What are Fan tokens? Tokens are generally assets that can represent proof of ownership or even membership. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens. Socios.com is an app for football (soccer) fans, where users acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.
How do Fan tokens work? Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the chiliZ and Socios.com platform. In launching their platform, alongside other sports blockchain ventures, a new category of token has emerged — the Fan Token. Once onboard the Socios.com platform, yet to-be-announced club partners host what has been called a Fan Token Offering (FTO). Fans must purchase $CHZ via a cryptocurrency exchange in order to acquire Fan Tokens. These tokens — which are specific to a team or club — are a finite, digital asset that provide access to an encrypted ledger of voting and membership rights ownership.
S.S.C Napoli in partnership with Chiliz, the leading blockchain providers for the sports and entertainment industry, have officially announced that they will launch a $NAP Fan Token on the fan engagement and rewards app Socios.com.
The $NAP Fan Token will grant I Partenopei worldwide unprecedented access to the club. Engagement opportunities for $NAP Fan Token holders will include the chance to vote in interactive club polls on the Socios.com app.
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Fan TokensFan tokens are a form of cryptocurrency that gives holders access to a variety of fan-related membership perks like voting on club decisions, rewards, merchandise designs and unique experiences.