What is Fan Token?
Let's find out Fan Token meaning, definition in crypto, what is Fan Token, and all other detailed facts.
A fan token provides voting rights on kit designs and club decisions, as well as allows holders to be a part of a unique experience provided by the sports team.
This means that fan tokens can be utilized by sports teams to give fans the opportunity to get VIP advantages like meet and greets and premium box sets during a game. The number of tokens determines the possibilities that the fan might get or the ability to vote for their favorite team and get different prizes.
Shareholdings of fan tokens enable fans to partake in fan-led decisions while also functioning as a ticket into a protected, exclusive inner circle of fans who hold common interests and viewpoints via a mobile voting platform.
Furthermore, the more tokens a fan possesses and the more votes they submit, the greater their clout rating becomes, propelling them through the reward levels until they have admission to the most special VIP privileges accessible.
The main platform associated with fan tokens is Socios, which is a Chiliz-based decentralized sports fan influence and engagement app. To obtain fan tokens on the platform, users are obligated to first purchase Chiliz (CHZ), which can be found on multiple exchange platforms.
Even though the majority of fan tokens are accessible on Socios.com, popular ones, like Paris Saint-German Fan Token (PSG), can also be found on the leading crypto exchanges. However, there are some that can’t be listed because they are not verified or tangible enough.
Besides, do keep in mind that the utility of each fan token is restricted to the specific sports team the token is created for. Moreover, like many other cryptocurrencies, fan token values can either increase or decrease as a result of supply and demand.
A few football enthusiasts that are familiar with these tokens have indicated that prices are influenced by the team’s performance or movements. This may be shown in new player signings, management changes, and league results.
For instance, the PSG token had a +300% price increase a couple of days after one of the best football players in the world, Lionel Messi, transferred from the Spanish team, Barcelona, to the French club, PSG. The PSG token's price plummeted once the transfer was completed, but it spiked again a few days after.