The relationship between football and technology has kept low historically, but this is now changing. London-based businessman Arif Efendi is amused to witness how two of his passions, cryptocurrency and football, are coming together in the last few years.
A few years ago, there were tremendous changes and breakthroughs where cryptocurrency reached the sports spectrum. As such, in 2021, Ex-Real Madrid player David Barral playing for DUX International, made unmatched history as the first player signed through bitcoin crypto as a payment means.
However, it is not the only club that has embraced digital currencies since the Italian Serie C club Rimini was sold through crypto in 2018. The medium of exchange is entirely virtual, and more football clubs are embracing to crypto industry to enhance their revenues by introducing new digital assets known as fan tokens.
Arif Efendi is a cryptocurrency investor and football enthusiast. He has been keeping a close watch over this transformation.
With his broad experience in the crypto industry, Arif lays out fundamental undertakings on how digital assets are the strength in upscaling modern payment platforms.
He further explains how cryptocurrencies- fan tokens are the sought investments even though they are very volatile in the market.
Football fan tokens are digital assets built through blockchain that allows their owners to access essential sports organization services through the socios .com app., says Arif Efendi. Fan tokens are paid once in a lifetime, limiting the need for regular subscriptions.
Fan tokens play an integral part in buying digital collectibles and specific commodities. The commodities are in the form of digital assets, with all transactions recorded in the blockchain database of the public.
When an individual purchases fan tokens, they are granted access to an extensive ledger where fans have multiple benefits. Such benefits include exclusive fan events, limited edit merch, and access to games and voting rights ideal for making team decisions like bus designs, the team’s official motto, and kit designs.
Holders of fan tokens can access a vast number of rewards and benefits. These usually vary amongst teams and the number of fan tokens an individual owns. Each team must determine the perk token individual holders can access, explains Arif Efendi.
Firstly, fan tokens can be used for promotional purposes where individuals get chances to build interactive experiences and win exclusive prizes.
Holders of tokens can also engage in games, team polls, and quizzes to gain more points simply through the app by accumulating the sought points. The points earned can be in SSU loyalty tokens which can easily be converted to loyalty currency.
Loyalty tokens are generally used to redeem memorabilia, team merch, VIP experiences, match day, and meet& greet events through the fan reward feature.
Like other cryptocurrencies, specific users of fan tokens can exchange coins through trading platforms. Each traded coin has a particular value that is changed with respect to its demand and supply. Currently, most fan tokens are purchased through Chiliz (CHZ) blockchain, which supports entertainment entities and sports.
You can easily purchase CHZ at major cryptocurrency exchanges like Coinbase pro, Crypto.com, and Binance. Prominent clubs like Manchester United, Ac Milan, Barcelona, and Juventus, among several others, have launched their coins through Chiliz alongside their partner Socio.
After purchasing your CHZ, you must create an account on the Chiliz platform for fans known as socios .com. You will then load your socio account to integrate with CHZ to buy the necessary tokens. After that, you will comfortably use the socio app and website to access exclusive rewards.
In addition, fans should buy CHZ through crypto exchanges to obtain tokens within the Chiliz network. Even though Socio and CHZ are the primary platforms offering fan tokens, Binance, of late, has unleashed its platform for trading for tokens. When purchasing fan tokens, you must consider purchasing them on a crypto exchange or on BNB to own your tokens.
Therefore, you can purchase fan tokens straightly through the socio app by engaging $CHZ native cryptocurrency by buying with your debit and credit card. Do not forget to acquire only the amount of fan tokens you only need. In this respect, if you use the socios .com platform, you can follow these steps;
Download the application
Authenticate your user
Click on “wallet.”
Purchase the requisite amounts of $CHZ
On the dashboard, go to “Market.”
Find the fund token you need and then click “Buy.”
It’s easier than it looks like, says Arif Efendi.
Buying cryptocurrency is still poised as a high-risk investment adventure. That can be attributed to the fact that the crypto market is very volatile. However, it is good to note that risky investment usually brings great rewards.
Considering crypto as an investment means you will have to prudently outweigh the values and solutions overlaid by the product. Fan tokens are more of a buy-in, and less of an investment in unique benefits sports clubs offer.
Majorly, the value of tokens comes exclusively with privileges it can purchase. As a result, fan tokens are ideal investments for fans who must engage meaningfully with their respective sports teams.
This is not meant to be investment advice, highlights Arif Efendi. My intention is just to shed light on a concept that is new for many people, he adds.
Cryptocurrencies may be complex and volatile, but they are here to stay with their growing needs. As a result, the explosive interest in cryptocurrencies will increase as most football clubs welcome them by utilizing exclusive platforms. Therefore, the future roadmap depends on fans’ decisions on virtual card trading and the use of exclusive applications.
It’s one thing to offer your customers a product they might want, but it's another…
Germany stated Friday that it was discussing with its allies the request of Poland for…
The digital asset known as Bitcoin Cash allows for safe and private transactions. For businesses…
The popularity of cryptocurrencies is growing all the time, and with it comes a greater…