Tottenham Hotspur will become the latest Premier League team to leverage blockchain technology to issue and manage its own Web3 Fan Token to increase fan engagement and rewards.
Tottenham will issue the fan token through Socios.com, a fan engagement platform built on the Chiliz blockchain that has attracted more than 80 major sports teams from different tokens around the world. The platform allows teams to issue and manage fan tokens, digital collectibles and real-world rewards, while users can participate in DAO-like decisions related to their favorite teams.
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Tottenham joins the likes of Premier League champions Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atletico Madrid and Roma, which are some of the most prominent teams in professional football using blockchain technology for innovation. Dealing with supporters.
The launch will allow $SPURS token holders to participate in on-chain voting on a variety of team dynamics, including potential kit changes. Tottenham will also partner with MatchWornShit, a platform that facilitates auctions of shirts worn by players during matches and authenticated on the Chiliz blockchain.
Commenting on the partnership, Tottenham’s commercial sales director, Ryan Norris, said the Fan Code would build on its existing membership scheme with a “new range of club-related rewards and experiences”.
Speaking directly to Cointelegraph, Alexander Dreyfus, CEO of Chili’s and Socios, said talks with Tottenham have been ongoing since 2022. He also said that the club will use Socios while at the same time integrating their fan codes into their loyalty program and mobile app in the future.
The $Spurs token is scheduled to launch on October 4 and will be listed via cryptocurrency exchanges that support Chiliz tokens. Socios users in the UK can also expect to see a disclaimer on fan token offers from October 8, as marketing of crypto asset promotions comes under the auspices of the Financial Conduct Authority (FCA).
This will require stricter advertising rules as well as disclaimers warning investors of potential total losses they invest in cryptocurrencies or fan tokens.
Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace are the other Premier League teams running fan tokens on the platform, with Dreyfus noting that the ongoing bear market for cryptocurrencies has hampered teams joining over the past year.
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Fan Tokens have become an important source of revenue as teams look to leverage digital technologies to boost user engagement. Chiliz estimates that its blockchain platform has generated over $400 million in revenue for teams and leagues since 2018.
Chiliz was originally created as an ERC-20 token ecosystem but has transitioned to its own layer 1 blockchain which is a BNB chain fork In May 2023. The Proof of Stake Authority (PoSA) consensus mechanism is touted to provide shorter block times, reduced fees, and lower power consumption, while its compatibility with EVM allows it to remain compatible with Ethereum development tools.
The International Cricket Council is also looking to leverage blockchain technology to boost fan engagement during the upcoming 2023 Cricket World Cup in India. The NEAR Foundation’s blockchain operating system will serve as the backbone of Web3’s fan engagement app during the six-week global competition.
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