Lets have a shift from those days when the only access to your favourite sports teams was television sets. Now, with the invention of social networking sites like Facebook, Instagram and Youtube you can engage and connect with famous people non-stop. The crypto industry has built something even better. Forget about enjoying content passively, now you can actively participate in your favourite team’s decision and more using fan tokens. Popular teams in various sports like Formula One, Football, etc have issued their own fan tokens. Let’s unravel how you can own one and understand how they work!
What are fan tokens?
Fan tokens are a type of cryptocurrency designed to provide membership benefits to fandoms of sports teams, bands and other groups. Holders of fan tokens are often entitled to membership perks, such as access to exclusive content, prizes, experiences and the right to vote on club decisions.
Fan tokens provide a little bit of something for everyone. For fans, it’s the chance to determine, in some (often trivial and legally non-binding) way, the future of their favorite sports team or pop star, and speculate on their success in the web3 markets. For the sports team or pop star, it’s free money, baby!
Ownership of these tokens allows you to get into the inner circle of fans. Holders get access to a variety of exclusive voting access on different polls that dictate team decisions. These polls relate to decisions for match locations, tour bus designs, promotions, rewards, and merchandise designs. Owing more tokens gives you more voting power, thereby, giving fans the ability to influence their favourite team.
How do Fan Tokens function ?
Fan tokens are crypto assets that are issued by clubs, organisations, or teams for their fans. Ownership of these tokens allows you to get into the inner circle of fans. Holders get access to a variety of exclusive voting access on different polls that dictate team decisions. These polls relate to decisions for match locations, tour bus designs, promotions, rewards, and merchandise designs. Owing more tokens gives you more voting power, thereby, giving fans the ability to influence their favourite team.
Summary
You can buy the fan tokens during the FTO using the CHZ token on Socios. It is a native ERC20 utility token of the Chiliz blockchain that is secured by the Ethereum blockchain. The Socios platform also allows fans to engage with their football teams by connecting clubs and their fans. This helps the clubs to secure additional revenue streams that are digital, secure, and transparent. Just in case you missed the opportunity to buy fan tokens during the FTO.
