Fan Tokens: the cryptocurrency reshaping the business of Football

by admin@egaminglicense.com in Uncategorized on August 18, 2021

Article by Sebastian M. Kienle *Source

More and more football companies are using this blockchain technology to find new ways to engage with their fans while uncovering new monetisation methods.

Football is about passion. Fans love their teams and are willing to spend vast amounts of money to show that. This love and passion are the foundation of football as a business. For years, football teams have been turning those feelings into money: tickets, kits, merchandising, etc. For years, income sources have suffered very few changes, but new technologies are changing the panorama.

Blockchain is one of those technologies that has impacted the world and, of course, sports. Thanks to Blockchain, we have seen a new form of money: cryptocurrencies. Many people see those new forms of currency as the money of the future. Now, the sports industry has discovered that this technology can be used to rethink how organisations can connect with fans and find new sources of money, something even more crucial than before after the economic crisis triggered by the COVID pandemic. While many of us have heard about famous cryptocurrencies, such as BitCoin, others receive a different name: Tokens. Any fan can buy those tokens by paying “real” money through an App. In exchange, that fan will receive a certain amount of tokens that can be used as old-school money.

The price of the tokens can change over time. From time to time, clubs and their technology partners can decide to place more tokens in the market at a determined price. Just as companies usually do with their stock. That process is called Fan Token Offering. Perfect naming. And as you can do with stock, you can sell or exchange your tokens with other fans. In fact, they are buying a cryptocurrency that is converted into tokens thanks to an App.

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For fans, owning a token means that he will be able to access or buy certain things that can’t be purchased with “real money”. Literally, money-can’t-buy experiences, rewards and exclusive content. But also, they can have the “right” to vote regarding some decisions about the club: only token owners could vote for the bus design that Juventus uses to travel. This kind of experiences makes fans feel a deeper connection with the club, while the club can monetise their passion in a very organic way.

If Bitcoin is the king of cryptocurrencies, we can say the same about ChiliZ ($CHZ) and football. This cryptocurrency is behind the Socios app, which might be the biggest company that offers this kind of services to football clubs. Socios’ portfolio is just stunning: FC Barcelona, Paris Saint-Germain, Juventus or Atletico de Madrid are some of the teams using ChiliZ to further leverage their relationships with their fans.

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This comes to be even more important since there is the risk of losing that close relationship with fans since they cannot go to the stadium. Using this platform has allowed those clubs to find new ways to connect with their fans in the middle of the biggest crisis that modern football has suffered.

Tokens are helping clubs enlarge their fan base, especially in Asia, where cryptos are more common and where fanbases are rapidly growing. More and more clubs are using tokens, which has led ChiliZ to reach a market value that is now hovering above $1.3 billion. Shortly, tokens will be used for more and more things. What about paying for you soda and your sandwich in the stadium? And to use that credit in the club stores? Even to buy something on the club’s sponsor website. There is myriad of opportunities for football organisations to use this new technologies for football organisations to use this new technology to build new relationships with fans and do what they been doing since football became a business: tuning passion and love into money.

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Categories: Uncategorized