Argentina is the latest international team to release fan tokens while some traditional fans feel left behind.
Yesterday, Les Bleus was the latest soccer team to introduce crypto with the introduction of non-fungible tokens (NFTs) that tokenize the players on the France national team.
Many other sports organizations have already stepped into the crypto space through the introduction of fan tokens on Socios.com. These include the eSports team OG, the Formula 1 team Aston Martin, the Ultimate Fighting Championship and a long list of soccer teams like Manchester City, Barcelona and Juventus.
Fan tokens generate additional income for clubs and connect them to their fan base. Token holders can use a mobile app to access chat forums, games and competitions, and to participate in fan-led decisions about the club.
As a fan owns more tokens and votes more, they can move up through the reward levels and gain access to VIP benefits. This includes invitations to events, meet & greets and access to collectable club items.
And the tokens seem to have proven popular. CHZ, the cryptocurrency required to purchase fan tokens on Socios.com, saw its price jump 5,000% in the first quarter of 2021. In fact, over $ 150 million in fan token sales were made this year.
The latest team to launch fan tokens is the Argentina national soccer team, which attracted a lot of buyers. The users of the Socios.com app increased by 50% after the introduction of the ARG token. The initial shipment of 400,000 ARG sold out quickly, leading to the release of a second batch that sold out in just 30 seconds.
While there is certainly a huge demand for fan tokens, not all are on board with the innovation. Socios.com’s first foray into English football when it partnered with West Ham in 2019 met resistance.
West Ham supporters believed the partnership was just an excuse to make money with fans, and the Football Supporters’ Association declined on the grounds that fan engagement should remain free.
Although the West Ham deal failed, Socios.com CEO Alexandre Dreyfus claimed this was due to COVID-19 and a focus on larger international teams rather than fan backlash.
While die-hard local fans may be offended when Socios.com users are described as “superfans” and the app’s idea that fans can somehow be ranked based on their level of commitment to the team, there is no doubt that the platform is popular with many others is fans and fan tokens are here to stay.