Premier League Team Spurs Joins Blockchain Trend
Tottenham Hotspur is set to enter the world of blockchain technology by issuing its own Web3 fan token. The token, which will be used to drive supporter engagement and rewards, will be launched through Socios.com on the Chilliz blockchain. This move follows in the footsteps of other prominent teams such as Manchester City, Arsenal, Barcelona, and Paris Saint-Germain, who have already embraced blockchain to enhance their relationship with fans.
Interactive Fan Experience and Real-World Rewards
The partnership with Socios.com will enable Tottenham Hotspur to offer its fans a range of interactive experiences and rewards through the fan token. Token holders will have the opportunity to participate in onchain voting on important team decisions, including kit changes. Additionally, the club will collaborate with MatchWornShit, a platform that auctions off jerseys worn by players and authenticates them on the Chiliz blockchain.
Integration with Loyalty Programme and Mobile App
Tottenham Hotspur plans to integrate its fan token with its existing loyalty programme and mobile app in the future. By doing so, the club aims to further enhance engagement and provide fans with even more exclusive rewards and experiences.
Fan Tokens as a Revenue Source
Blockchain technology has become a lucrative revenue stream for sports teams, with fan tokens playing a significant role. According to Chiliz, the company behind the Socios platform, its blockchain ecosystem has generated over $400 million in revenue for teams and leagues since 2018. The introduction of the $SPURS fan token is expected to further contribute to this trend.
Listing and Regulatory Considerations
The $SPURS tokens will be launched on october 4 and will be listed on cryptocurrency exchanges that support Chiliz tokens. However, due to regulations imposed by the Financial Conduct Authority (FCA), which oversees cryptoasset promotions, UK users of Socios will see disclaimers on fan token offerings starting from October 8. The FCA's stricter rules aim to provide investors with more protection and warn them about the risks associated with investing in cryptocurrencies or fan tokens.
Expansion of Blockchain in Sports
Blockchain technology is gaining traction in the sports industry, not just in football but also in cricket. The International Cricket Council plans to leverage blockchain to enhance fan engagement during the upcoming 2023 Cricket World Cup in India. The NEAR Foundation's blockchain operating system will be utilized to develop a Web3 fan engagement app for the tournament.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/bitcoin-halving-to-increase-bitcoin-mining-costs-to-30k
