Galatasaray token coming to Socios fan platform

Galatasaray is the next major football club join fan token platform Socios. The partnership was announced on Monday by sports tokenization platform Chiliz. The Ethereum-based fan tokens give fans voting rights on club-delegated polls. The weight of a fan-vote is based on the amount of tokens owned by fan.

The token is not for sale yet. The Galatasaray fan tokens will go on sale in a Fan Token Offering, which will launch in the beginning of 2020. Besides buying tokens, fans can earn them by joining in ‘token hunts’, which is comparable with geo-location games like Pokémon Go.

“As Galatasaray, we are very pleased to join forces with Socios.com and start an exciting journey. This new partnership opens a world of new opportunities for us with respect to our fan engagement and global reach as well as being another milestone in our digital transformation strategy.”

Dorukhan Acar, Board Member of Galatasaray Spor Kulübü (Press release)

Earlier this month Socios welcomed Athletico Madrid to its line-up. A token for this club will cost 2 euro. What the price will be for the Galatasaray token is not yet known.

Galatasaray is the latest addition to the platform. Socios already has partnerships with several major clubs, including Juventus, Newcastle United, Southampton and AS Roma.

Fan token as an introduction into crypto

Fan tokens are on the rise. Chiliz and their Socios.com platform are becoming a major player for the introduction of blockchain into football. The music industry is also thinking about introducing fan tokens. South Korean K-pop label SM Entertainment wants to start its own blockchain, while boxing legend Manny Pacquiao launched his own token last week. For many fans of these music artists, sports heroes and clubs, these projects will be their first introduction into crypto.

Games are another way for people without cryptocurrency experience to dip their toes. Animoca Brands is working on blockchain games based on the German football league, the Formula 1 racing league and the Major League Baseball. All these games are about collecting virtual items and improving your collection. For most players this will be their first introduction into crypto, and that shows that there’s still a lot space for growth.

Originally published at NEDEROB.