Chiliz Fan Token partners AS Roma, FC Barcelona and Atletico Madrid saw their clubs’ Fan Token prices explode in value following Socios.com’s partnership with UEFA.
Non-fungible tokens (NFTs) continue to see growing popularity as possible use case applications of the technology are recognized in a variety of areas such as sports, art, music entertainment and real estate.
One sub-sector of this market that roared higher on February 28th is fan token projects. Fan Tokens allow their owners to participate in the management of their favorite sports brands by voting in fan polls. They can receive specialized NFTs with other unique redeemable items.
Top 7 coins with the strongest gains in 24 hours. Six of these are Fan Tokens.
The TradingView data above shows that the 3 tokens that have increased the most in the last 24 hours are the FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR) and Atletico De Madrid Fan Token (ATM). All of these football clubs partnered with Chiliz (CHZ) to launch their Fan Tokens.
There are three main reasons why the price of these fan tokens have surged recently, including the partnership between Socios and the Union of European Football Associations (UEFA), the growing attention now being paid to football as fan excitement builds leading up to the World Cup and the growing popularity of NFTs being released in the most watched sport in the world.
Socios Deal with UEFA
On February 15th, a partnership was announced between UEFA, the governing body of European football, and Socios.com, a protocol focused on creating fan tokens. With the agreement, Socios becomes the Official Fan Token Partner of UEFA.
The partnership is under contract until 2024 and Socios will become a regional sponsor of the Champions League, the most popular tournament organized by UEFA.
Through this partnership, Fan Tokens will be available to Fan Token holders from clubs participating in the Champions League, Europa League and Europa Conference League.
Token owners have a chance to win a free VIP or NFT experience during live play, as long as they hold their tokens in the Socios app.
World Cup Qualifiers
The second reason for the strength of many fan tokens is the ongoing football season and the anticipation of the World Cup, which is set to start on November 21, 2022.
The football season typically lasts from August to May, so the season is three quarters complete and teams and their fans are now awaiting a possible title game.
Excitement for football is also growing as World Cup qualifiers are now underway ahead of the 2022 World Cup, which is scheduled to take place in Qatar from November 21st through December 18th.
Football is the most popular sport on the planet, which makes it ideal for using fan token technology to better interact with and reward fans. They might even usher in a new era for the sport.
NFTs Growing Popularity
The third factor driving the rise in fan token prices is the overall popularity of NFTs, which continue to gain support as new use cases are discovered.
Sports collectibles have long been a hallmark in many different areas of the market, with cards and player autographed gear being highly desirable.
As digital technology continues to integrate into all aspects of daily life, it is now reshaping the world of sports collectibles by creating unique digital items that are stored on the blockchain.
With Fan Tokens, holders can now receive NFTs generated in real-time during live games and in extremely limited quantities, offering a level of rarity never before seen in traditional sports memorabilia. In October, AC Milan became the first sports team to release “in game” NFTs during their match against AS Roma.
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