Paris-Based Soccer Team Plans Fan Token Implementation
Most applications of blockchain and cryptocurrency technology is relatively expected. Financial institutions have toyed with the concept of distributed ledgers for quite some time, so it should come as no surprise that many companies are now taking up the mantle in further developing the most innovative of blockchain technological breakthroughs.
Even for massive IT departments at major companies, the blockchain applications seem relatively expected, even obvious. But occasionally, stories break that force the public to reconsider their preconceptions on what blockchain might be used for.
A French soccer club is working to make one of these stories into an interesting and captivating reality. The club is working with a blockchain platform called Socios to create their own token ecosystem to be enjoyed by some of their many fans. Already a big name in the soccer league, the Paris Saint-Germain (PSG) team is widely regarded as one of the most popular teams in the entire country. As a consequence, the cryptocurrency community can rest assured that this new platform will go to good use—and potentially contribute to more mass adoption.
The decentralized token will allow users to gain access to features like voting, as well as fun VIP benefits from the fan perspective. In this respect, it seems that the primary value of purchasing the tokens will be in the utility that they offer to their owner. Fans might even be able to vote to decide important things regarding the team, such as potential jersey colors or the MVP of a certain game.
The Socios Platform
Socios, translating roughly to “associate” in Spanish, is a company run by CEO Alexandre Dreyfus that seeks to provide organizations with crowd-management solutions using blockchain technology and newly-created cryptocurrencies and tokens. The platform was met with major success initially, functionally tokenizing an existing crowd-management concept employed by Real Madrid, as well as FC Barcelona.
Socios has already won backing from some significant companies with proven track records within the crypto space. In particular, they have been backed by ChiliZ, which is being funded by massive crypto companies, including Binance.
PSG has partnered with the company officially, although there has not yet been an official release date put out regarding when users might be able to try the new ecosystem for the first time. But at its core, the partnership speaks volumes about how PSG is deeply interested in developing new technologies using blockchain’s backing to help enhance the experience of their ever-growing fan base.
Fan Token Offering: The Modern Utility Token
The Fan Utility Token, or FTO, will function by giving users action to Saint German tokens, all of which provide the fan with several unique benefits only accessible to those who hold coins. For one, the team has hinted at integrating a voting system which would allow fans to choose certain cosmetic aspects relating to the team, such as the music played during their home games, jersey colors, and the logo for the team.
According to Dreyfus from Socios, the new ecosystem is largely meant to inspire more engagement from the growing fan-base of the popular French team.