influence the trend and price surge of these tokens. First, the popularity and fandom strength. Second, the clubs or teams’ position in their corresponding leagues or games at the time period. These two are spotted as the prime factors that spurred the spike in the tokens’ trend. At the time of writing, CoinMarketCap featured the following fan tokens – native to renowned football clubs and e-sports clubs.
Top 3 Trending Fan Tokens
OG Fan Token (OG)
OG Fan Token (OG) ranks first on the list of top trending cryptocurrencies, as per CoinMarketCap. Remarkably, this crypto hit its 23-month-high of $14.92 on April 9.
This token is native to the fandom of its parent organization OG. OG is a popular European esports organization crowned with great popularity and dominance in Dota 2— a MOBA-based video game— and Counter-Strike: Global Offensive (CS: GO) — a shooter game. Also, OG is a well-known rival of Berlin-based G2 e-Sports and US-based TSM teams. Currently, OG Dota 2 team is contending in the Dreams League 2023
OG Fan Token (OG) Price Chart (Source: CoinMarketCap)
As per CMC, OG displayed a surge of over 241% in the last 7 days. At the time of writing, 3,857,913 OG – out of the fixed supply of 5 million – were in circulation with each token price at $9.36.
Paris Saint-Germain Fan Token (PSG)
PSG is the native cryptocurrency created for the fandom of Paris Saint-Germain Football Club, which was founded in 1971. This Parisian FC onboarded the world’s top players such as Lionel Messi and Kylian Mbappé. At present, it captured the football fandom’s major attention with its fiery matches in the French Ligue 1 series. At press time, Paris Saint-Germain leads Ligue 1 by holding the first position.
Paris Saint-Germain Fan Token (PSG) Price Chart (Source: CoinMarketCap)
At the time of writing, as per CMC, PSG traded at $5.53 with a circulation of over 4.84 million. The token has a fixed supply of 20 million.
Juventus Fan Token (JUV)
Juventus Fan Token (JUV) is the cryptocurrency reserved for the fandom of the Italian FC Juventus, popularly known as the Juve. It is one of the oldest football clubs existing since the 1890s — established in 1897. The fans of Juventus await the team’s victories in the Europa League and Coppa Italia. In UEFA Europa League, currently, Juventus held the seventh position in Series A.
Juventus Fan Token (JUV) Price Chart (Source: CoinMarketCap)
At press time, the Juve fandom had exposure to 4,411,222 JUV tokens with each token trading at $3.32. Similar to PSG, JUV had a fixed supply cap of 20 million.
What are Fan Tokens?
Fan tokens are a unique set of cryptocurrencies that are exclusively created for dedicated fandoms of diverse kinds — from football FCs and F1 races to e-sports. To sum up, these are proof of ownership and membership. By holding them, users are entitled to special privileges in the official club’s decisions, favorite celebrity events, and merchandise. Also, the main objective of fan tokens is to monetize the fandom with lucrative rewards.
Unlike non-fungible tokens (NFT), these tokens are fungible. That is, these are replaceable and exchangeable. Most of them, including the tokens mentioned above, are built on the Chiliz, an EVM-compatible blockchain. In general, these cryptocurrencies are launched through fan token offerings (FTO) on specific platforms and marketplaces. Especially, OG, PSG, and JUV can be purchased via the famed fan token platform “Socios.” This platform allows users to buy, sell and exchange a wide variety of fan tokens with the help of CHZ, the native cryptocurrency of Chiliz.
