Fan tokens refer to a certain type of cryptocurrency that benefits the users from a wide range of fan-related membership. This includes discounts, various prizes as well as voting rights on various club decisions.
Using the fan token users can have a one-of-a-kind experience offered by the given sports team. The Socios, a mobile application developed by Chiliz is the pioneer for introducing the idea of fan token. Running on the Chiliz blockchain, Socios users have voting rights on club decisions.
There are a plethora of ways in which sports teams can make the best use of fan tokens. Starting with unlocking VIP benefits to allowing token owners to meet their favorite player and accessing premium box seats on matches. Although the finances on fan tokens work similarly to that of any other cryptocurrency, subjected to market volatility.
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