Crypto adoption is growing in diverse industries. The latest to join the fray is the sports industry, with football clubs launching fan tokens. Some of the biggest clubs in Europe, ranging from Manchester City to AC Milan, are joining the bandwagon of clubs making fan tokens.
Through these tokens, the clubs intend to give fans a say in governance. The fan’s participation through the tokens will be on minor issues such as choosing the songs that play during games. Besides establishing a better connection with the fans, the clubs intend to unlock a new revenue stream after the COVID-19 lockdowns ate into their earnings.
However, the move towards fan tokens has elicited mixed reactions from fans. Some fans believe that these tokens are adding to the ever-growing cost of football. One notable critique of the move towards fan tokens is Malcolm Clarke, Chairperson of the Football Supporters’ Association of England and Wales.
Malcolm noted that the idea of fan tokens was to give the clubs an additional revenue stream while squeezing even more money out of their supporters. He further said that the supposed fan engagement through these tokens was on things that are of no consequence and add little value to the fan.
On the other hand, the clubs and some fans seem to be loving the idea. According to Giorgio Ricci, the Chief Revenue Officer of Juventus, the club’s fan token has helped enhance the connection with its fans all through the pandemic period. An AS Roma fan named Katia Gigliotti also stated that the club’s token had helped her stay connected to her favorite club.
