Since 2016, the concept of fan tokens on the blockchain came to play. The idea being that fans would be rewarded for going to games, purchasing merchandise, and fan tokens. These tokens aim to give a bigger voice to the fans of the club.
According to CoinMarketCap, there are currently 38 different fan tokens on the market. The largest is the Paris Saint-Germain Fan Token, with a total market cap of $76m. The majority of these tokens have been built on the Chiliz blockchain and are run by a project named Socios.
These tokens vary in utility but allow fans to exercise their share of influence in their favorite clubs. The Paris Saint-Germain Fan Token holders can, for example, vote on which song plays after a goal celebration.
Some of these tokens have seen great success in the marketplace, especially earlier this year. The recent success of these tokens caught the eye of Binance who now hope to take over the market.
Binance has launched the Fan Token Platform with their first part, S.S. Lazio. This Italian team will utilize these tokens to boost exposure and usage and “create a more meaningful fan engagement experience for the club’s supporters – through unique and engagement-based rewards, interactivity, gamification, and more.”
The video of the partnership with S.S. Lazio also states fan token holders will have the ability to obtain unique NFTs related to the team. Recently, NFTs have boosted in popularity and these types of collectibles could potentially hold great value.
The S.S.Lazio Fan Tokens will be available to Binance users through the Binance Launchpad. These tokens will be on the Binance Smart Chain which has low transaction fees.
The token sale is set to start in just over one week’s time, with the Fan Token Platform hinting at more clubs to come. If successful, these fan tokens could spread throughout all sports and competitions.