Galatasaray Fan Token

What are Fan tokens?

Tokens are generally assets that can represent proof of ownership or even membership. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens. Socios.com is an app for football (soccer) fans, where users acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.

How do Fan tokens work?

Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the chiliZ and Socios.com platform. In launching their platform, alongside other sports blockchain ventures, a new category of token has emerged — the Fan Token. Once onboard the Socios.com platform, yet to-be-announced club partners host what has been called a Fan Token Offering (FTO). Fans must purchase $CHZ via a cryptocurrency exchange in order to acquire Fan Tokens. These tokens — which are specific to a team or club — are a finite, digital asset that provide access to an encrypted ledger of voting and membership rights ownership.

About Galatasaray

Galatasaray Sports Club was founded in 1905 by the students of Galatasaray Lycee in the Beyoglu area of Istanbul. With their fiery yellow and red color palette and a tradition of intimidation on the pitch, the club has more than earned its nickname – the “Lions”. 22-time winners of the Turkish Super League (most recently in the ‘18/’19 season) Galatasaray are also the only Turkish club to have claimed the UEFA Cup & Super Cup when they reigned supreme in 2000.