Tottenham Hotspur will become the latest Premier League team to use blockchain technology to issue and manage their own Web3 Fan Tokens to drive supporter engagement and rewards.
Tottenham will issue fan tokens through Socios.com, a fan engagement platform built on the Chiliz blockchain that attracts more than 80 major sports teams from different codebases around the world. The platform enables teams to issue and manage fan tokens, digital collectibles, and real-world rewards, while users can participate in DAO-like decisions involving their favorite teams.
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Spurs joins the most famous teams in professional football such as Premier League champions Manchester City, Arsenal FC Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atletico Madrid and Roma. Leverage blockchain to innovate and engage with supporters.
The launch will allow $SPURS token holders to participate in on-chain voting on various team dynamics, including potential gear changes. Spurs will also partner with MatchWornShit, a platform that facilitates the auctioning of jerseys worn by players during matches and authenticating them on the Chiliz blockchain.
Commenting on the partnership, Tottenham Hotspur commercial sales director Ryan Norys said the Fan Tokens will build on its existing membership program to provide “a range of new rewards and experiences relevant to the club”.
Speaking directly to Cointelegraph, Chiliz and Socios CEO Alexandre Dreyfus said talks with Tottenham have been ongoing since 2022. He also said the club will use Socios in the future while integrating its fan tokens into their own loyalty programs and mobile apps.
The $Spurs token will launch on October 4th and will be listed on cryptocurrency exchanges that support Chiliz tokens. Socios users in the UK can also expect to see disclaimers regarding fan token offerings from October 8, as the marketing of the crypto asset promotion is conducted with the support of the Financial Conduct Authority (FCA).
This would require stricter advertising rules, as well as disclaimers warning investors that investing in cryptocurrencies or fan tokens could result in a total loss.
Manchester City, Arsenal, Aston Villa, Everton, Leeds United and Crystal Palace are the other Premier League teams to manage fan tokens on the platform, with Dreyfus noting that the ongoing cryptocurrency bear market has hampered the past year Onboarding the team.
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Fan tokens have become an important source of revenue as teams look to leverage digital technology to increase user engagement. Chiliz estimates that its blockchain platform has processed more than $400 million in revenue for teams and leagues since 2018.
Chiliz was originally built as an ERC-20 token ecosystem but has since moved to its own layer 1 blockchain, which is BNB chain fork Will launch in May 2023. Operating based on the Proof of Stake (PoSA) consensus mechanism, it is said to be able to shorten block time, reduce fees and reduce energy consumption, while being compatible with EVM, making it compatible with Ethereum development tools.
The International Cricket Council is also looking to leverage blockchain technology to increase fan engagement during the upcoming 2023 Cricket World Cup in India. During the six-week global competition, the NEAR Foundation’s blockchain operating system will serve as the backbone of Web3 fan engagement applications.
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