Crypto News– Tottenham Hotspur and Chiliz Blockchain are set to join the ranks of English Premier League teams harnessing blockchain technology to introduce their own Web3 fan token, aimed at enhancing fan engagement and delivering rewards. This initiative will see Spurs collaborating with Socios.com, a fan engagement platform built on the Chiliz blockchain, which has already attracted the participation of more than 80 major sporting teams across various disciplines globally.
Tottenham Hotspur And Chiliz Blockchain To Launch Web3 Fan Token
The Socios.com platform empowers sports teams to create and manage fan tokens, digital collectibles, and tangible rewards, while also enabling users to take part in decisions akin to decentralized autonomous organizations related to their beloved teams. Tottenham Hotspur now joins an illustrious group of football giants including Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma, all of which have adopted blockchain technology to innovate their interactions with supporters.
As part of this launch, SPURS token holders will have the opportunity to engage in on-chain voting concerning various aspects of the team, such as potential changes to the team’s kit. Additionally, Spurs will establish a partnership with MatchWornShirt, a platform that facilitates auctions of jerseys worn by players during matches, with the authenticity of these items verified on the Chiliz blockchain.
In reference to this exciting partnership, Ryan Norys, Tottenham’s Commercial Sales Director, expressed that the fan token will complement the existing membership scheme by introducing a “new range of club-related rewards and experiences.”
CEO of Chiliz and Socios, Alexandre Dreyfus, revealed that discussions with Tottenham had been ongoing since 2022. He further explained that the club intends to utilize the Socios platform while concurrently integrating its fan token into its loyalty program and mobile app in the future.
The eagerly awaited SPURS tokens are scheduled for launch on October 4 and will be listed on cryptocurrency exchanges that support Chiliz tokens. For Socios users in the United Kingdom, it’s worth noting that disclaimers concerning fan token offerings will be mandatory starting from October 8. This adjustment is in response to the Financial Conduct Authority’s jurisdiction over the marketing of crypto asset promotions, necessitating stricter advertising regulations and investor disclaimer warnings regarding potential cryptocurrency and fan token investment risks.
Aside from Tottenham Hotspur, other Premier League clubs like Manchester City, Arsenal, Aston Villa, Everton, Leeds, and Crystal Palace also manage fan tokens on the Socios.com platform. Dreyfus mentioned that the ongoing bear market in the cryptocurrency sector has posed challenges in terms of onboarding new teams over the past year.
Fan tokens have emerged as a significant revenue stream for sports teams, representing a strategic move to harness digital technologies for enhancing user engagement. Chiliz, a key player in this arena, has reported that its blockchain platform has facilitated transactions amounting to over $400 million in revenue for teams and leagues since 2018.
Originally designed as an ERC-20 token ecosystem, Chiliz underwent a transformative shift in May 2023 by transitioning to its own layer-1 blockchain. This new blockchain is essentially a fork of the BNB Chain, a move aimed at enhancing its capabilities and improving the overall efficiency of the platform. The blockchain operates on a proof-of-stake authority consensus mechanism, a choice lauded for its ability to offer shorter block times, reduced transaction fees, and a lower environmental footprint compared to traditional proof-of-work systems. Furthermore, it boasts compatibility with the Ethereum Virtual Machine, enabling the utilization of familiar Ethereum development tools for building and deploying decentralized applications.
In a broader context, it’s not just football that is exploring the potential of blockchain technology in engaging fans. The International Cricket Council (ICC) is also delving into the realm of blockchain to elevate fan engagement during the highly anticipated 2023 Cricket World Cup in India. The Near Foundation’s blockchain operating system will play a pivotal role, serving as the underlying infrastructure for a Web3 fan engagement application throughout the six-week global cricket extravaganza.
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