Not just the banks and central banks are going into blockchain and digital currency. Popular sports clubs are venturing into digital currency in 2020.
Spanish soccer powerhouse FC Barcelona, or Barca, has partnered up with cryptocurrency platform to create a blockchain-based token for the sports franchise. The partnership seeks to create a specific token which aims to increase the engagement of Barcelona’s fan base.
Created in partnership with blockchain startup Chiliz, the Barça Fan Tokens ($BAR) will be used to increase fans engagement by allowing them to vote in polls and surveys on Chiliz’ mobile app, Socios.com. The initiative is part of the club’s new commercial and digital strategy.
Barça has one of the largest supporter bases globally and is the richest soccer club by revenue. The team has achieved a record-breaking 74 trophies in its home nation of Spain.
“With over 300 million fans worldwide, Barça’s fandom spans countries as well as cultures, the club is without a doubt the most renowned and the most supported football club in the world and we can’t wait to see their fans start to influence club decisions.”
– Alexandre Dreyfus, Chiliz and Socios CEO and founder.
Fan Token Offering
BAR tokens will be made available through what they call a Fan Token Offering (FTO). At the initial sale, each token will cost €2; Forty million of the club’s new token will go on sale in Q2 2020. To get their $BARs, fans will need first to own Chiliz’ $CHZ token, which is available from a number of exchanges worldwide, according to the firm.
The move into the blockchain space comes as part of Barcelona’s global expansion strategy as it seeks new digital means to build fan engagement.
The initiative demonstrates another exciting use of cryptocurrencies. By leveraging digital assets to reward fans, football clubs not only will be able to increase their engagement, but also be able to get proper feedback from them on various matters.