If you are an ardent supporter of a football team, diehard motor racing aficionado or even a tennis player you might be interested in buying a fan token. Fan tokens claim to allow fans of the team to become closer to their idols, get involved in decision making and receive special privileges. They also, of course, allow your favourite sporting club or organization to raise money. It is reported that Arsenal raised over 5 million dollars by issuing their fan tokens. Let’s take a look at what are fan tokens, the mechanics of these new crypto assets and see if they are of interest to people outside sports fanatics.
WHERE TO BUY FAN TOKENS
Fan tokens are initially sold by the issuing team via a company such as Socios (https://www.socios.com/). At the FTO (fan token offering) they are sold at a set price and then allowed to be traded according to market demand.
For example, you might buy a token for your team for two dollars, then trade it or keep it. Most tokens have some kind of privileges attached to them, maybe access to areas of a stadium or voting on some club policy. Many fan tokens also have prize draws and offers of exclusive merchandise. Socios.com also has an application which allows holders to participate in quizzes and other activities related to their club/team/sport. To actually buy fan tokens you need to purchase CHZ. This is a coin that runs on the ethereum blockchain and is the main trading partner for fan tokens.
The CHILIZ.NET exchange has a huge number of fan tokens on offer and joining is fairly simple. You can refer to our guide for how to join (HOW TO JOIN CHILIZ EXCHANGE). With the CHZ you have purchased you can buy or sell fan tokens. Some of the bigger fan tokens are also available to trade on other exchanges such as Binance or FTX. For example, the hugely popular Manchester City fan token (CITY) trades on both Binance and FTX. However, for the small clubs or less well known sports, Chiliz is the main exchange.
ARE FAN TOKENS FOR ME?
Fan tokens are not NFTs. That is to say they are all the same and are in many ways similar other fungible ( mutually interchangeable) entities. Where they differ is the perks and privileges they offer. These perks and privileges might be worth paying for, for some individuals and not worth it for others. By buying CITY tokens you will not be on the touchline directing play, nor will you be operating on the transfer market. The most you will be deciding is a design on a bus or a way to celebrate a goal. As an investment, along with much of the crypto market, they are speculative and can both rise and fall quite quickly. Nonetheless, they could be fun to purchase, especially if you are a keen sports fan. Don’t look upon them as a retirement plan, but as a way to engage with your sporting heroes.
Fan tokens would appear to be here to stay, and will most likely prove popular among a certain group of enthusiasts. Let’s see what opportunities they provide beyond traditional means for engaging with your favourite sports teams and players. The possibilities are endless.
SOME OF THE MORE POPULAR FAN TOKENS
If you would like to know a little more, then here is a short video from the official SOCIOS YouTube Channel to explain:
If you would like to join CHILIZ.NET exchange to get some fan tokens, then please click on CHILIZ.NET to use our referral link, thank you. Dont forget to also check out our post about how to simply join Chiliz Exchange. You can find it HERE.
