Football fan tokens pump after Socios hits back of net with UEFA partnership
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Football crypto social tokens, aka “Fan Tokens”, have been surging just lately, and a recent partnership between UEFA and Socios, the protocol behind them, is likely at least one of the driving factors.
Socios is a blockchain platform based in Malta and is powered by the Chiliz (CHZ) token built on Ethereum. The project enables fans to buy crypto tokens tied to specific professional sports teams – mainly top European football teams at this stage.
In a nutshell, the way that works is: fans buy the CHZ currency then can convert that to the respective fan tokens they want, which gives them special club privileges, redeemables (e.g. see tweet below) and governance rights to vote on various club-related decisions.
🇭🇷 New @gnkdinamo NFT
Be the only fan in the world to own the physical & digital version of the shirt Mislav Orsić wore against West Ham.
— Socios.com (@socios) February 11, 2022
✍️ You have the power to extend the contract of one player.
Who are you choosing?
— Socios.com (@socios) February 28, 2022
The partnership with UEFA (Union of European Football Associations), which is contracted until the end of 2024, is a very big deal as it makes Socios a sponsor for the Champions League – the most prestigious annual club competition in Europe, if not the world.
And through that collaboration, Fan Tokens will be made available for free to Fan Token holders of clubs participating in the Champions League as well as the Europa League and the Europa Conference League.
Additionally, club fans who hold Fan Tokens on the Socios app will also have the chance to win VIP experiences or free NFTs that drop during live games.
💫A New Era
We are thrilled to announce that UEFA Club Competition Fan Tokens are coming to the Socios App.
— Socios.com (@socios) February 15, 2022
At the time of writing, the Paris Saint-Germain Fan Token (PSG) has the highest market cap of all Socios’ football fan tokens, at US$49.7 million having gained about 13% over the past week.
By far the biggest movers in this category across the past seven days, however, are FC Barcelona Fan Token (BAR): +55%; Santos FC Fan Token (SANTOS): 42%; and Napoli Fan Token (NAP): 20%.
The Chiliz (CHZ) token itself meanwhile is also experiencing a daily (9%) and weekly (14%) surge.