More and more people are using the blockchain. In fact, in 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 primary use is still the technology behind cryptocurrency.
Cryptocurrencies are digital currencies that are traded on the blockchain, Bitcoin and Dogecoin being two well-known coins. Yet digital currency is growing and creating new forms that cannot be exploited. An example of this is the fan token, which is a digital asset for sports fans of certain teams.
What are Fan Tokens?
Fan Tokens are digital assets on the blockchain that can be purchased with their native cryptocurrency: Chiliz (CHZ). As the name suggests, owning more tokens increases your prestige as a fan.
If you’re a dedicated sports fan, having Fan Tokens can be likened to a Platinum Membership Card, as it allows you to show off your “fan status” while enjoying exclusive perks and perks. Those who own Fan Tokens have access to certain official fan-related benefits that are 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 traded. You can use them to get VIP experiences, official sports club merchandise, and more. Additionally, Fan Token holders are offered exclusive perks just to show their support. These may include exclusive promotions and VIP rewards.
Because they are digital assets, Fan Tokens are also a useful way for teams to create a greater connection with their fans around the world. Socios reports that fan tokens give owners the power to influence official decisions within their favorite team. Some examples include the exterior design of the team bus or the choice of new team kits. Other teams have gone as far as allowing fans to make choices regarding team motto, warm-up music, and locker room decorations. And in some cases, even the starting team. This allows fans to be part of the team in a way that wasn’t possible before.
How to Buy Fan Tokens
To buy fan tokens, you must first acquire CHZ tokens, which can be purchased on crypto exchanges. Once you have obtained your CHZ Coins, they can now be used to purchase Fan Tokens on the Socios app or website. In the United States, MLS fans can purchase fan tokens for 13 teams, including LA Galaxy, Seattle Sounders FC and Atlanta United. Other major football teams that offer fan tokens are Man City, FC Barcelona and PSG. New England Patriots fans can also purchase tokens. Apart from buying them, you can also redeem or trade these Fan Tokens on the Chillz website or the 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 more choice for supporters. And with the 2022 FIFA World Cup just a few months away, there is talk of the availability of a dedicated World Cup token. What is clear is that fan tokens are the future of sports in terms of fan engagement.