Fan Tokens give you access to perks like a membership might, but there are no annual or monthly subscription fees when you hold Fan Tokens. Fan Tokens never expire, and you can keep them forever without ever paying more for the privilege.
As with any blockchain-secured token, buying Fan Tokens requires a cryptocurrency transaction. You can’t buy fan tokens directly with FIAT currency, but you can purchase Chiliz tokens and exchange them for the Fan Tokens of your choice. Fan Tokens are traded on the Chiliz exchange and available through the Socios app.
How do you buy Fan Tokens?
To purchase Fan Tokens, you must use Socios.com’s in-app currency called Chiliz ($CHZ). First, you need to buy $CHZ, and then you can exchange it for any Fan Token on the Socios platform. Some Fan Tokens exist outside the Chiliz network, which may accept other purchase options.
You can use your debit or credit card to purchase $CHZ tokens from the Socios app.
What is Chiliz?
Chiliz is a blockchain company on a mission to help fans engage with their favourite sports teams and help teams find new ways to monetise their fanbase. The Chiliz ($CHZ) digital asset is powered by the Chiliz network. It is an ERC20 utility token secured by the Ethereum blockchain and traded on global cryptocurrency exchanges, such as Coinbase and Binance.
$CHZ is the cryptocurrency required to purchase and exchange Fan Tokens on the Socios platform.
What’s the difference between NFT’s and Fan Tokens?
You may have heard a lot of buzz about a new digital asset class called NFTs, or non-fungible tokens. NFTs are often associated with digital images and other digital media. They are used to track ownership and provenance of unique one-of-a-kind digital assets.
NFTs and Fan Tokens are different types of digital assets. While Fan Tokens are not explicitly meant for financial transactions, each Fan Token for any individual team is precisely identical to every other Fan Token for that club, making them a fungible asset that you can trade on an exchange.