Football clubs throughout Europe are increasingly turning to virtual fan tokens to accumulate money and improve fan engagement. The money can pile up at a fast pace. The most recent club to enter the world of blockchain, Spanish champion Barcelona, made 1.2 million euros ($1.3 million) in less than two hours earlier this week.
The 600,000 Barcelona cryptocurrency-based tokens, which traded for 2 euros ($2.20) each, offer fans exclusive voting rights in club-specific polls and can provide them a chance to win prizes that could include watching matches as VIP guests or meet up with players.
Soccer Clubs Turning to Virtual ‘Fan Tokens’ to Generate Revenue
Juventus was the first-ever club to launch its fan tokens about 6 months ago, with its fans choosing the celebration song that is now played whenever the team scores a goal in any match.
The first PSG poll in the month of February enabled fans to choose an inspirational message to go on the captain’s armband, and Galatasaray’s supporters selected the song played when their team enters the field.
Roma fans voted on the title of a field at the club’s training center, and Atletico Madrid’s supporters selected player lvaro Morata to give an exclusive insight into the club’s daily life.
The tokens became a more vital engagement tool amid the coronavirus pandemic. PSG players Edison Cavani and Thiago Silva conveyed personal messages to fans, and Galatasaray token owners earned life-sized cardboard photos of themselves in the team’s home stadium.
Dreyfus told that,
The pandemic forced the clubs to look at the other 99pc of fans that can generate revenue. It forced them to reconsider and to try to monetize their global fan base.