Cryptocurrencies are the newest fan engagement tool on the block…

Trabzonspor recently launched their own $TRA Fan Token on fan voting and rewards app Socios.com. The initial supply sold out in less than 5 minutes. This article takes a closer look at Crypto's involvement in fan engagement.

Cryptocurrencies and digital tokens have become powerful tools for a variety of industries over the past few years, and the world of sports is no exception. Sports fans are notoriously passionate about the teams they support, and there is a massive market for everything from tickets to memorabilia, collectibles and content.

In 2014, the Sacramento Kings became the first professional sports team to accept bitcoin as a payment option. While the volatility of Bitcoin’s value has made purchasing difficult, the Kings realised blockchain technology could be used to create value for fans through fan-token reward systems with Blockparty.

A number of Europe’s biggest teams have also come to a similar realisation. FC Barcelona, Juventus, and PSG have engaged in partnerships of their own with blockchain-based fan engagement platform Socios.

The platform enables teams to launch their own fan tokens, which can then be used by fans on the platform. Trabzonspor are the most recent team to launch, selling out their initial supply of $TRA in less than 5 minutes.

Using their tokens, fans can participate in votes and gain access to exclusive content and memorabilia. For instance, $TRA holders will be able vote in the first poll to choose a new design for the first-team bus as well as earn rewards linked to the club.

Socios aims to become integral to the fan engagement experience, with leaderboards and soon-to-be-released chat and gaming features.

The partnerships speak volumes for the potential of blockchain and cryptocurrency use in sports.

© 2020 by Andy Marston. Proudly created with Wix.com