GaloCoin Crypto “Fan Tokens” Launches by Atletico Mineiro Futbol Team in Brazil
Cryptocurrency has evolved in many ways, with tokens being offered as methods of payment, as rewards in video games, and even as a government-sponsored token. However, in a more entertainment-based method, Atletico Mineiro has launched a “fan token” that they are calling GaloCoin, based on a CoinTelegraph Brazil report on December 14th.
The coin is named as a homage to the mascot of the premier league soccer club, which is a rooster. In Portuguese, the word for rooster is “galo,” hence the coin’s name. It uses the platform Footcoin to use the token, since it allows utility tokens to be launched for use on the Ethereum blockchain. Presently, it holds the same value as a single Brazilian real, though it is unclear if it is meant to be a stablecoin.
As fans accrue the tokens, they can redeem them for rewards, like game tickets, official apparel, and more. However, the only way to use them is to make a minimum purchase of 50 GaloCoins, which is worth about $13.
Many soccer teams are adapting to using utility tokens as a way to both involve their fans in cryptocurrency and their merchandise simultaneously. Three months ago, blockchain platform Socios.com partnered with Paris Saint-Germain (PSG) for a Fan Token Offering (FTO). Similarly, Italy’s most famous club, Juventus, announced their own “official fan token,” sponsored by the same blockchain. Their token is expected to launch towards the beginning of next year.
In an effort to bring cryptocurrency and blockchain to soccer stadiums, crypto trading platform eToro established a seven-member partnership with UK premier league clubs. The partnership includes Tottenham Hotspur, Brighton & Hove Albion, Crystal Palace, Cardiff City, Leicester City Football Club, Newcastle United and Southampton.
In August, blockchain technology became the new system for the Union of European Football Associations (UEFA) to use for ticketing. This association already trialed this project in May, selling about half of their tickets with a blockchain-based application.