By Edith Muthoni
The world of football fandom is experiencing a surge in popularity thanks to fan tokens. Interest in these digital assets has skyrocketed by 117% during the ongoing Qatar World Cup, according to a TradingPlatforms.com recent data presentation.
The website reported that search interest on the term increased from 46 in the week ending 19th November to 100 in the week ending 10th December.
According to TradingPlatforms’ sports expert Edith Reads, this growth in fan token search queries shows how football fans increasingly use them to participate in sports activities. According to her, fan tokens are a way for passionate followers to show their support for their teams or country.
“The World Cup is one of the most highly anticipated sporting events on the planet, bringing together some of the best players globally and watched by billions worldwide. Many avid fans were excitedly looking forward to seeing how their favorites would fare against international competition. So they turned to fan tokens to express their enthusiasm and passion for their favorite players and countries competing in Qatar.”
But What Is a Fan Token?
It is a cryptocurrency asset designed for use within specific sports-related contexts. This can be anything from exclusive access to virtual stadiums or games to voting rights for team decisions or sponsorship agreements. Each fan token is usually associated with a given team and can be used to show loyalty and support for that team’s players, coaches, and owners.
Besides allowing fans to deepen their engagement with teams and players, fan tokens also enable organizations to generate additional revenues and increase brand visibility. By offering discounts and benefits exclusive to token holders, teams can also draw their fans’ interest levels. And while at it, build loyalty amongst existing supporters.
Moreover, fan tokens provide crypto investors the potential to create value over time. That’s particularly true if they are tied into a club that continues winning matches or experiences successful periods of growth. Of course, there’re risks involved when investing in any token-based system, so it’s vital that investors thoroughly research all projects before committing any capital.
Which Other Factors Are Pushing the Growth of Fan Tokens?
It’s not just the Qatar World Cup that is driving this trend. Other developments, such as the increasing popularity of blockchain technology, the rise of decentralized finance (DeFi), and the growing interest in non-fungible tokens (NFTs), are pushing its growth. Additionally, the proliferation of online communities is helping to create awareness about them.
Some of the biggest successes have come from renowned football clubs like Santos FC, Paris Saint-Germain (PSG), FC Porto, FC Barcelona, and S.S Lazio. Other clubs with similar projects are Manchester City, A.C Milan, Inter Milan, Atletico Madrid, and Juventus.
In addition to heightened interest from sports fans, big corporate names are also beginning to take note of this trend. Nike and Adidas, for instance, have recently announced their involvement in developing blockchain-based projects for more efficient tracking of consumer data and better product delivery processes.
That move indicates a shift towards embracing digital assets within the sports industry over traditional methods worldwide.
Edith is a finance expert who has been writing and trading for years. She's knowledgeable about stocks, cryptocurrencies, blockchain technology as well the latest fintech trends - all from an informed perspective that will help you make better decisions when it comes time to invest your money.
** The views expressed do not necessarily reflect the views of Independent Media or IOL.
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