Key Insights
- Tottenham Hotspur is set to launch its fan token using blockchain technology via Socios.com, joining other major football clubs in enhancing fan engagement and decision-making.
- Fans holding $SPURS tokens will have a voice in matters like kit changes, and the club will partner with MatchWornShit for jersey auctions on the Chiliz blockchain.
- The launch is scheduled for October 4, but the UK will implement stricter regulations on fan token promotions starting October 8, with required disclaimers about investment risks.
Tottenham Hotspur is set to join the growing roster of Premier League teams embracing blockchain technology. The English club will soon launch its own fan token using Socios.com, a platform built on the Chiliz blockchain that boasts the participation of more than 80 prominent sports teams from various disciplines worldwide.
This move allows Spurs fans to become more directly involved in the club’s decision-making processes through on-chain voting. For instance, supporters with $SPURS tokens will have a say in crucial matters such as potential kit changes. Additionally, Tottenham Hotspur will collaborate with MatchWornShit, a platform facilitating auctions of game-worn jerseys, with each item authenticated on the Chiliz blockchain.
Ryan Norys, the Commercial Sales Director at Tottenham, expressed enthusiasm for the partnership, explaining that the fan token would enhance their existing membership scheme by introducing “a new range of club-related rewards and experiences.”
The adoption of blockchain technology for fan engagement is not new in football, as several other elite clubs including Arsenal, FC Barcelona, Manchester City, Inter Milan, Paris Saint-Germain, Juventus, Atlético Madrid, AC Milan, and A.S. Roma have already ventured into this space. These clubs have turned to blockchain to innovate their interactions with fans and enhance supporter loyalty.
When will Tottenham Hotspur Launch Fan Token?
Socios CEO Alexandre Dreyfus revealed that discussions with Tottenham had been ongoing since 2022. He further disclosed that the club plans to integrate their fan token into their loyalty program and mobile app, creating a seamless and immersive fan experience.
The eagerly awaited $Spurs tokens are scheduled to launch on October 4 and will be available on cryptocurrency exchanges that support Chiliz tokens.
However, Socios users in the United Kingdom should take note that, starting October 8, fan token promotions will be subject to stricter regulations, including disclaimers mandated by the Financial Conduct Authority (FCA).
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These disclaimers will warn potential investors of the potential risks and total losses associated with investing in cryptocurrencies or fan tokens.
Tottenham Hotspur joins a growing list of Premier League teams utilizing fan tokens through Socios.com, a trend that has gained momentum as clubs seek new revenue streams and avenues to connect with their supporters. Chiliz estimates that its blockchain platform has facilitated over $400 million in revenue for teams and leagues since its inception in 2018.
Chiliz itself has evolved, transitioning from an ERC-20 token ecosystem to its own layer-1 blockchain, which is a fork of the BNB Chain, in May 2023. This shift offers advantages such as shorter block times, reduced fees, and lower energy consumption. Importantly, the blockchain remains compatible with Ethereum development tools, ensuring continuity and ease of integration.
Beyond football, the International Cricket Council is also eyeing blockchain technology to enhance fan engagement during the upcoming 2023 Cricket World Cup in India. The NEAR Foundation’s blockchain operating system will underpin a Web3 fan engagement app throughout the six-week global tournament, marking another significant step in the fusion of sports and blockchain technology.