Connect with us


Why do football fans spend millions on fan tokens?

As per the news agency, fans spend $300 million on virtual currency, and there is an involvement of 24 clubs of the European League. Most of the clubs are offering fan tokens, but Manchester United is dealing with NFT (Non-Fungible Token). Here, Socios company played a pivotal role as it started the sale and managed the trading.

The top clubs that generated the most sales through the virtual currency are Lazio, Manchester United, and Porto. But at the end of the first-day trading, it has been observed that the sales of Manchester United and Lazio dropped to 50% and 70% respectively. Now, the fans may wonder how it happened and what is the possible cause? Well, the answer is very simple, any market depends on the demand and supply methodology, and in the fans token case, the clubs retain $1.9bn (value of token), and the fans hold only $300 million. This huge margin is a big sign of worry.

Additionally, the clubs that retain 80% of the fan tokens can’t sell them at a time because the value of the token will decline sharply.

How are the football fans trading on Fans Token?

To get the Chiliz currency, football fans have to convert the real money to this currency, and once this virtual currency is added into the wallet, then they can buy the fan tokens of the clubs that they support. However, in the financial sector, this currency is termed as most volatile because the value swings a lot, and the sharp fall of fan tokens of Manchester United and Lazio is the best example. So, if you have planned to invest the money in Chiliz, then wait for a while as there are still many more things for you to know.

The Reason Behind the Spend of Millions on Fan Tokens

Fans love and praise football, and they can go to any extent for this game. When they heard that they got a chance to take part in their favorite club, they immediately jumped into it. The clubs offer ample perks to the fans who buy their tokens that include votes on music, a chance to win tickets, a permanent discount in the shop featured by the club, and many more. Moreover, some clubs that took the path of NFT offers digital logo, images, etc., for the fans. These perks are rewards for the fans who invest in the virtual currency followed by the club.

The drawback of Fan Tokens

Most people use virtual currency as a tool to make money, but considering fan tokens, it’s not safe. Being a football fan, if you indulge in this marketplace, then you can get the handy perks through various modes. In a nutshell, there is a mixed review of fan tokens, some earned good money and also got perks from the clubs, but there are many fans who feel they get cheated. Even Brighton and Hove Albion club released a statement and said that the club is not in any mood to enter this market.

NFT- A Replica of Fan Tokens

Manchester United stepped into the NFT marketplace, where the club features the digital logo, music, and other football collectibles for the fans. However, the fans have to visit the NFT (OpenSea), and after reaching there, they can purchase the utilities they like. But before that, they must have Ethereum in their wallet as this is the only source of payment.

According to the Sbobet, two other clubs, Rangers, and Juventus, also entered in NFT. The clubs have opened the gate for the fans where they can purchase their favorite football collectibles. Here, one of the best examples is of Mike Bousis, who spend a $40 grant on this platform. But if you are planning to invest in NFT, then you must go with the recent research, and as per that, the values of NFT fetched by the leading clubs dropped sharply.

However, you will find some exceptions that someone made good money through virtual currency, but they are in the minority; just have a look at the conditions of the majority people. Hence, love and respect football and enjoy the game irrespective of getting involved in the handsome perks.


Click to comment

Leave a Reply

Your email address will not be published.



Metro3 days ago

NSCDC Trains Katsina Command Operatives in Peace, Conflict Resolution

Conflict resolution NSCDC trains Katsina Command operatives in peace   The Nigeria Security and Civil Defense Corps organized a training...

Entertainment3 days ago

Davido, WizKid, Burna Boy To Perform At Afro Nation 2022

A three-day celebration of Afrobeats will feature Burna Boy, Davido and Wizkid performing on different days. Other global artists like...

News3 days ago

Kumuyi launches empowerment programme for youths

On Saturday, the Deeper Christian Life Ministry launched Young Eagles Soaring, an empowerment program to help youths learn professional skills....

Health3 days ago

Poor Health Services Amid Nigerians’ Right Under National Insurance Act

Poor Health Services Despite Nigerians’ Rights under the National Insurance Act   Nigeria’s healthcare delivery has been faced with major...

Metro3 days ago

Again, gunmen attack Kogi police station, kill cop

On Friday, suspected gunmen attacked the Okehi Area Command for the Nigeria Police at Eika-Ohizenyi within the Okehi Local Government...

Health3 days ago

Foundation Advocates Creation Of Craniofacial Unit In LAUTECH

Dr Seidu Bello is the executive director of Cleft and Facial Deformity Foundation and has asked for the creation of...

Health3 days ago

We’re Investing $10.8m To Aid Safe Births In Public Hospitals – Onyemelukwe

In this interview with the director, Public Affairs, Communications and Sustainability, Coca-Cola Nigeria, Nwamaka Onyemelukwe, she details what her organisation...

Business3 days ago

PCN seals 358 pharmacies, others in Abuja

The Pharmacists Council of Nigeria sealed approximately 358 pharmacies in Abuja and patent medicine shops. Ibrahim Ahmed, the Registrar of...

Popular Tags


Copyright © 2022 - is a daily News publication In Nigeria covering Latest news, Breaking News, Politics, Relationships, Entertainments and Sports.