More and more people are using the blockchain. In fact, as of April this year, Statista reported that there were 82 million blockchain wallet users. Blockchain technology is gradually being used in many different forms, such as digital storage and smart contracts, but its main use is still as the technology behind cryptocurrency.
Cryptocurrencies are digital currencies that are traded on the blockchain, with Bitcoin and Dogecoin being two well known coins. Yet the digital currency is expanding and creating new forms that cannot be mined. One example of this is the fan token, which is a digital asset aimed at sports fans of certain teams.
What are fan tokens?
Fan tokens are digital assets on the blockchain that can be bought with their native cryptocurrency: Chiliz (CHZ). As its name implies, owning more tokens heightens your prestige as a fan.
If you’re a dedicated sports fan, having fan tokens can be likened to having a platinum membership card as it allows you to show your ‘fan status’ while getting exclusive perks and benefits. Those who own fan tokens are granted access to certain official, fan-related membership perks not available to regular supporters. The more tokens you hold, the more benefits you can expect to enjoy.
Uses and benefits of fan tokens
Fan tokens are fungible, meaning they can be exchanged. You can use these to get VIP experiences, official sports club merchandise, and the like. Additionally, fan token holders are offered exclusive perks just for showing their support. These can include exclusive promotions and VIP rewards.
Because they’re digital assets, fan tokens are also a useful way for teams to create a greater connection with their fans worldwide. Socios reports that fan tokens give owners the power to impact official decisions within their favorite team. Some examples include the exterior design of the team bus or choosing new team kits. Other teams have gone as far to allow fans to make choices about the team motto, warm-up music, and the locker room decorations. And in some cases, even the starting team. This makes fans part of the team in a way that wasn’t possible before.
How to buy fan tokens
To buy fan tokens, you first need to acquire CHZ tokens, which can be bought on crypto exchange platforms. Once you get your CHZ coins, they can now be used to buy fan tokens on the Socios app or website. In the U.S. fans of MLS can purchase fan tokens for 13 teams including LA Galaxy, Seattle Sounders FC, and Atlanta United. Other major soccer teams that offer fan tokens are Man City, FC Barcelona, and PSG. Fans of the New England Patriots are also able to purchase tokens. Aside from purchasing them, you can also swap or trade these fan tokens on the Chillz website or Socios platform.
Fan tokens are a special way for sports fans to get perks and show their support for their favorite team. As more teams sign up for fan tokens we can expect greater choices for supporters. And with the 2022 FIFA World Cup only a few months away there is talk of a dedicated World Cup token being available. What is clear is that fan tokens are the future of sports in terms of supporter engagement.
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