By West Ham United, a London-based soccer team which plays in the English Premiere League has joined forces with blockchain platform Socios to launch its own fan token ecosystem. The news was broken in a press release on April 30th.
Socios’s tokenized voting platform and blockchain-based mobile application is operated by the sports blockchain startup chiliZ with backing from key high-profile crypto industry names such as OK Blockchain Capital and Binance.
West Ham United who currently rank as 11th best in the Premier League, also boasts over 2.3 million likes on its official Facebook page.
As per the information in today’s press release, Socios and West Ham will roll out a club-branded Official Fan Token via a Fan Token Offering which will kick off at the start of the 2019/2020 football season.
The token in a nutshell, is a digital asset which gives fans voting rights and will be used as a vehicle to drive fan engagement by allowing users to take part in tokenized polls via the Socios mobile app. These tokens also give fans access to merch, rewards and games as per notes from the press release.
The tokens are used on the Socios platform, but in a nutshell, they operate on a separate permissioned side chain with each participating chiliZ football club functioning as a node with proof-of-authority. This sidechain is powered by chiliZ’s native crypto $chz which is an ethereum-compliant ERC-20 utility token.
In order for fans to purchase the West Ham branded tokens and take part in the Fan Token Offering they will need to first purchase $chz via the application or crypto exchange before trading them for their Fan Tokens.
The press release cites a survey from CoinMarketCap.com, the crypto statistics provider, which reportedly revealed that as many as 46% of users said that they are likely to purchase Fan Tokens associated with big football teams.
Socios has cemented itself as a blockchain-powered, tokenized application of the “Socios” crowd-management concept which was birthed by Real Madrid and & FC Barcelona. (“Socios” means member in Spanish)
Notably, other popular soccer teams who have joined up with the platform, include Paris Saint-Germain and the Italian team Juventus.
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