Fan tokens offer a new way for fans to become active participants in the sports ecosystem they love. With the rise of fantasy sports, any fan can monetize their knowledge and fandom. Fan tokens offer a new opportunity for a “sports currency,” and there are many different use cases to unlock.
Thanks to blockchain technology, there are all sorts of new possibilities. A fan can purchase an NFT from their favorite musician, which guarantees a meet-and-greet. A musician could also offer a private chat with fans who bought a specific amount of their fan tokens. As you’ll see, fan tokens give holders access to unique experiences, benefits, and rewards.
What are fan tokens?
What exactly are fan tokens, and why do they matter? It’s simple: fan tokens are cryptocurrencies that offer fan-related perks such as membership to a fan club, discounts on merchandise, or the ability to vote on club decisions. While we will be speaking about fan tokens as a sports currency, the truth is that fan tokens can apply to much more: music fans, artist fans, influencer fans, and more.
When it comes to sports currency, one of the giants in the cryptocurrency space is Socios. Socios is a blockchain-based platform that has partnered with some of the world’s biggest sports teams and clubs to offer fan tokens. They’ve launched tokens for famous soccer clubs like Arsenal, Manchester City, Barcelona, and beyond.
A sports currency can also help create new revenue streams for sports clubs, teams, or leagues. A team could drop an NFT collection to help raise money, for example, or use the money raised through their fan tokens to recruit more high-profile or elite players.
Active fan engagement is here
Typically, the fan experience is one-sided. You might begin admiring an artist or an athlete for several years, and begin purchasing the products they endorse, or wearing clothing from companies that sponsor them. With sports currency, the fan-first experience offers many new possibilities.
With sports currency, fans can “bet” on upcoming events through fan tokens, and NFTs can offer access to exclusive events or parties. Fans can also purchase tokens of teams that they feel are currently undervalued, and hold those fan tokens as a long-term investment. There are more possibilities to be an active fan than ever before. Thanks to fan tokens, fans can participate in their favorite team’s success in a more meaningful way.
Offering governance to fans
There’s something else to consider. What if fan-first experiences eventually went to the next level and ended up leading to fans making important decisions for a sports team, club, or organization? While it might seem far-fetched now, we may soon live in a future where that’s completely possible.
It’s impossible to downplay how much sports currency could potentially disrupt the entire industry. We know many of the people who own sports teams are billionaires who have amassed a tremendous amount of wealth. What if “the people” could own a sports team and help influence decisions along with the players?
We’re already seeing what sports currency can do thanks to platforms like Socios. Fans can help make decisions regarding names, designs, and even charitable donations. The demand clearly exists, with sports fans already spending millions on sports currency.
The truth is that we are probably a long way from fans “owning” a team, but fan tokens certainly seem to be the future of unique sports fan experiences for years to come.
About the Author
Michael Hearne
About Decentral Publishing
Decentral Publishing is dedicated to producing content through our blog, eBooks, and docu-series to help our readers deepen their knowledge of cryptocurrency and related topics. Do you have a fresh perspective or any other topics worth discussing? Keep the conversation going with us online at: Facebook, Twitter, Instagram, and LinkedIn.
