In the ever-expanding universe of cryptocurrencies, Tether (USDT) has emerged as a significant player. Tether (USDT) is a cryptocurrency that serves as a stable coin, pegged to fiat currency, specifically the US dollar. It was created to provide stability in the cryptocurrency world, allowing users to conduct transactions without being subject to significant price fluctuations, and for storing and transferring value within the cryptocurrency space. Over the years, it has become one of the most popular cryptocurrencies among traders and investors, holding a special significance in the cryptocurrency market. In this article, we will explore what Tether is, how to buy and store it, and delve into the key aspects of using this cryptocurrency.
Crypto Fan Tokens: what are they and how do they work? Most Popular Fan Tokens
What are Crypto Fan Tokens?
Various sports clubs such as Paris Saint-Germain, AC Milan, FC Porto, FC Barcelona and others have created fan tokens (digital assets) through Socios.com. Founded by a company of the same name, Socios.com is a blockchain provider for the global sports and entertainment industry. Socios has expressed its intention to expand globally in the coming years and focus on launching many more fan tokens.
Many clubs involve fans who own their fan token to make various decisions regarding the club. These decisions may include what music is played before a match, what images are used on social media, or the design of the players' bus.
In addition, fan tokens often give fans the opportunity to win special prizes. For example, in some clubs you can win a VIP tour or meeting, there is also a chance to win collectibles and goods, or you may be invited to certain events. There may be scenarios in the future where fans can use fan tokens to buy beer at stadiums or identify a new away jersey.
Fan tokens are cryptocurrency tokens of various football clubs, teams, sports organizations, musical groups and even singers, which, in essence, make it possible to monetize the relationship between fans and their idols.
Fan tokens are made as a regular cryptocurrency of the ERC20 standard, Tron TRC20 or any other. At first glance, it is not very different from DOGE, Shiba Inu, BNB, ETH and the rest of the crypto. They can be bought, sold, or exchanged for another crypto. Quite often, fan tokens are considered as a means of investment, but, perhaps, they are very risky, like any startups.
The history of the appearance of fan tokens
The first fan tokens appeared with the beginning of the Covid-19 pandemic, when any football matches, music concerts, etc. were banned from the general public. Sports and culture began to lose their main sources of income, so they started looking for new ones.
So, in June 2020, FC Barcelona are issuing the first fan tokens in order to motivate their fans financially. The football club entered into an agreement with the Socios.com blockchain platform to issue its tokens. Within 2 hours from the issue, all tokens were sold out, bringing in $1,300,000 in revenue. Since then, many football clubs, sports and esports teams, singers, music bands, etc. have started to issue Crypto Fan Tokens.
With fan tokens, fans/fans can actively participate in the life of their favorite team/group, no matter where they are. And teams, groups, artists at the same time receive additional income.
Fan tokens have become very popular in music, where fans are looking forward to the release of new tokens. Depending on the imagination of the creators, Fan Tokens will give fans numerous opportunities. For example, fans can take part in voting for the location and date of their favorite band or artist's next concert, win interesting prizes, receive bonuses or discounts, or get celebrity autographs.
Based on the statistics of the CryptoSlam resource, in a very short time, fan tokens have replaced NFT tokens from the list of interests of many crypto owners. Now the trading volume of Fan Tokens is several times higher than NFT tokens.
Advantages and Disadvantages of Crypto Fan Tokens
Pros:
- Fan tokens offer rewards and participation in club decisions, such as which welcome song will be played at a match, or what color the players' jerseys will be.
- Some clubs accept cryptocurrency as payment for tickets and merchandise.
- Price fluctuations can make coin trading very profitable.
- Prices can be influenced by events in a football club, and not by moods on the crypto market.
Cons:
- Some fans oppose season ticket surcharges (seasonal tickets) and other costs associated with interacting with the club.
- While price volatility can lead to big profits, it can also lead to big losses.
- Fan tokens, like NFTs, may lose their popularity and value.
Are Fan Tokens NFTs?
Fan tokens are ordinary digital currencies like Ripple, Bitcoin, Ethereum, etc., which are not non-fungible tokens (NFTs) at all.
Key differentiating characteristics:
- NFTs grant ownership through digital copyright to an object. The NFT token is unique and cannot be replaced by anything. Fan Tokens are the most common tokens, by exchanging which the owner will not lose anything, because there is no uniqueness in it.
- NFTs can be bought or sold on specialized marketplaces, while Fan Tokens can be bought and sold on exchanges.
How and where to buy Crypto Fan Tokens?
As mentioned above, fan tokens can be purchased on leading cryptocurrency exchanges such as: Binance, Chiliz, Coinbase, FTX, Huobi, Gate.io, etc.
You can also use the services of cryptocurrency exchangers, where you can buy fan tokens in cash, non-cash, as well as in exchange for another cryptocurrency.
In addition, there is a specialized platform Socios.com, where clubs, teams, groups issue their fan tokens, and fans can buy or sell them.
The most popular fan tokens
Alpine F1 Team Fan Token (ALPINE)
Alpine Fan Token is dedicated to Formula 1 fans and is the only non-football token with the Formula 1 Group in charge of the commercial and licensing rights for the group.
The Alpine Fan Token allows fans to interact and support their favorite riders. Token holders can donate to their favorite teams and receive a signed loyalty badge in return. They also have access to appointments and merchandise signing sessions.
Total Offer: 40,000,000
Token Price (at time of writing): $3.8
Market Cap (at time of writing): $43,192,614
Daily Trading Volume (at time of writing): $75,753,139
Paris Saint-Germain Fan Token ( PSG)
The PSG token is one of the best tokens in the sports industry. PSG was created with the aim of attracting fans to buy the club's goods, vote for important decisions of the club, as well as have a firm voice in other club events.
The move of Lionel Messi from FC Barcelona to Paris Saint-Germain demonstrates that fan tokens are more than just a collectible or a commodity. Against the backdrop of such news, the value of the PSG fan token rose by more than 130% in five days. On August 9, the day before the official arrival of one of the best football players of all time, the PSG token price hit $50, which is 280% higher than it was in the previous month.Who knows how the price of the PSG token could rise if the team of the same name wins the Champions League in the future.
Total Offer: 20,000,000
Token Price (at time of writing): $8.74
Market Cap (at time of writing): $27,180,337 Daily Trading Volume (at time of writing): $11,667,910
S.S. Lazio Fan Token (LAZIO)
Launched on Binance Launchpad, the Lazio fan token, LAZIO, which is also a utility coin, gives fans the opportunity to interact with their favorite football team. The token allows users to access exclusive items, NFTs, vote on certain decisions reserved for fans, and even be able to meet their favorite sports teams one-on-one.
Fans will also get access to never-before-seen features such as loyalty subscriptions, Fan Shop integration, NFT collections, donations, mini-games and more.
Total Offer: 40,000,000
Token Price (at time of writing): $6.98
Market Cap (at time of writing): $59,664,125
Daily Trading Volume (at time of writing): $100,744,724
Santos FC Fan Token (SANTOS)
The Santos FC Fan Token, SANTOS, is a BEP-20 token deployed on Binance Smart Chain (BSC). The main role played by the SANTOS token is as a link between Santos FC and its fan base. SANTOS owners enjoy a number of benefits, including participation in club events and the ability to vote in polls.
Total Offer: 30,000,000
Token Price (at time of writing): $17.80
Market Cap (at time of writing): $81,005,164
Daily Trading Volume (at time of writing): $224,194,317
FC Barcelona Fan Token (BAR)
FC Barcelona launched their amazing BAR token in 2020 and sold out of their initial 600,000 BAR tokens within two hours, generating a total revenue of $1.3 million. The BAR Token gives fans the opportunity to help create the best possible discussion, as well as access to VIP experiences, official merchandise, and more.
Total Offer: 40,000,000
Token Rate (at time of writing): $6.14
Market capitalization (at the time of writing): $24,356,800
Daily trading volume (at the time of writing): $4,569,511
Juventus Fan Token (JUV)
JUV, launched in November 2019, is the first fan token of the Chiliz platform. The Juventus Fan Token represents the right to vote and allows owners to gain access to various benefits and rewards that can later be used to participate and influence the decisions of the Juventus Football Club.
Total Offer: 20,000,000
Token Price (at time of writing): $5.1
Market Cap (at time of writing): $6,715,497
Daily Trading Volume (at time of writing): $7,762,863
Manchester City Fan Token (CITY)
The football club of the European Premier League (EPL) became the first in its league and, perhaps, one of the first to announce the launch of a digital token for its fans. Currently, the Manchester City fan token, CITY, is the largest and most valuable among its analogues.
According to the club's official website, CITY Fan Token will allow owners to participate in decision-making processes, gain access to VIP services, earn official products and much more.
Total Offer: 20,000,000
Token Rate (at time of writing): $7.52
Market Cap (at time of writing): $26,368,596
Daily Trading Volume (at time of writing): $21,347,057
FC Porto Fan Token (PORTO)
In 2021, FC Porto fans were pleased to learn that the football club launched its own PORTO fan token via Binance Launchpad. Thanks to this, Porto fans could get access to many bonuses and get rewarded for their loyalty.
Among other things, the token can be used to purchase NFT Mystery Boxes FC Porto, and then the NFT can be used for betting to earn additional PORTO rewards on the Binance Fan Token Platform.
Total Supply: 40,000,000
Token Rate (at time of writing): $5.79
Market Cap (at time of writing): $45,150,364
Daily trading volume (at the time of writing): $85,777,237
Recently, fan tokens have become widespread not only among football clubs, they are also used by:
- gaming teams (NaVi, OG, Heretics);
- sports organizations (UFC);
- singers (Davido).
What is the future of Crypto Fan Tokens?
The cryptocurrency market is extremely unstable, and the purchase of such assets will always be considered a high-risk investment strategy. However, these assets are gradually becoming part of modern culture, and regulators are now also paying closer attention to them. Having said that, sports fans should understand that Fan Tokens give them the opportunity to interact more with their favorite teams and be part of an exclusive community. The more fan/sports tokens you have, the more influence you have on your favorite team, and the higher your chances of receiving a monetary reward. And all this while continuing to have fun, watching and supporting your favorite game or athlete.
The fact that fans can connect with their favorite clubs with fan tokens has proved successful. This ensures that other sports organizations will also want to connect to platforms like Socios. How this will develop in the coming years is not yet clear. But that fan tokens could become a standard term in the sports industry with Messi's arrival at PSG seems to be beyond doubt.
Read also: https://coin24.io/en/news/celebrities-who-actively-use-cryptocurrencies
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