At the moment Chiliz introduced a partnership with the Italian Soccer Federation (FIGC) to launch a blockchain fan token for the nation’s group on Socios.com in addition to a rewards app. The Italian group is the present UEFA Euro 2020 champion.
A fan token is just like a cryptocurrency versus non-fungible tokens (NFT) as a result of the fan tokens usually are not distinctive.
Socios has already launched fan tokens for a lot of main soccer golf equipment resembling Paris Saint-Germain (PSG), Manchester City and FC Barcelona. Famously, a part of Lionel Messi’s contract with PSG was paid utilizing fan tokens.
Based on Chiliz, Socios.com has generated greater than $150 million in income this 12 months from token gross sales.
Other than benefiting from potential worth positive aspects (or drops), fan tokens allow entry to voting, rewards, promotions and competitions.
The Italian federation will spend the cash generated by the partnership on enhancing sports activities amenities across the nation. Socios may even be the title sponsor for the Ladies’s Italian Cup for the subsequent two years.
“This partnership will permit us to broaden our relationship with our followers, offering new engagement alternatives and the prospect for followers to be rewarded,” mentioned the President of the FIGC Gabriele Gravina.
“It’s additionally one other essential step in persevering with the event venture of Italian soccer, as a result of it’ll permit us to speculate into new assets at a grassroots degree. The partnership will permit us to help the event of youth soccer and your entire motion, from the bottom to the highest of the pyramid.”
The nationwide groups of Argentina and Portugal have additionally beforehand partnered with Socios.
Whereas Socios initially centered on fan tokens for soccer, it has since diversified and now targets different sports activities and can also be launching NFTs. It made a significant push into the USA, touchdown offers with 24 NBA basketball groups, together with the LA Lakers. Nonetheless, the U.S. offers are for fan engagement somewhat than tokens due to the uncertainty about whether or not tokens are thought of as securities in the USA.
Socios has dominated the fan token sector, however its success has now attracted competitors from Turkey’s Bitci and the world’s greatest cryptocurrency trade Binance.