A Few More Questions Answered

As we approach launch, we have received fantastic feedback from both football fans and clubs. However, we are not so bold as to believe that fans completely understand what we do, and we appreciate that we have a long way to go in terms of education and trust; we’re only at the very start of the Socios.com journey with fans. It’s in our interest to read every piece of feedback to ensure we are fully aware of any concerns and can address any misconceptions. In reality, Socios.com only really exists for the fans, so it’s important that we deliver on our promise of driving greater fan engagement and helping fans to have a stronger emotional connection to clubs they love.

Here, we answer some of the most common queries:

How often will you sell Fan Tokens?

We produce a finite amount of Fan Tokens on behalf of our partner clubs, known as a circulating supply. Once created, no more Fan Tokens will be produced. Once the Fan Tokens sell out, the only way to purchase them will be through the Socios.com Marketplace, buying from other Token Holders. Think of it like eBay, but with only one product.

Why blockchain?

Blockchain makes your ownership of a Fan Token safe and secure, by attaching your Fan Token to you, or to your digital identity. This also can’t be changed, unless of course you decide to sell it. It’s the same as when you buy an app through the App Store and it’s attached to your Apple ID – no-one can claim to own that app or use it without being signed in as you.

When we say safe and secure, we mean it. But don’t just take our word for it, we’ve been verified by CertiK which is a formal verification technology company which, as the name suggests, has certified that what we’ve built is industry standard, bug free and hacker resistant.

We do understand that blockchain and cryptocurrencies are not yet the trusted technologies of today, at least not in Europe. But, by allowing the world’s 3.5 billion football fans to at least experience blockchain and cryptocurrencies through Socios.com, we can give help to educate mainstream consumers, encourage and even fast-track mass adoption.

Is blockchain regulated?

As a new technology, governments have only recently woken up to the fact that blockchain, just like any industry, needs to be regulated. Socios.com operates out of Malta, a country right at the forefront of blockchain regulation and legislation in Europe. Moreover, Socios.com has obtained two licences to operate as a cryptocurrency exchange which means users can easily exchange fiat currencies (EUR, GBP or USD) to the digital currency that fuels our app. Our partner clubs have also been diligent in ensuring they are compliant with local legislation regarding blockchain and cryptocurrencies.

Is Socios.com connected to gambling or cryptocurrency trading?

No, Socios.com has nothing to do with gambling or trading. Users need to buy our own digital currency – CHZ – in order to buy their club’s Fan Tokens, but these Tokens cannot be used outside the Socios.com platform, and are not tradeable. However, as digital assets, they can be bought and sold. While the Fan Tokens can increase or decrease in value depending on supply and demand, they are not an investment tool.

It feels like Fan Tokens might take influence away from established fan groups that speak to my club?

Socios.com has been built FOR the fans, to act as a mouthpiece for fan opinion, and to allow fans to influence club decisions, alongside their existing fan groups and committees. It is not trying to replace established ways in which fans communicate with their clubs on a whole range of other matters. Socios.com sits between the club and their fans, but ultimately, it’s up to the clubs themselves to choose what decisions will be delegated for fan vote. However, we’re confident that fans will embrace this opportunity to engage with their club in a new and innovative way.

Why should fans have to pay for Fan Tokens to engage with their club?

Ourselves and the clubs have purposefully made the Fan Tokens affordable and attainable – far, far less than the price of a shirt or a ticket. We offer football fans a totally new way of to interact with clubs through influencing certain decisions. Fan Tokens need only be purchased once and they don’t expire, and are yours for as long as you want to keep them. Furthermore, the vast majority of local fans will be able to earn Fan Tokens through the App directly, as a reward for their loyalty and attending games.

It’s also important to note that ownership of tokens gives you much more than just the right to influence club decisions. At Socios.com, we talk about being ‘more than a fan’ because we believe we can take you above and beyond being a normal fan. We supercharge your fan experience through exclusive rewards and once-in-a-lifetime experiences makes the app an incredibly exciting proposition.

 

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