English Premier League member West Ham United is collaborating with blockchain-based platform Socios.com to develop and release a fan based token.
Fan Token Offering
The partnership was announced recently through a press release. According to the announcement, West Ham United and Socios will be releasing a West Ham Official Fan Token through a Fan Token Offering (FTO) when the 2019/2020 season starts.
The Socios mobile app and tokenized voting system is run by chiliZ, a sports blockchain. The platform is supported by major crypto players like OK Blockchain Capital and Binance.
Fan Voting Rights
The fan token will be a virtual asset that gives voting rights to West Ham fans. It will be utilized to push fan engagement further by allowing them to join in polls on the Socios app. Tokens will also give fans access to team merchandise, games, and rewards.
Even though the tokens will be used on the Socios ecosystem, they technically operate on a distinct permissioned side chain. Every participating chiliZ sports club works as a Node that has proof-of-authority features. Meanwhile, the sidechain runs on $chz, chiliZ’s native cryptocurrency. The token is ether-compliant.
Fans who want to get their hands on West Ham United tokens and join the Fan Token Offering has to initially purchase $chz through the app or on a crypto exchange. They can then trade the digital coins for Fan Tokens.
There’s reportedly a robust market for these tokens. According to a survey conducted by crypto statistics company CoinMarketCap.com, 46 percent of users are inclined to buy Fan Tokens backed by popular soccer teams.