European soccer fans spent millions on crypto-based fan tokens

Because it is important: Soccer has some of the most dedicated fans on the planet, many of whom will go out of their way to show their support. Twenty-four soccer teams from various European leagues are working with Socios, a crypto-based fan engagement and rewards company, to sell team-specific NFTs and tokens to fans around the world. Since then, the tokens and NFT have raised hundreds of millions in sales, providing fans with exclusive artwork, loyalty perks, and voting participation.

How much are exclusive pieces of digital art and team-branded digital tokens worth to soccer fans? The answer, according to a recent BBC story. report, it is more than $ 300 million.

Club-specific cryptocurrency tokens, available through Partners, are currently offered for 24 different teams in the Premier League and other European leagues. Tokens allow fans to claim various benefits specified by participating teams, which can play a direct role in their determined value. This fluctuation has led to the tokens being often traded for profit like many other popular cryptocurrencies.

According to Socios’ chief strategy officer, Max Robinovich, the tokens were designed to be held and used to reward fans rather than trade them for profit. These benefits include anything from the ability to vote on the music pumped through the stadium to 5 percent discounts on items at digital equipment stores and giveaways of free tickets. Some teams have also branched out into non-fungible tokens (NFTs), unique digital images on the blockchain that fans can own.

Some skeptics have raised concerns about the safety and use of these tokens, citing everything from a lack of buyer protection and regulation to what some have deemed negligible rewards. The fact that each club owns the majority of its issued tokens has also become a point of contention. Despite these concerns, Socios claims to have sold more than $ 300 million in tokens through its app, which gives users the possibility to buy or win them as prizes through the virtual game of the application, Token Hunt.

While many teams have latched onto what some see as a money grab, not all are taking the opportunity to cash in on virtual assets. A spokesperson for Brighton and Hove Albion clearly stated that his organization has not entered or does not intend to enter the token market.

Image Credit: Soccer ball by jarmoluk, United Partners by Socios.com