Tottenham Hotspur Joins Web3 Wave
In a significant move, Tottenham Hotspur has embraced blockchain technology by launching its fan token on the Chiliz blockchain. This initiative marks Spurs as the first Premier League team in two years to introduce its fan token leveraging the power of blockchain.
The issuance of this fan token will be facilitated through Socios.com, an engaging platform developed on the Chiliz blockchain. Socios.com has already attracted more than 80 major sports teams globally, providing them with the capability to issue and manage fan tokens, digital collectibles, and real-world rewards. Additionally, it empowers fans to participate in decisions related to their favorite teams through decentralized autonomous organizations (DAOs).
Tottenham Hotspur now joins a prestigious list of football clubs, including Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma, who have adopted blockchain technology to enhance their engagement with fans.
The launch of SPURS tokens is scheduled for October 4th, with plans to list them on various cryptocurrency exchanges supporting Chiliz tokens. For UK-based Socios users, starting from October 8th, they can expect to see disclaimers regarding fan token offerings. This is a response to regulatory changes, with the Financial Conduct Authority taking a more active role in overseeing the marketing of crypto assets. The new regulations mandate stricter advertising rules and investor warnings about the potential risks associated with cryptocurrencies and fan tokens.
In the realm of the Premier League, several other clubs, including Manchester City, Arsenal, Aston Villa, Everton, Leeds, and Crystal Palace, have also embraced fan tokens through the Socios platform. Despite a challenging cryptocurrency market over the past year, these fan tokens have proven to be a significant source of revenue for clubs, aligning with their goal to use digital technologies to boost fan engagement.
Chiliz, the blockchain behind these fan tokens, has facilitated over $400 million in revenue for teams and leagues since 2018. Originally built as an ERC-20 token ecosystem, Chiliz shifted to its own layer-1 blockchain in May 2023. This move brought several advantages, including shorter block times, reduced fees, lower energy consumption, and compatibility with Ethereum development tools, thanks to its integration with the Ethereum Virtual Machine.
