Everton $EFC and Aston Villa $AVL Fan Tokens are set to launch before the week’s end on the socios.com APP. This follows an announcement by socios.com on merging with La Liga for its Fan Token.
What Are Fan Tokens and Their Use Case?
Fan tokens are a type of NFT that is a digital-only asset. Fan tokens are volatile assets, and their value can change in an instant. They are few and available on a first-come, first-serve basis.
Fans of different football clubs and teams use these fan tokens to influence the decision of their favourite sports clubs and teams. They also access VIP experiences, compete for rewards, digital trade tokens, and chat with other fans worldwide.
When fans use the socios.com app, they are given Fan tokens. The more fans use the platform, the more points they accumulate. These points count towards individual fan Power scores, which are changed into $SSU loyalty tokens. Fans can now use the points in the Socios.com shop to get exclusive match experiences.
How Are the Fan Tokens Minted?
Socios.com crypto platform creates these Fan Tokens (kind of NFTs) for its fan users. The platform uses geolocation technology that places the tokens at millions of Points of interest. There are six question marks(?) icons on the platform that the user is required to tap on one of them.
The icon then reveals the Fan Token on the screen, which activates the AR hunt mode, which releases the tokens. The user then taps the fan tokens to add them to the wallet in the App. Fan Tokens are also tradable on the exchanges. This is because they also share with other cryptos a behaviour for wild price swings.
How NFTS Impact the Sports Industry
Blockchain-based fan tokens have allowed a new wave of fan support. Football clubs can retain and monetize their fan base without changing their corporate structure by issuing fan tokens.
Fan tokens have been there before but never used until Barcelona launched their tokens in June 2020, which were later sold within hours, generating the club 1.2million pounds. These encouraged other teams to offer their fan tokens too. Everton and Aston Villa are no exception.
However, this is an opportunity for NFTs to lure themselves into the sports industry, which has shaken the art market. Currently, NBA is selling digitally signed game video clips for $100,000. This has also incited Nike to sell certified sneakers to verify the authenticity of their shoes called CryptoKicks.
Sorare is a fantasy soccer game that uses NFTs to represent individual players. Activity on the sorare platform picked up so well in 2020. The growth quickly accelerated in 2021, with volumes exceeding $15million and more than 8000 monthly users.
It is finally clear that NFTs are taking over, especially utility tokens. However, the question is, are NFTs bubbles? Though too early to draw conclusions
Final Thought
With the upcoming launch of Everton and Aston Villa Fan Tokens, it is clear that the new technologies are looking for new fertile grounds for their advancement and possibly an increasingly possible mass.