To find out even more about this project, check out our deep dive of Atletico De Madrid 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 Atletico Madrid
Formed in 1903 and taking its more iconic shape in 1947 – the year the club first became known as Atletico de Madrid – the club are owners of no less than 10 La Liga titles and 10 Copa del Rey titles in their native Spain. Internationally Atletico has made themselves heard via 3 UEFA Europa League titles and 3 EUFA Super Cups as well. A Spanish powerhouse, the club is known to never shy away from pushing the status quo when it comes to the game of football.