The fans token of football giants FC Barcelona and AS Roma Surges With a double-digit as Socios fan token recently partners with European football body, UEFA to bring NFTs and other redeemable gifts to the European football stage and its fans.
Nonfungible tokens (NFTs) are becoming more popular as the technology’s potential applications are recognized in industries ranging from sports entertainment to real estate.
Fan token initiatives, protocols that allow their holders to engage in the governance of their favorite sports companies and get specific NFTs and other unique , are one subsector of this market that saw a surge in popularity on Feb. 28.
FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR), and Atletico De Madrid Fan Token (ATM), all of which are part of the Chilliz (CHZ) protocol, were the three greatest gainers over the last 24 hours, according to data from Cointelegraph Markets Pro and TradingView.
A partnership between Socios and the Union of European Football Associations (UEFA), increased attention on football as World Cup qualifying matches continue, and the popularity of NFTs being combined with the most-watched sport on the planet are three reasons for the increase in the price of these fan tokens.
Partnership With UEFA
One of the drivers of the current rally could be a newly announced relationship between UEFA, the governing body for European football, and Socios, a protocol that concentrates on the development of fan tokens.
Socios becomes the regional sponsor for the Champions League, UEFA’s most well-known competition, which is currently committed through 2024.
Fan Tokens will be made available for free to Fan Token holders of clubs competing in the Champions League, Europa League, and Europa Conference League as a result of this agreement.
As long as they keep their Fan Tokens on the Socios app, club supporters with Fan Tokens can win VIP experiences or free NFTs that drop during live gameplay.
The beginning of the football season and the growing excitement for the World Cup, which is set to begin on November 21, 2022, is a second explanation for the strength shown in many Fan Tokens.
The football season normally runs from August to May, so we’re three-quarters of the way through, and clubs and supporters are now looking ahead to any potential title matchups.
Football fever is also on the rise, with World Cup qualification matches already underway ahead of the 2022 World Cup, which will be held in Qatar from November 21 to December 17.
Football is the most popular sport on the planet, making it an excellent candidate for using Fan Token technology to improve fan engagement and introduce a new era of sports memorabilia.
The Rising Popularity Of NFTs
The overall popularity of NFTs, which continues to gain traction on a mainstream level as new use cases emerge, is a third factor contributing to growing Fan Tokens.
Sports memorabilia, ranging from cards to in-game equipment signed by the players who used it, have long been a staple of the market.
As digital technology becomes more integrated into all aspects of daily life, it is now making an impact on the collectible world by allowing one-of-a-kind digital artifacts to be created and kept on the blockchain.
Holders of Fan Tokens can now receive NFTs manufactured in real-time during live matches and in highly limited quantities, giving a level of a rarity in sports memorabilia recorded on a blockchain that has never been seen before.