Spanish professional football club Barcelona sold 1.2 million euro (US$1.3 billion) worth of fan tokens in less than two hours. 600,000 tokens were sold at a fixed price of €2 ($2.24) and are tradeable on Socios.com and ChiliZ.net.
The crypto token – called BAR – was sold through Socios.com through the ChiliZ blockchain. At the time of writing, BAR has been trading at $6.40, down from the high of about $12 it hit yesterday. These are ERC-20 tokens that are minted using the ChiliZ blockchain.
With about $2.5 million recorded in trading volume, the crypto asset became the second-most traded market on the Chiliz exchange behind BTC/USD.
The token’s initial sale, which took place in 106 different countries, was oversubscribed by about 5x.
The token holders are eligible for engagement-based team rewards such as meeting players and watching games as a VIP guest by voting in club-specific polls. Already, fans can vote in the first Barca poll to choose a piece of fan-designed artwork to go inside the Camp Nou’s dressing room.
They would even launch a Leaderboard feature to allow fans to compete to become the number 1 fan in their country. Moreover, in the coming months, Games and Chat features will also be launched on Socios.com. Alexandre Dreyfus, CEO & Founder of ChiliZ & Socios.com. said,
“Football is a global game, and support extends way beyond the stadium, city, and country of the club. It’s a stat we’ve used often, but for the biggest clubs in the world, 99.99% of their support is outside the stadium.”
Barcelona is not only one of the most popular but also the wealthiest soccer clubs in the world, with more than 300 million supporters. The token, which was first unveiled in February, is designed to promote fan engagement.
Besides the fan token, ChiliZ has been working on a blockchain-based COVID-19 ‘immunity pass’ for live attendance at soccer matches. Earlier this year, ChiliZ partnered with decentralized oracle provider Chainlink and also with the MMA powerhouse UFC for sports gear and tickets.