Spanish footballing giants Atlético Madrid have unveiled new Fan Tokens. The platform will enable access to merchandise, experiences and other promos powered by the blockchain. Atlético Madrid crypto will be offered to fans.
In partnership with sports blockchain firm Chiliz, the club becomes the latest major European side to launch a crypto token. Previously, Juventus and West Ham United launched their own crypto tokens.
Atlético Madrid which ranked 4th in the UEFA Club Coefficients rankings for 2019, will present the token in an initial offering to fans ahead for the 19/20 season.
According to reports, fans will be able to buy tokens or earn them through in-app augmented reality features and giveaways. It can also be traded for merchandise and between fans through the companion app.
“The Atlético de Madrid Fan Token will be priced at €2 and will be available exclusively through Socios.com in Autumn 2019 for the 19/20 season. Fan Tokens can also be hunted for free through the app’s augmented-reality geo-location feature Token Hunt.”
“Atlético de Madrid Fan Token holders will enjoy exclusive rights on the platform, including access to unique and exclusive experiences, promotions, draws, and polls.”
Additionally, Socios CEO Alexandre Dreyfus said the company was working with clubs to build the largest community/marketplace of its kind.
“Our ambition is to build the world’s biggest global football community and marketplace for football fans alongside demonstrating that blockchain and cryptos is the trusted technology of the mainstream.”
The value of fan tokens
Since it relies on the same technology as cryptos like bitcoin, the tokens will behave in a similar way. Transactions are written to the blockchain and conducted through in-app wallets.
However, rather than external commercial value, as in the case of public cryptos, the tokens are utility coins, which buy access to fan experiences, rather than for use in payments more broadly.
The model is already proving to be popular among football clubs across Europe and beyond. Even Paris St. Germain launched their own token offering.
Atlético Madrid’s rollout is yet another example of blockchain and cryptos being adopted in the mainstream. Hence, crypto continues to move towards mass usage on a global scale, even in unorthodox ways.