COVID-19 promotes the development of Web3
The COVID-19 pandemic is reshaping the world, from our daily habits to working models, even as the sports industry is riding the trend of digital transformation.
During the pandemic, major sporting events and matches at national, regional or international level have been postponed or cancelled, which has a major impact on revenue.
Therefore, many sports leagues are now exploring Web3 to find another source of revenue by launching fan tokens or non-fungible tokens (NFTs) to interact with fans worldwide. The most important thing is that the sports teams or bodies hope to raise capital without losing equity.
What is Web3?
Web3 is the next generation of the World Wide Web that incorporates a mix of ideas, such as decentralization, blockchain technologies and tokenomics.
If Meta (formerly Facebook) is one of the “products” of Web2, which exclusively controls and owns the accounts, data and content of nearly 3 billion users around the world, then Web3 will change the current landscape so that users can truly own their data and content without a single centralized organization.
In other words, even if Meta is down (just saying), users can still own a copy of their content.
Which sports leagues are on Web3?
Quite a few! As of 2019, several sports leagues or bodies are jumping on the Web3 bandwagon. In terms of the football industry, a few football clubs in the Premier League and Ligue 1, including Manchester City, Arsenal and Paris St.
Germain, three of which have launched their respective fan tokens: $CITY, $AFC and $PSG, on Socios.com, the fan engagement platform, to interact with fans anytime, anywhere.
For the basketball industries, the NBA partnered with Dapper Labs, the creator of CryptoKitties NFTs, to launch a basketball-themed NFT, called NBA Top Shot, to allow fans to buy, sell and collect the highlights and historic moment of the game, which will become one of the most popular collectibles crypto projects according to NFT now.
This year, the NHL also joined the crypto mania to announce a partnership with Sweet, the NFT marketplace, to offer current and historical video moments to fans. From the examples above, you can see that there is a trend for different sports to interact with fans through gamification or tokenization.
What are fan tokens?
Fan tokens are different from NFTs, which are collectibles to give collectors exclusive ownership of the digital asset, and they are a form of cryptocurrency to give holders access to a variety of fan-related membership benefits, including voting on club decisions (f .eg the designs) of the merchandise, the team bus, the team locker room and even the captain’s armband etc).
The Fan tokens also offer holders “learn-to-earn” opportunities so that they will be rewarded after participating in quizzes. If they accumulate a certain amount of rewards/tokens, they will get a unique experience to watch any upcoming matches in the best seats.
Although fan tokens are mainly seen in the football industry, there are some exceptions, such as $DAVIS (For Davis Cup) and $UFC (For Ultimate Fighting Championship), which also allow users to enjoy similar benefits to that of a club member under the traditional membership, but the main difference is that fan tokens are digital assets that never expire.
How were fan tokens minted?
It depends on! As for the mentioned fan tokens ($CITY, $AFC and $PSG), they were all minted on Chiliz, which is a blockchain provider that is different from others as it mainly focuses on sports and entertainment entities.
Through the fan rewards and interaction platform, Socios.com, sports teams can interact with fans more easily and monetize audiences through their corresponding native tokens.
What can fan tokens do for holders?
Many. But most fan tokens on Socios.com, including $CITY, $AFC and $PSG, will have the following privileges:
⦁ Win VIP rewards
⦁ Put yourself in the driver’s seat and make the right decisions
⦁ Make your dreams come true with amazing rewards
⦁ Join a new era of super fans
Most importantly, the fans have the final say in the team’s decisions. That said, they own some of the influence of their favorite teams.
In the past, some of the above football clubs allowed holders of fan symbols to make decisions about the slogan of the captain’s armband, the defensive play of the season and the match day message to be written in the team dressing room and beyond.
How can we buy fan tokens?
Two ways! You can buy the aforementioned fan tokens directly on Socios.com, but you must first purchase the in-app currency, called Chiliz ($CHZ), with a debit or credit card, so that you can exchange it for all fan tokens on the platform later.
Another option is that you can buy different fan tokens on the best crypto exchanges, such as Poloniex, where you can buy and trade them on the spot market with their listed cryptocurrencies.
How can we contribute to Web3?
The interesting thing about the crypto world is that there is a room for everyone because of the Distributed Ledger technology (DLT). As long as you own a fan token, you will be one of the contributors to creating the Web3 ecosystem.
Fan tokens were mainly minted to enable token holders to influence and engage with their favorite sports teams. But the most powerful part is that the utility tokens allow token holders to make collective decisions and set best practices, or governance, for the clubs.
Therefore, the ideology and meaning behind it is greater than the values, although the fan tokens usually work well if the clubs are popular and with many star players and prospects, such as Manchester City, Arsenal and Paris St. Germain.
To celebrate the 2022 soccer season and World Cup, Poloniex has launched a series of marketing campaigns, called the Poloniex World Cup Carnival, to allow soccer fans and token holders to share a prize pool of up to $100,000 through quizzes and other interactive games to promote the development of Web3 with a group tech-savvy owners and builders to witness the birth of a new World Wide Web.
With more than eight years of history, Poloniex has been one of the contributors in the crypto space to create Web3.
Together we can create a better world! For more information, please click here to read on.
About Poloniex
Founded in January 2014, Poloniex is a global cryptocurrency exchange that supports spot and futures trading as well as leveraged tokens. With a world-class trading platform, Poloniex received funding from HE Justin Sun, founder of TRON, in 2019 to expand its international customer base.
Poloniex now offers services in over 100 regions and countries in different languages. In 2022, Poloniex launched its new trading system with higher speed, stability and ease of use.
By joining forces with TRON, which was designated as the national blockchain for the Commonwealth of Dominica with TRX, BTT, JST, NFT, USDD, USDT and TUSD given statutory status in the country, Poloniex will continuously connect users to the power of cryptocurrency.
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