Blockchain sports fan startup Socios partnered with Turkish Football Club Galatasaray Spor Kulübü to launch an Ethereum-based fan token.
Turkish Football Club Galatasaray Spor Kulübü plans to launch fan Ethereum-based fan tokens in partnership with blockchain sports fan startup Socios based on sports tokenization platform Chiliz.
Socios announces in a press release published on Sept. 16 that as a result of the partnership, The Lions (Aslanlar) — the only Turkish club to have won a major UEFA competition — will release its fan tokens on its platform.
A blockchain sports platform
Furthermore, the team will also be present on the firm’s blockchain-based, influence and rewards mobile app for football fans. These fan tokens will allow fans to vote in club-delegated polls, taking part in deciding on topics that the club will put up for fan vote.
Polls are expected to concern things such as “new official product designs, matchday activities and in-stadium experiences, as well as sponsorship campaigns and collaborations and social media content.”
The number of tokens held by a fan determines the value of their votes.
Also, the more fans interact with the team, the more “rewards they can earn, competing for club-specific once-in-a-lifetime experiences and enjoying exclusive rights.”
The company also promises that in the future fans will be able to access exclusive leaderboards, games and merchandise.
The Fan Token Offering
The token will be sold through Socios.com, in Q1 2020 through a process the company calls as a Fan Token Offering. Galatasaray Spor Kulübü board member Dorukhan Acar commented on the development, saying:
“As Galatasaray, we are very pleased to join forces with Socios.com and start an exciting journey. This new partnership opens a world of new opportunities for us with respect to our fan engagement and global reach as well as being another milestone in our digital transformation strategy.”
The company says that other big-name football clubs including Paris Saint-Germain, Juventus, West Ham United, AS Roma and Atlético de Madrid have joined the Socios platform.
As Cointelegraph reported in May, Chiliz — the sports blockchain company behind Socios — has announced a strategic partnership with Binance Chain, the mainnet of major cryptocurrency exchange Binance.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.