WHAT ARE CRYPTO FAN TOKENS? One of the latest trends in utility tokens in the crypto space is the emergence of “fan token...

 WHAT ARE CRYPTO FAN TOKENS?

One of the latest trends in utility tokens in the crypto space is the emergence of “fan tokens”, and judging by the reaction so far, they are popular.

First, let's outline the difference between Fan Tokens and NFTs. You may run into both. NFTs are non-fungible tokens. This means that each one is unique and cannot be exchanged for another that is exactly the same. Think sports memorabilia. This is very different from Fan Tokens, which are considered fungible. There are thousands of others like that, which can be freely bought, sold and exchanged.

Not surprisingly, Fan Tokens are gaining popularity in sports with loyal and dedicated fan bases looking for new and innovative ways to engage fans and connect the fans and the players. Soccer, basketball and F1 motorsport have all proven ready to try this new method of fan engagement.

So what can you do with Fan Tokens?

The first advantage it offers is the opportunity to participate in decision-making on certain things with your team or club. It’s rewarding to know that your opinion matters. Perhaps, give your opinion on proposals for team shirts, giveaways and events.

The club will then offer special rewards to token holders. This can be anything from event tickets to opportunities to meet and interact with sporting heroes. The possibilities here are truly endless and it will be interesting to see how these tokens are used in the future to add value for fans.

If you want to take part, the first thing you need to do is see if your favorite team has a token. If you have one, you'll need to find out where you can buy one. The largest Fan Token exchange is Chiliz.net, but major exchanges Binance and FTX also offer a variety of Fan Tokens. You can find more information about how to join Chiliz exchange at - https://www.comparebitcoinexchange.com/how-to-join-chiliz-exchange/

You should also check the team's official website and sites such as Socios to see what benefits are available to you as a token holder and what requirements you must meet to be eligible.

Most engagements require downloading the Socios application and going through the app. You will be able to do many things. You can vote in team polls available from the app. Earn more Fan Tokens of your favorites by participating in games and giveaways. Unlock VIP Fan Experiences and access exclusive merchandise. Socios currently represents about 100 different sports teams and their associated Okens, with more teams being added all the time. There are another 12 teams planning to release tokens in the near future, and we expect that number to continue to grow.

As an investment, it is difficult to predict the future value of these tokens. A lot of this is because it depends on the perceived value created for token holders.

Fan Tokens seem to be a novel and interesting way for sports enthusiasts and sports teams to have a stronger connection with each other. Keep an eye on this area as it will definitely offer some big surprises in the coming months.