Cryptocurrency has made way into every aspect of human endeavour including sports. It first strolled into the hearts of clairvoyant individuals who could clearly see the potentials it had and over time, has won the heart of global businesses and firms. Now it has crept into the world of sports. Fan tokens and cryptocurrency in general is fast becoming a household thing in the world of sports. Many football clubs have begun to launch their own fan tokens after the successful launch of sports crypto/NFT- Chiliz. Chiliz is in fact the most successful sports-related cryptocurrency. It surged by 75 percent within the time frame of 24 hours after its launch and by 380 percent within 7 days after it was launched. Sports tokens are becoming mainstream and may even become a means of paying sports men and women in the future.
One of the world’s most skilled and revered footballers- Cristiano Ronaldo has received about 770 Juventus coin (JUV) ahead of the club’s match against Benevento on Sunday as a way of celebrating his record-breaking goal milestone. This makes it the first time the footballer or any footballer would receive remuneration in cryptocurrency.
Manchester City recently launched its own fan token called CITY which was created in partnership with Socios; the creator of football-based token Chiliz. Fan tokens are basically an outlet for fans of both traditional and online sports to be able to engage and crowd-fund their best teams, leagues, events and everything football-related. Through the Socios app which hosts Chiliz and other new fan tokens (more are to come), Juventus fans can be able to use $JUV to support and interact with the football club. After the successful launch of Chiliz, experts projected that many football clubs would want to launch their own fan token. This is already beginning to happen as many clubs are going into partnerships with Socios to create their own fan tokens. Football clubs who are already in partnerships with Socios include; Juventus, Galatasaray, Atletico de Madrid, CA Independente, AS Roma, FC Barcelona, Paris Saint-Germain (PSG), Apollon Limassol and e-sports organizations- Tean Heretics and OG.
Football’s (and extensively sports) integration with the blockchain technology will increase economic opportunities and football clubs would take advantage of the teeming audience to create collaborations with big brands in the crypto world.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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