Sports fans around the world have always looked for ways to not only watch their favourite team play, but also to try and feel part of the team they love. With the introduction of fan tokens, supporters can now have a greater influence than they’ve ever been able to have!
What Are Fan Tokens?
Fan tokens are digital assets which give the holders (normally sports fans) access to products and services which would otherwise be inaccessible. The products and services available for fan token holders vary from fan-related membership perks, such as:
- Voting on club decisions
- Giving opinions about merchandise design
- Having the chance to win unique experiences together with the club in question
- They can be seen as utility tokens (which is one of the main categories of tokens alongside security tokens). Others within the cryptocurrency world would rather say that fan tokens are now in a category of their own.
- These tokens can be purchased in exchange for Chiliz ($CHZ) - the digital currency being used on platforms, such as Socios.com, which have fan tokens available. They can also be exchanged to fiat currencies via other platforms.
- There are currently more than 1.2 million fans from over 165 countries using fan tokens on the Socios.com app to interact with the clubs they follow. They are something many sports clubs have chosen to start offering as a tool to increase fan engagement.
- Another added bonus for the clubs getting on board is that since these tokens are available globally, fans from all over the world have a chance to influence decisions being taken by the club via the app. The more tokens fan groups own, the more voting rights they have.
When Did Fan Tokens start?
The first team to offer fan tokens to their global family of supporters were Italian giants Juventus, back in 28th November 2019. Launching at approximately €2 each, 20 million tokens were to be offered worldwide. They were only available through Socios.com and could only be traded in the platform’s native token $CHZ.
Following Juventus’ launch, other clubs followed suit during the early months of 2020. Paris Saint-Germain and Atlético Madrid were the next two. West Ham became the first Premier League club to offer fan tokens as they launched them in February 2020 alongside Galatasaray and AS Roma.
Later on in March 2020, fan tokens made their debut in the esports world as Socios partnered with OG for their FTO (Fan Token Offering).
What Use Does a Fan Token Have?
Each club can decide how their fan tokens can be used. Some clubs have offered token holders the opportunity for a walkabout experience at their favourite team’s stadium; others have allowed the fans to choose the song to be played at the stadium when the home team scores a goal. The possibilities for the clubs are endless.
In addition to the above, as fan engagement increases, fan token holders will rise in the ranks and have a higher possibility of winning greater rewards offered by the club.
Some investors also choose fan tokens as a high-risk investment which has the possibility to generate profits, especially if the market for a particular fan token has the potential of creating scarcity.
Where Can I Buy Fan Tokens?
The most popular trading platform to buy fan tokens is most certainly Socios.com. However, it is not the only one. Other platforms such as Binance and Bitci are also offering the opportunity to purchase fan tokens, and the portion of people who are using these alternative platforms is growing.
How Do You Get Socios Fan Tokens?
Here’s a step-by-step guide to getting your first fan tokens on Socios.com:
Step 1 – Download the Socios.com Mobile App
- First things first. You’ll need to download the Socios.com app from the App Store or the Google Play Store, provided the app is available in your territory.
Step 2 – Set Up Socios.com Account
- You’ll need to enter your mobile number, create a username and submit an email address. At a later stage, you will also need a valid ID card/passport or driving licence.
- The first step is to enter your mobile number and an SMS verification code so as to be able to proceed. The rest of this step includes verifying your email address, identity, postal address, and a source of funds document.
Step 3 – Get Chiliz
- The Socios.com app makes it easy for users to complete this step by having an in-built wallet. All you will need to do is access the app’s wallet page and purchase the amount of Chiliz you wish. You will be able to choose a preferred method of payment and pay through the app itself.
Step 4 – Get Fan Tokens
- The last step will be to exchange the Chiliz for fan tokens by tapping ‘Trading’ at the top of the screen, then choose the fan token you wish to purchase. Each token price will fluctuate depending on the market and the laws of supply and demand.
- The only time a fan token’s price will be fixed is during a Fan Token Offering (FTO). This occurs before the tokens are available to the general market. A limited number of fan tokens will be offered at a fixed price for a limited amount of time.
- Given their popularity, these tokens normally sell out before they reach the marketplace. Once they do reach it, then the marketplace rules of supply and demand will come into play, and the prices will vary accordingly.
- You may check out which FTOs are available from a dedicated page on Socios.com or by following the clubs who will be launching their fan tokens for more info.
Which Are the Most Popular Football Club Fan Tokens?
|Football Club||Fan Token|
Most famously, Paris Saint-Germain decided to include $PSG fan tokens in Lionel Messi’s ‘welcome package’ when he signed for the club in the summer of 2021. The simple speculation that Messi could have joined PSG sent the tokens' worth up by around 130% in the days surrounding the transfer.
This could have been seen by some as a way to make personal financial gain from the situation. However, it is not too different to the way financial stocks react to big news.
Apart from making the news for breaking many records, Cristiano Ronaldo also made the news in 2021 as he was the first player to be rewarded fan tokens. He received 770 $JUV for breaking a goalscoring record.
Fan Tokens in the English Premier League
As fan tokens become more popular, more Premier League clubs have decided to get on board and offer their fans the opportunity for more engagement. Some, such as Arsenal and Crystal Palace, have even opted to give their season ticket holders or members the chance to redeem free tokens as part of the initial sale. This means that their most esteemed fans can influence other fans to find out more about these digital tokens.
At the time of writing, these are the clubs who are offering their supporters the opportunity to buy fan tokens:
Each club has chosen to partner with Socios.com to create Socios fan tokens. It is up to the club to determine what benefits to give to the owners of these new tokens. Since their launch, we’ve seen clubs organise engagement polls, trade tokens for club merchandise, as well as offer VIP experiences to some lucky token holders.
You Might Also Be Interested in..
- All this talk about cryptocurrencies and fan tokens might get you wondering whether there are any betting sites which accept payments in crypto as stakes on bets. In that case, we have got the article you are looking for in our own UK crypto betting guide.
- If you are not sure what to make of a particular bookmaker, you can check out our bookmakers reviews, where we have a detailed roundup of the pros and cons of over 50 bookmakers.
- At some point in the future, there might also be the possibility to place a bet on how well a fan token does. This could be possible on betting sites that host financial spread betting. If this interests you, we suggest having a look at our spread betting guide.
- If financial betting is not your thing, but betting on politics is, then we have got you covered with our list of the best politics betting sites to choose from.
Fan Tokens FAQs
We might have said so about a year ago, but with over 1.5 millions fans already using fan tokens and new clubs launching week in week out, we’d say that they’re here to stay.
If you wish to buy the tokens off Socios.com, then you will. However, there are other platforms that allow you to purchase fan tokens using fiat currencies too.
FTo stands for ‘Fan Token Offering'. It refers to a set amount of fan tokens which will be available for a fixed price and for a limited amount of time before the tokens reach the general market.
Chiliz ($CHZ) are utility tokens on the Ethereum blockchain and serve as a digital currency.
No – there are tokens for esports teams as well as fighting leagues, such as PFL and UFC.
ThePuntersPage Final Say
Just in time to serve as a lifeline for the larger clubs that depend on the revenues generated by their fans at the stadiums and in merchandising stores, fan tokens have taken the market by storm and don't appear to be slowing down. From allowing fans to actively support their favourite team in new ways or as a financial investment, fan tokens have revolutionised the way supporters can interact with the clubs they love!