Socios Partners With La Liga As Fan Token Partner

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The crypto community is in a season of strategic business partnerships. Just recently, Socios.com and La Liga league announced that they have entered into a partnership. This partnership will create significant opportunities for more than 800 million fans globally. The fans get to engage actively with Socios platform’s blockchain technology solutions and products. This move is also deemed to make the creators of Fan tokens become the world’s best engagement partner in the Spain premier football league (La Liga).

What is Socios?

Socios is a blockchain fan engagement and rewards AR app platform. Socios.com App, is owned by Chiliz, a company whose crypto $CHZ is used for buying Socio Fan Tokens. The company gives football fans access to engage with their favorite teams and clubs using a cryptocurrency called Fan Token. 

La Liga fans use Fan Tokens to vote in exclusive club polls. Moreover, they get to connect with other fans around the globe through chats. They also get easy access to unique brands such as signed jerseys, free tickets, and lifetime VIP opportunities. This amounts to huge returns for Socios and La Liga.

The App has gained popularity quickly with 1.2 million downloads since its launch in 2019. It also has over 900,000 active users globally. Fans can access this App on their Android phones on the Google Play store.

What are Fan Tokens?

Fan Tokens are a type of cryptos that holders use to vote on mostly minor issues related to their clubs. Socios crypto platform creates these Tokens (kind of NFTs) for its fan users. Also, clubs and teams use the tokens as a source of new revenue. 

Fan Tokens are also tradable on the exchanges. This is because they also share cryptos’ behavior for wild price swings. However, several highly profiled business and entertainment figures like Tesla boss Elon Musk, twitter founder, and rapper Jay-Z have rallied their support for the Token.

The tokens have generated over $200 million for clubs that have partnered with Socios. PSG football club is enjoying this revenue from the just concluded Messi deal. As for the teams, the revenue is shared 50-50 as an incentive after the sales of their tokens. 

How Can the Fans Access the Fan Token?

Socios.com Fan Token uses a geolocation technology that places $CHZ and Fan tokens at millions of “Points of Interest” (POI) across the globe. Despite the users’ location, six-question mark icons appear when they join the platform’s Daily global hunt. 

The users tap on any of the question marks icons appearing on the screen. The Icon then reveals on screen as either $CHZ or Fan Tokens. This activates the AR hunt mode, which releases the token. The user then taps the tokens to add them into their App wallet. $CHZ is also a cryptocurrency for sports tokenization.

Other Partnerships by Socios

Socios has over 45 other partnerships in football, cricket, motor racing, NBA basketball, and mixed martial arts. The company enjoys revenue of over $150 million from these partnerships and is looking to expand this by making more partnerships in the sporting industry.