Spurs embrace Web3 with chiliz Blockchain for fan token initiative

Spurs embrace Web3 with chiliz Blockchain for fan token initiative

Tottenham Hotspur has made a significant move by becoming the first Premier League team in two years to introduce its fan token using the Chiliz blockchain. This innovative step is aimed at enhancing fan engagement and rewarding supporters in the world of Web3 technology.

The issuance of the fan token will take place on Socios.com, a fan engagement platform built on the Chiliz blockchain, which has already attracted over 80 major sporting teams across various sports globally. This platform allows teams to create and manage fan tokens, digital collectibles, and real-world rewards, while also enabling users to participate in decisions related to their favorite teams, akin to decentralized autonomous organizations.

Tottenham Hotspur now joins the ranks of other prestigious football clubs like Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma, all of whom are leveraging blockchain technology to revolutionize their engagement with supporters.

The fan token launch will empower SPURS tokenholders to engage in on-chain voting regarding various team-related matters, including potential kit changes. Additionally, Spurs will collaborate with MatchWornShirt, a platform facilitating auctions of jerseys worn by players during games, with authentication on the Chiliz blockchain.

Ryan Norys, the Commercial Sales Director at Tottenham, expressed that the fan token will expand upon the club’s existing membership scheme, offering fans an array of club-related rewards and experiences.

Alexandre Dreyfus, the CEO of Chiliz and Socios, revealed that discussions with Tottenham have been ongoing since 2022. He also disclosed that the club plans to integrate its fan token into its own loyalty program and mobile app in the future while utilizing the Socios platform.

The launch date for SPURS tokens is set for October 4, and they will be listed on cryptocurrency exchanges supporting Chiliz tokens. For Socios users in the United Kingdom, it’s important to note that fan token promotions will feature disclaimers from October 8, as these fall under the regulatory purview of the Financial Conduct Authority. This means stricter advertising rules and disclaimers warning investors of potential losses in cryptocurrency or fan token investments.

In addition to Tottenham, several other Premier League clubs, including Manchester City, Arsenal, Aston Villa, Everton, Leeds, and Crystal Palace, manage fan tokens on the Socios platform. Alexandre Dreyfus acknowledged that the cryptocurrency bear market has presented challenges for onboarding new teams over the past year.

Fan tokens have evolved into a substantial revenue stream for teams seeking to harness digital technologies for enhanced user engagement. Chiliz estimates that its blockchain platform has facilitated over $400 million in revenue for teams and leagues since 2018.

Chiliz initially operated as an ERC-20 token ecosystem but transitioned to its own layer-1 blockchain, based on a fork of the BNB Chain, in May 2023. This blockchain operates on a proof-of-stake authority consensus mechanism, offering shorter block times, reduced fees, and lower energy consumption. Furthermore, it is compatible with the Ethereum Virtual Machine, allowing the utilization of Ethereum development tools.

In a similar vein, the International Cricket Council is exploring the potential of blockchain technology to boost fan engagement during the upcoming 2023 Cricket World Cup in India, with the Near Foundation’s blockchain operating system serving as the backbone for a Web3 fan engagement application during this global competition lasting six weeks.

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