Fan tokens are on the rise once again, and football fans across the world are showing their support via soaring digital asset prices. Fan tokens are a unique form of digital assets that can be kept, traded, or used to gain special privileges. An article on Yahoo Finance pointed out that PSG fan token prices surged by 65% as a result of fan sentiment towards the team’s performance. Manchester City’s fan tokens were also up by 56.3%, with a market cap of $25.21m.
So, what’s all the hype about? Are fan tokens just more financial tools, like another Bitcoin? Surprisingly, there’s actually quite a bit more to fan tokens than meets the eye. These digital assets seem to be taking over the fan experience in ways that the market hadn’t anticipated. So with all that in mind, here’s a brief look below:
Digital assets and collectibles are expanding into dedicated fan spaces
A previous article on Epik discussed an example of how decentralized digital collectibles have entered into the world of gaming to provide new kinds of in-game experiences through non-fungible tokens, or NFTs. The platform connects one billion gamers with 300 game companies that offer crypto-based games and limited edition NFTs.
In the sports industry, digital assets are also changing the way things are being done. According to a recent Sports Industry Outlook report, it’s suggested that NFTs will become a common ticketing option for sports events in the imminent future. The study confirmed that many sports organizations are looking at the possibility of using blockchain-based tickets.
Fan tokens are growing in popularity
Sports enthusiasts now show support to their favorite teams by buying fan tokens. These fan tokens are set apart from regular collectibles because they now allow collectors to gain certain privileges. For example, owning a Socios fan token, which is available for big sports teams like Paris Saint-Germain or Manchester City, comes with voting rights to influence club decisions, as well as access to VIP rewards and exclusive promotions. Fan tokens are a fun way to support sports teams with a little added exclusivity.
Season ticket members can now collect NFTs
As stated earlier, there is the possibility of using NFTs as a possible ticketing option in sports events, and now the concept is being taken even further. Sporting events season ticket members, or STMs, are also being considered as a market for NFTs. When people are normal STMs, they have added benefits like access to special events in the real world. With STMs NFTs, holders of such items could gain special access to VIP areas in the virtual world, exclusive VIP seats and engage with their favorite players in the virtual world. In addition, STMs could get special edition collectible NFTs for each event they attend.
New loyalty programs in the digital sphere
Digital assets may seem like the next step for loyalty programs, and they very well could be. The more fan tokens a collector acquires, the more benefits they’re awarded. This can be a good avenue for revenue, and could entice collectors to invest more in the team or company as they feel rewarded for their loyalty. Digital assets can also keep collectors excited and on the lookout for the teams’ new offerings. Sports is no stranger to new tech, and with associations like the Premier League opening the door to more crypto and digital asset partnerships, we could well be on the way to a digital future.
With digital assets like NFTs and fan tokens, enthusiasts can show their support and celebrate their favorite teams, both in the real and virtual world. Join in and engage with your favorite team and players and make the most of what the digital fan experience has to offer.
Elora is PR and Outreach Manager at Crunchoid Inc. Outside of work, Elora enjoys Flywheel, tacos, the tennis, and adventuring around the globe.