A cryptocurrency is often referred to as ‘coins’ or ‘tokens’. The purpose of it is to make possible the essential character that is designed to enable purchases, sales and other financial transactions. They are aimed to supply many of the same functions as long-established currencies.
The football tokens gained popularity during the booming of the cryptocurrency around 2019. The ownership of the fan tokens gives fans the opportunity to participate in fan-led decisions which is possible through a mobile voting platform, as well as taking part in club polls, winning prizes and gain a share of the vote when it comes to taking club decisions that are designed to spur increased fan engagement. The more tokens a fan holds, and they more they vote, the higher the clout rating of that fan.
The price of the tokens is not constant. Every once in a while, clubs and their technology partners gather and decide whether they want to put more tokens on the market at a fixed price. That is the exact same thing the companies usually do with their stocks. This process is called Fan Token Offering. And as you can sell or exchange your stock, you can do absolutely the same with your tokens and other fans. In fact, they are buying a cryptocurrency that is converted into tokens thanks to an App.
In spite of the nature of the fan tokens, that looked more like superficial, their commonness jumped high in the sky, as the time passed, since one of the biggest football clubs in Europe, such as Barcelona, Manchester City, AC Milan, Paris, ST.Germain and many others adopted the tokens.
Since the adoption of the tokens there was a boom witnessed as the COVID-19 pandemic was followed by hosting sporting events behind closed doors with empty stadiums. European soccer’s governing body, UEFA, predicted that major clubs would share losses of 8 billion euros ($9.7 billion) due to a lack of gate receipts and broadcasting revenues.
That lead to the necessity the major clubs to come up with a decision to take part of blockchain fan token platforms like Chiliz, hosts fan token offerings via the Socios website. The overall value of the fan token market across all platforms is currently worth $260 million — a 900% increase on the figure from this time last year, according to data from FanTokenStats.
The volatility of the value of the fan tokens, combined with the rising costs of a single match day, has made some of the fans feeling a little bit priced out of having their voices heard. The sports world also joined hands with nonfungible tokens in recent months, as the NFT trend cashed numerous sports organizations and brands which utilized the technology to auction unique fan experiences. Blockchains are now widely used in the sports world, not only for fan tokens but also for crypto betting.
Cryptocurrencies have completely revolutionised the way we do things changing every day processes, including gambling. Over the past few years, we’ve been witnessing more and more online casinos and sports betting websites take altcoins (and Bitcoin) on board, either alongside or in place of their fiat currency options. And that was only the very beginning. As Bitcoin and altcoin gaming are gaining wide popularity the Bitcoin sports betting industry is becoming extremely competitive with hundreds of sites to choose from in 2021, including anonymous casinos. Bitcoin and crypto sportsbooks have now become even more tempting due to fast deposits and withdrawals, low fees, and a larger selection of games that can be played using Bitcoin and altcoins.