Here are some of the frequently asked questions about Fan Tokens
Fan Tokens are a finite digital asset minted in limited numbers with ownership logged in a secure ledger on the Ethereum blockchain. Holding Fan Tokens gives you lifetime access to exclusive fan clubs with VIP rewards, promotions, games, and access to an inner circle of superfans. Fan Tokens also give you voting rights to influence team decisions and other perks, like signed gear reserved for token-holders. Many professional football clubs have already partnered with Socios to create Fan Token offerings. Some of the most popular teams with Fan Tokens include Arsenal, PSG, Juventus, Atletico, Chelsea, Brazil, Fenerbache, and Manchester City, with many more teams signing on every month,
The Socios Fan Token platform gives sports teams a platform to connect with their biggest fans. Sports franchises issue a Fan Token Offering with a finite number of team Fan Tokens. Fans can purchase or find the tokens, and holding Fan Tokens gives you perks such as access to exclusive merch and VIP status at games and events. Holding Fan Tokens also lets you chime in on polls that steer club decisions, which means token holders have the power to shape the team’s future.
Fan Tokens are built on blockchain technology, but they are not specifically a cryptocurrency. However, ownership of Fan Tokens is authenticated by a blockchain network, just like with traditional cryptocurrencies. Fan Tokens are ERC-20 utility tokens, which means they are linked to the Ethereum blockchain for authentication, making ownership, transaction, and voting records secure and verifiable. Fan Tokens are not a currency that you can use to purchase goods, but you can exchange Fan Tokens with other Socios fan token holders and on the open crypto-token market.
To gain access to the exclusive perks Fan Tokens provide, you will need the Socios.com app on your smartphone. The app is available through the Google Play Store for Android devices and the Apple App Store for iPhones and other iOS devices. The Socios Fan Token app gives you access to the Fan Token marketplace, where you can purchase or trade tokens and keep track of upcoming Fan Token offerings. Token holders will find plenty to do inside the Socios app, including voting in team polls, playing trivia games that test their team knowledge, participating in competitions, and gaining VIP access at team events. The app also includes Token Hunt, an augmented reality game that lets you find free tokens hidden in your community.
Fan Token holders gain access to a wide range of rewards and benefits. The specific rewards can vary between clubs and by the number of Fan Tokens you possess. All Fan Token holders enjoy VIP access at all home league, cup, and European matches. Beyond that, it’s up to each club to decide which perks token holders receive. A few of the benefits include exclusive signed memorabilia, VIP meet & greet events, a chance to watch a game with one of your team heroes, and even the possibility to fly with the team to catch an away match. Active participation in trivia games and team polls is encouraged and rewarded. As you accumulate rewards points, you unlock even more exclusive VIP perks.
Fan Tokens give you power! Fan Token holders get to be part of the decision-making process of their favorite club. Some examples of choices that Fan Token holders have influenced include the exterior design of the team bus or the pattern choice for new team kit designs. Some clubs have allowed fans to make choices about the team motto, the team’s warm-up music, the decorations in the locker room, or you could even have your say about the starting XI. Fan choices are decided by polls that run through the Socios.com mobile app. Club management decides the nature of each poll, but it is the fans who get to make the decisions. The results of each poll are final, and no one on the team can override a choice made by Fan Token holders.
The way polls work is simple. For every poll issued, every Fan Token holder gets one vote. The strength of that vote is determined by the number of Fan Tokens you possess. If you own one Fan Token, your voice has the weight of one vote. However, if you hold 50 Fan Tokens, your vote would wield 50 times more influence. The number of total votes is capped by the total number of Fan Tokens in distribution, which is determined by the club during the initial fan token offering
Fan Tokens give you access to perks like a membership might, but there are no annual or monthly subscription fees when you hold Fan Tokens. Fan Tokens never expire, and you can keep them forever without ever paying more for the privilege. As with any blockchain-secured token, buying Fan Tokens requires a cryptocurrency transaction. You can’t buy fan tokens directly with FIAT currency, but you can purchase Chiliz tokens and exchange them for the Fan Tokens of your choice. Fan Tokens are traded on the Chiliz exchange and available through the Socios app. How do you buy Fan Tokens? To purchase Fan Tokens, you must use Socios.com’s in-app currency called Chiliz ($CHZ). First, you need to buy $CHZ, and then you can exchange it for any Fan Token on the Socios platform. Some Fan Tokens exist outside the Chiliz network, which may accept other purchase options. You can use your debit or credit card to purchase $CHZ tokens from the Socios app. What is Chiliz? Chiliz is a blockchain company on a mission to help fans engage with their favourite sports teams and help teams find new ways to monetise their fanbase. The Chiliz ($CHZ) digital asset is powered by the Chiliz network. It is an ERC20 utility token secured by the Ethereum blockchain and traded on global cryptocurrency exchanges, such as Coinbase and Binance. $CHZ is the cryptocurrency required to purchase and exchange Fan Tokens on the Socios platform. What’s the difference between NFT’s and Fan Tokens? You may have heard a lot of buzz about a new digital asset class called NFTs, or non-fungible tokens. NFTs are often associated with digital images and other digital media. They are used to track ownership and provenance of unique one-of-a-kind digital assets. NFTs and Fan Tokens are different types of digital assets. While Fan Tokens are not explicitly meant for financial transactions, each Fan Token for any individual team is precisely identical to every other Fan Token for that club, making them a fungible asset that you can trade on an exchange.
Fan Tokens are yours to keep forever once you’ve purchased them. However, that doesn’t mean you need to keep them forever if you don’t want to. If, for any reason, you wish to give up your Fan Tokens, you are free to trade them to other people on the Socios app. As with other cryptocurrencies and tokens, the price of Fan Tokens fluctuates with the markets. Sellers set the price they are willing to accept for their Fan Tokens, and buyers pay what they feel is a fair value. Fan Tokens can gain or lose value, but their limited supply and exclusive perks are sure to be in high demand with superfans.
When it comes to selling your Fan Tokens, you can trade them directly from your Socios app. Look for the “Market” feature at the top of the home screen. Inside, you will find a list of your current Fan Tokens. Select the Fan Token and the number of units you wish to trade and tap the sell button to list them on the market. As with any limited asset, the value of Fan Tokens will change over time. Fan Tokens for the most popular clubs are likely to increase in value over time. The Chiliz exchange at chiliz.net can help you keep track of the current market value of your Fan Tokens holdings