Will Football Fan Tokens Start the Next Crypto Boom?
Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.
The long-awaited quadrennial football event finally kicked off on November 21, 2022. As the biggest football game in the world, the tournament is expected to attract over five billion viewers worldwide. Unlike previous tournaments, this year’s football carnival features many sponsorships from crypto. For instance, the logo of Binance is on the jersey of the Argentina National Football Team, and Crypto.com has become an official sponsor of the tournament. This is not the first collaboration between crypto and the world’s most influential sports event. Back in 2018, the market saw cryptos related to the tournament.
Behind the football feast is a massive viewership with invaluable business opportunities. This year, many teams and clubs participating in the matches have issued fan tokens. As the trending event unfolds, fan tokens could drive away the present sluggishness of the market and start a new boom in crypto investment.
What are fan tokens?
Essentially, fan tokens are a type of cryptocurrency designed to provide exclusive benefits for the fans of sports teams, bands, and other commercial groups.
For example, football fans can show their support by holding fan tokens issued by their favorite team or club. Fan token holders often enjoy certain VIP privileges, including access to limited-edition goods, tickets to football matches, etc. They can even influence the decision-making of the team or club to a certain extent. For example, holders of BAR (FC Barcelona Fan Token) got to choose the song playlist on match days; fans holding CITY (Manchester City Fan Token) could decide on the design of football kits.
The value of fan tokens
Fan tokens, a kind of social token, are an extension of the Web2.0 fan economy, and a tokenized manifestation of Web3.0 social networking. Fan tokens effectively connect the huge fan base with celebrities and creators, and allow fans to get involved in the operation of the community, making their voices heard.
Focusing on blockchain investment, ViaBTC Capital’s investment team believes that: “A major reason for tokenizing socializing is to monetize ‘community influence’. Through social tokens, both issuers and holders can benefit from ‘influence’ more directly. Moreover, as a catalyst, tokens can help content creators quickly get through their infancy.”
Where can I trade fan tokens?
Right now, most fan tokens focus on entertainment and sports. As the quadrennial football event unfolds, driven by the massive fan base of the global football community, fan tokens are likely to surpass meme coins in terms of popularity as a new favorite in the crypto market. Fans interested in fan tokens can trade them on CoinEx.
Committed to the vision of “Making Crypto Trading Easier”, CoinEx is a global cryptocurrency exchange offering a wide range of products that include spot, futures, and crypto finance. Additionally, the exchange also set up a special trading segment for fan tokens to help fans keep track of market movements effortlessly.
Fan tokens demonstrate many Web3.0 features. Unlike fans doing volunteer work in Web2.0, in the Web3.0 world, they can get such benefits as VIP privileges, token revenue, and profits distributed by the issuer. Finally, let’s finish with the conclusion of ViaBTC Capital: “The rise of fan tokens has created new ways of generating value on social media. Fan tokens, which create a symbiotic relationship between creators and their followers, play a key role in decentralized socializing. In the future, social tokens might deliver enormous value.”
* This article offers no financial advice.