June 18 – The blockchain-based Fan Token platform Socios.com has added LaLiga’s Valencia CF to their roster of clubs in a deal that will see the $VCF promoted on the front of the club’s shirt for the 2021-22 season.
Valencia are the first club to promote their own Fan Token on the main sponsor shirt position.
Minted on the Chiliz blockchain, Fan Tokens give owners access to voting rights in polls, VIP rewards, exclusive promotions, AR-enabled features, chat forums, games and competitions on the Socios.com app Socios.com. Fan Tokens are tradeable on the cryptocurrency exchanges.
Valencia will launch their $VCF Fan Token in the coming weeks. No detail has been released of the number of fan tokens that will be released in the first offering. Fan Tokens have so far generated more than $150 million in revenues in 2021.
The launch Argentina national team Fan Token earlier this month was met with an overwhelming response, increasing its all-time record of users on the app by 50% and triggering a decision to launch an extra batch of tokens. The initial plan was to launch 400,000 Fan Tokens at a fixed price of $2 each. The huge demand caused some technical issues but once fixed an additional second batch of Fan Tokens was launched, with the full batch selling out in a stunning 30 seconds of trading.
The Valencia agreement and the promotion around marks another step forward for Socios.com.
Alexandre Dreyfus, CEO of Chiliz and Socios.com, said: “When Valencia take to the pitch with their $VCF Fan Token proudly on display from the front of their shirt for the first time it will be the most visible milestone yet in our rapid evolution…”
“This world-first partnership, our fourth with a major Spanish club and 38th overall, will bring incredible visibility to Fan Tokens and the Socios.com platform, accelerating our mission to shift passive fans into active contributors and create a brighter future for sport – where clubs and fans alike are able to enjoy the rewards created by unlocking the potential of global fan engagement.”
Emphasising the need to engage fans through innovations and new technology, Anil Murthy, President of Valencia CF, said: “The club’s priority is to keep innovating and exploring new trends so that we can continue to engage our fans in an ever-changing world. It is with this in mind that we are very happy to embark on a new way forward with Chiliz. This is only the beginning of a great relationship for our fans and for both entities.”
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