Fan Tokens are utility tokens, a type of digital asset, created using Chiliz Blockchain technology. Utility tokens have a function, or several functions, and can be used across systems or platforms for various purposes – for example, to provide access to a digital community, exclusive content, discounts or loyalty programs.
They are intrinsic to the fan experience on Socios.com – the world’s leading fan engagement and rewards platform, where fans can connect with their teams in various ways, including predicting scores, choosing their favourite players, checking in, voting in official Club polls and playing games.
Fan Token holders are rewarded for acting like fans on Socios.com, with in-app engagement resulting in reward points credited to fan wallets that can be used to later redeem Fan Rewards, including VIP tickets, merchandise, collectible match used items, access to the team and other unique, club-linked, behind the scenes experiences.
Fan Tokens are tradable; this provides flexibility because the level of influence in features and access to Fan Rewards on Socios.com is determined by engagement and the number of Fan Tokens held. Therefore, fans can increase or decrease their impact on Socios.com by selling Fan Tokens or buying more Fan Tokens on Socios.com.
Fan Tokens are also fungible. In simple terms, this means they are replicable and non-unique, so millions of these identical assets can be created, providing teams with the potential to connect with their global fanbases at scale.
And while channels like social media are geared towards one-way engagement, with fans predominantly absorbing content, Fan Tokens can help transform global audiences into an active community. That’s because Fan Tokens empower fans to make a recognisable impact and to be rewarded for doing so.