Cryptocurrencies have expanded in use cases and are gaining traction in different industries, including entertainment, fashion, and sports. In particular, the sports world is among the areas that adopt crypto the most. A unique way to unite the crypto industry with their world was through fan tokens. In this post, we’ll take a look at Lawrence Mike Woriji’s list of must-watch fan tokens from the Altcoin Buzz team…
What are fan tokens?
Fan or fan tokens are cryptocurrencies that give their holders access to a wide variety of fan-related membership benefits. Some of these benefits are: voting for club decisions, rewards, item designs, exclusive experiences. The world of sports is all about a sense of ownership, and these tokens offer fans a chance to interact with their favorite teams. As such, fan tokens are useful for sports clubs, music fan clubs, and other groups, and they can be leveraged to coordinate events, elect club officials, and much more.
Fan tokens, unlike NFTs, consist of exchangeable tokens. As a result, fans, VIP experiences, club merchandise, etc. They can trade these tokens like a regular fiat currency to buy items. Fan tokens also contribute significantly to strengthening a club community. Therefore, fans often cling to these tokens during high-performing moments. These tokens work differently from cryptos like Bitcoin or Ethereum. They get their value based on participation. For example, Argentina’s fan token rose in value during the World Cup due to the team’s incredible performance.
What are among the popular fan tokens?
In this space, the Chiliz token was the first to hit the scene, and other projects have popped up since then. In this post, the analyst analyzes three prominent fan tokens, but some of the more popular fan tokens are as follows:
- Manchester City Fan Token,
- AC Milan Fan Token,
- Juventus Fan Token,
- Professional Fighters League Fan Token
- Paris Saint-Germain Fan Token
- FC Barcelona Fan Token
- Galatasaray Fan Token
How do fan tokens work?
Fans can buy and sell cryptocurrencies just like regular cryptocurrencies. However, the seller sets the price of the fan token during a trade. Users are given the ability to vote on various topics related to their preferred club, provided they have a certain number of fan tokens available to use. So these tokens make fans feel more connected to the team they already love The club leaves most of these issues to vote, some of which are:
- Match locations
- tour bus designs
- Ticket
- Product design of a club
- MVP categories
First fan token on the analyst’s list: SS Lazio
cryptocoin.com As we reported, SS Lazio has its own fan token known as the LAZIO token, which is another Binance Launchpad project. The Italian professional sports team has won two Serie A titles, seven Coppa Italia titles, three Supercoppa Italiana titles, a UEFA Cup Winners’ Cup and a UEFA Super Cup. Lazio is a pretty big club in Italy and very well established. Lazio is currently second in Italian Seria A.
Alpine token also attracts attention
Alpine F1 Team Fan Token is a BEP-20 token on Binance Smart Chain (BSC). This token is most familiar to Formula 1 fans. BWT Alpine F1 fans who own the token have a chance to enjoy a number of benefits. The token was made available on Binance Launchpad in early 2022 and gives holders access to voting rights as well as exclusive experiences. ALPINE tokens also come with a limited number of NFTs that holders can stake to receive rewards. The token also provides its holders with other unique experiences, including one-on-one meetings with the team and signed products.
Last coin on the list: Porto
The PORTO fan token is a reward token designed for the fans of the Portuguese club. Porto is one of the most successful teams in Portugal. The token was launched on the Binance network on November 6, 2021. FC Porto was founded in 1983. The team is known for having a large fan base and being the second richest football team in Portugal. Like other tokens, owning this token gives club fans access to some of the aforementioned benefits. Although Porto lags behind Benfica, they continue to compete for the league title. This could mean more use cases for token holders, such as special events.
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