Spurs join the likes of Premier League champions Manchester City, Arsenal Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan,Atl\u00e9tico Madrid and A.S. Roma, which are some of the most prominent teams in professional football making use of blockchain to innovate engagement with supporters.<\/p>\n
The launch will allow $SPURS token holders to take part in onchain voting on a variety of team dynamics, including potential kit changes. Spurs will also partner with MatchWornShit, the platform that facilitates auctions of jerseys worn by players during games that are authenticated on the Chiliz blockchain. <\/p>\n
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Commenting on the partnership, Tottenham commercial sales director Ryan Norys said that the fan token will build on its existing membership scheme with a \u201cnew range of club-related rewards and experiences.\u201d<\/p>\n
Speaking directly to Cointelegraph, Chiliz and Socios CEO Alexandre Dreyfus said that talks have been ongoing with Spurs since 2022. He also said that the club would use Socios while simultaneously integrating their fan token into their own loyalty programme and mobile app in the future.<\/p>\n
$Spurs tokens are set to be launched on Oct. 4 and will be listed across cryptocurrency exchanges that support Chiliz tokens.\u00a0Socios users in the United Kingdom can also expect to see disclaimers on fan token offerings from Oct. 8, as the marketing of cryptoasset promotions comes under the auspices of the Financial Conduct Authority (FCA).<\/p>\n
This will require stricter rules for advertising as well as a disclaimer warning investors of potential total losses investing in cryptocurrencies or fan tokens.<\/p>\n
Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace are the other Premier League outfits that manage fan tokens on the platform, with Dreyfus noting that the ongoing cryptocurrency bear market has hindered onboarding of teams over the past year.<\/p>\n
Related:\u00a0FC Barcelona secures $132M investment for blockchain and NFT venture<\/em><\/strong><\/p>\n Fan tokens have become a significant source of revenue as teams look to leverage digital technologies to drive user engagement. Chiliz estimates that its blockchain platform has handled over $400 million in revenue for teams and leagues since 2018.<\/p>\n Chiliz was originally built as an ERC-20 token ecosystem but shifted onto its own layer-1 blockchain that is a fork of the BNB Chain\u00a0in May 2023. Operating on a proof-of-stake authority (PoSA) consensus mechanism is touted to deliver\u00a0shorter block times, reduced fees, and lower energy consumption, while being EVM-compatible allows it to remain compatible with Ethereum development tools.<\/p>\n The International Cricket Council is also looking to leverage blockchain technology to drive fan engagement during the upcoming 2023 Cricket World Cup in India. NEAR Foundation\u2019s blockchain operating system will serve as the backbone for a Web3 fan engagement app during the six week global competition.<\/p>\n