What are Fan Tokens?
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- Updated On:24-May-2022
- Replies:1
Short Answer
Fan tokens are a virtual currency that entitles owners to many fan-related benefits and perks such as voting on club judgments, prizes, apparel designs, and one-of-a-kind experiences.
Detailed Answer
Fan tokens are tokenized assets approved by leagues, associations, or teams to their supporters. Owning these tokens grants access to the underlying circle of fans. The holders gain access to a wide variety of exclusive voting opportunities on various polls that influence decision-making.
These polls are about match location decisions, charter bus designs, advertising, incentives, and merch designs. Having more tokens gives you more voting weight, allowing fans to sway their favorite team. Not only that, but you can use all these tokens to purchase unique sports products, NFTs, and squad content. You can also get an even more VIP experience by ascending the levels of fan base on the platform.
How do Fan Tokens work?
Fans can buy digital assets and trade them in the same way they would other cryptocurrencies. When trading, the seller usually sets the value of a fan token. It is also subject to change depending on price movements and the popularity of the token at the time.
Users who have a certain number of fan tokens can vote on various issues concerning their favorite club.
These benefits make fans feel more engaged in the club they already promote, and they add an extra amount of pride and reputation because their fan tokens will likely rise in value as the club expands.
How to purchase fan tokens?
To obtain fan tokens on the Chiliz system, fans must first buy CHZ on a cryptocurrency exchange. There are, however, fan tokens available beyond the Chiliz and their Socios.com webpage.
These tokens are unique to a squad or club and are valuable digital resources that allow access to an encoded record of elections and affiliation rights possession.
Should you also get a fan token?
Many people still consider virtual currency to be a heavy investment. The crypto industry is already renowned for being turbulent, and meme cryptocurrencies are particularly vulnerable to price fluctuations. However, the great risk does not always imply a huge payoff, as some fan coins' prices may soar if they catch on and become even more famous.
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Discussion (0)
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