Socios is a blockchain-enabled fan token platform that provides “Fan token” to the supporters and gives them a chance to be direct influencers on the decisions of their favourite team.
What are Fan tokens?
Fan tokens are digital assets that give fans (or the holders) special access to products and services offered by the respective sports entity. The experience provided by each entity can vary.
The fans owning the fan token can vote on different decisions offered, which gives them the feeling of being recognised as a fan. The products and services available for fan token holders include :
- Voting on Club decisions
- Vip experience, Vip tickets to matches
- Attend Exclusive team events, Team rewards, including merchandise
- In-app games and challenges which earn reward
Individuals can purchase fan tokens in exchange for Chiliz ($CHZ), the digital currency used to run the entire ecosystem of Socios that has fan tokens available. $CHZ are also listed on other platforms; can be transferred to Socios and also be exchanged to fiat currencies.
Fan Tokens can be freely traded with other Socios users, and some fan tokens can be traded on third-party exchanges. $CITY, $PSG, $ACM, $BAR, $OG, $ATM, $ASM, $JUV are all listed on Binance as of now.
A Short History on Fan Tokens
The first team to offer their fan tokens to the fan base were Italian Giants Juventus,$JUV, on 28 November 2019. They were launching at 165.87 Rupees per token and 78,000 $JUV distributed during Fan token offering. 2,343,789 $JUV are currently in circulation out of 19.9 million.
Paris Saint-German and Atletico Madrid followed Juventus launch in the early months of 2020. West Ham United was the first Premier League team to join Socios. As fans opposed the initiative, the deal didn’t materialise. Soon after, Turkish Giants Galatasaray and AS Roma rode the bandwagon.
The first E-sports franchise to partner with Socios was the European-based professional organisation OG ($OG), best known for its DOTA 2 team. Tennis, Motorsport, Cricket, Fighting, Basketball, Ice hockey and American Football all followed the footsteps of football in entering the world of blockchain-based fan engagement.
The Oldest and the prestigious award in world football, Ballon D’or joined the socios family on 26 November 2021.
There are Currently 108 teams and more than 1.2 million fans from over 165 countries using the Socios app to interact with these teams.
Fan token Offering(FTO®)
Fan Token Offering (FTO®) refers to the period when a fixed number of Fan Tokens are made available at a fixed price before they reach the marketplace. The purchased tokens are non-tradable. These tokens then get listed on the market during the fan token listing , where the tokens can be traded on Socios.
Each club releases a certain amount of coins from their total pool to keep the quantity limited and increase demand. Burning tokens is also a strategy used to increase demand in case of any special occasions.
List of Popular fan tokens in the market and their Price
How few teams got creative with the utility of these fan tokens.
Dynamo Zagreb allowed the fans who own their fan token to decide on Away kits worn for Next season.
To celebrate being crowned Premier League Champions for 2020/21, Manchester City asked $CITY Fan Token Holders on the Socios app to choose the most iconic goal scored at the Etihad during the season. Four lucky $CITY Fan Token holders were invited to the Etihad to watch the photograph being captured along with experiencing an exclusive behind-the-scenes stadium tour and opportunity to have their picture taken with the Premier League trophy.
Clubs like Atlético de Madrid , As Roma , Clube Atlético Mineiro and Fortuna Sittard asked their fans to decide the bus design for the season.
The Two time TI champions OG let their fan token holders decide who to interview from their entirely new roster team.
SOCIOS introduced Socios NFTs 2.0, a new way for Fan Token holders to own exclusive memorabilia both digitally & physically.The first team to make use of this feature was Alpha Romeo by giving signed gloves and helmets along with their Digital collectable.
The final verdict on Socios.com
The passive fan base across the world needs to be recognised and monetised. Socios brings the exact flavour to the table, connecting the passive fans to their favourite club and letting them make decisions, offering once in a lifetime experiences and much more. There are still a few shortcomings, especially the cryptocurrency market’s volatility. Still, fan tokens have revolutionised the way fans will interact with the clubs they love, and it is here to stay!