Soccer fans have generated huge profits both for their love clubs and for the platform Socioscom a company specialized in blockchains the main issuer of fan tokens or fan tokens.
According to the company the purchase of tokens by fans amounts to close to USD 350 million This was revealed by the company to the BBC newspaper network although it did not make public how much of that money goes to the clubs
It is worth remembering that fan tokens are offered as a vehicle to closely link football fans with each of their clubs and national teams
Among the advantages that these crypto assets give to their holders we can mention discounts exclusive promotions contests and the possibility of interacting with other followers of the club in the Socioscom app According to the company they have around 13 million users spread over more than 160 countries around the world
As reported in CriptoNoticias the most important football clubs and teams in the world have joined the fan tokens Among those are the Latin Americans Atlas FC and Club Santos Laguna from Mexico Club Millonarios from Colombia and others such as the Argentine Racing Club On the other side of the Atlantic in Europe are Manchester City Barcelona Atlético de Madrid and Arsenal among others
This is a market that has grown and other platforms have also addressed it Among those is the bitcoin BTC exchange Binance which launched a fan token of the Italian team Lazio and became its sponsor The same happened with the Portuguese club Porto FC
An investigation by Protos a company specializing in investments with cryptocurrencies showed that soccer teams reserve the vast majority of tokens instead of selling them to fans which distorts the market This is what Protos press director David Canellis told the BBC
Among the data provided by Canellis they highlight that the value of the tokens held by the 13 main clubs together exceeds USD 19 billion but individual buyers are currently only worth 376 million dollars
Being small market cap tokens they are highly volatile and speculators are aware of that The Protos representative is convinced that much of the trading in the fan token markets is driven exclusively by people seeking shortterm profit
On the volatility of these tokens CriptoNoticias reported how the price of the PSG fan token increased considerably in a few hours in August of this year when it began to be rumored that the soccer player Lionel Messi would start playing there
The BBC report is accompanied by testimonies from soccer fans who say they do not know how fan tokens and cryptocurrencies work in general
Socioscom executive Max Rabinovitch noted that the platform and tokens were designed to serve as an opportunity to receive benefits for fans and not to be exchanged This individual would like the benefits that clubs offer to fan token holders to be greater and not participate in irrelevant voting such as deciding which song should be heard in the stadium when the team retires.
Although Socioscom says that they are not financial assets to be traded the company works together with the Chiliz exchange which bears the same name as the blockchain on which its fan tokens are issued In this exchange house fanatic tokens can be traded in exchange for other cryptocurrencies Also other exchanges such as Binance have incorporated fan tokens to their trading platform.