Juventus soccer club is giving fans something different to shout about. The Italian soccer club announced today that it will launch its own fan token.
Rival Paris Saint-Germain made a similar announcement two weeks ago, so why is football becoming increasingly interested in the cryptocurrency sector?
There is one thing for sure that is positive about football’s involvement in crypto. It can help to promote the mainstream capabilities and adoption of cryptocurrency.
Let’s check out exactly what Juventus is doing with its fan token and what does it do?
Juventus Will Launch a Fan Token
Juventus will work with Socios.com to create its fan token. The blockchain-based fan engagement platform is also responsible for Paris Saint-Germain’s token. The token is a tradeable asset, mainly used for fan voting and polling. It is due for launch early next year.
There are questions about the coin still to be answered. Can it be traded for other crypto coins? Will it be usable to buy merchandise or tickets? These details remain to be seen. Paris Saint-Germain’s token can only be exchanged for Socios’ own chiliZ (CHZ) on its inbuilt marketplace, so one might assume the Juventus fan token will follow the same rules.
But none-the-less, Socios CEO, Alexandre Dreyfus, believes in crypto’s potential.
He predicts that partnerships such as these will boost the sports economy by $300 million in the “next few years.”
Juventus boasts a fan base of over 60 million. It is the second-ranking club in the world. Giorgio Ricci, Juventus co-chief revenue officer, head of global partnerships and corporate revenues, said the following regarding crypto the move:
“At the Club we are always very careful and pro-active towards innovation and new technologies. Together […] we believe we can offer new opportunities to our worldwide fan base to engage in a cutting-edge way with their favorite club.”
Crypto and Football
Football has been engaging heavily with cryptocurrency. Arsenal partnered with CashBet coin earlier this year, UK-based trading platform eToro signed a large advertisement deal with seven Premier League football clubs, and the ultimate footballing body, UEFA, began testing out a new blockchain ticketing system for the purchase of game tickets.
And now Juventus is launching a fan token. What next?
Featured Image: socios.com