Fan tokens of the European football clubs Juventus and Paris Saint Germain surged 160 and 80 percent in value after their launch on the Binance cryptocurrency exchange. Their trading volume over the first 24 hours spiked to 300 million dollars. This initial success paves the way for more fan tokens launching on exchanges.
Fans and traders can trade these fan tokens within the Socios app against the native currency CHZ. In addition traders can use CHZ on cryptocurrency exchanges, including Binance. With the launch of PSG and JUV traders can now use these fan tokens on Binance as well.
In the past 24 hours the value of the JUV tokens increased 15 percent against BTC to $21.61. At the same time the PSG token gained 30 percent value against BTC to $24.33.
What is Socios?
Socios is a fan token platform made by Chiliz (CHZ). Socios creates these fan tokens in partnership with football clubs, and holding these tokens gives people voting rights on community matters. Fans can earn matchday tickets, digital rewards and exclusive experience by being active on the Socios platform. Seeing the trading volume, there’s clearly a demand for these types of reward programs.
Last year a number of major football clubs joined Socios. Among them are Turkish powerhouse Galatasaray, Athletico de Madrid, Southampton, West Ham United, Newcastle United, AS Roma and FC Barcelona. In addition there are tokens of several esports organizations and Socios also taps into fighting sports thanks to deals with the PFL and UFC.
Football becoming big on the blockchain
Over the past year we have seen plenty of football action on the blockchain. With Sorare there’s one fantasy football game that stands out from the crowd. They’ve been selling millions of dollars worth of collectible football cards, which players can use in their bi-weekly fantasy football games.
Yesterday Animoca Brands announced a partnership with the City Group. They will create games and digital collectibles surrounding Manchester City and Melbourne City FC.
Recently Atari announced that it will bring the classic Kick Off series to the blockchain. Earlier this summer a virtual world cup inside Decentraland attracted quite an audience. At the same time gamers are currently testing Soccer Manager Elite in a closed beta.
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