Sports teams are creating tokenized systems for their fans as they strive to increase fan participation in various processes around the team.
Tokens enable a range of use cases in a sports team set up, and the adoption of these tokenized systems will introduce crypto trading to the sports community.
Galatasaray announces fan tokens
Turkish football giants, Galatasaray S.K, have announced that they will be launching an Ethereum based token for the club’s fans. The token comes out of a partnership between the Turkish club and Socios, a sports-centric blockchain platform.
Socios is a part of the ChiliZ tokenization platform, which is responsible for creating several fan tokens for sports teams around the world.
Galatasaray is one of the biggest teams in Turkish football, and the football club comes with a rich 110 year history. The Turkish club is the only one from its country to win the coveted UEFA Champions League trophy, and this places it among Europe’s football elite.
Having such a huge club join the Socios platform will give the blockchain startup extra credibility, and it could influence more football teams to create their own fan tokens through the platform.
Fan tokens and Socios’ mobile application
Galatasaray’s fan tokens will be launched through Socios, and the club’s faithful can receive some benefits and rewards through the use of these tokens.
Fans will be able to receive rewards and bonuses through the token system. The tokens also give holder voting rights on certain aspects of the club’s business.
Socios provides a mobile application through which fans can engage with available aspects of their favorite football club using the tokens they would have purchased.
Galatasaray said that its fans will be able to use their tokens to vote on issues pertaining to new product designs, in-stadium experiences, matchday activities, collaborations, sponsorship campaigns, and social media content, among other things.
Fans that hold more tokens will have more influence over the results of any vote that the club puts to its fans. Users that are more active on the application will receive more rewards for their active participation.
This will encourage fans to make use of the application, and reap the benefits of the rewards program set up by the club and Socios. Received rewards can be cashed in for once in a lifetime club experiences, or for exclusive prizes that have been set by the club.
The fan tokens can be purchased using a credit card on the Socios.com website. The tokens will be made available through a fan token offering (FTO).
Fans can expect to start using the tokens for engagement with club products in the upcoming football season.