In recent years, the popularity of NFTs has exploded in football. The world of football has begun to embrace blockchain technology and major clubs and players have promoted NFTs on social media.
Football NFTs are often powered by blockchains like BNB Network and Ethereum. These blockchains benefit for notable usages as well as partnerships with brands/products using their networks. Price increases are a common result and, consequently, is something you’ll spot historically on a Ethereum price overview, for instance. But can you buy Arsenal FC NFTs?
Socios
Back in 2021, The Athletic, now part of The New York Times, reported on Socios fan tokens after Lionel Messi’s PSG deal included a signing-on fee partly paid in cryptocurrency fan tokens.
Several of the world’s biggest clubs, including Arsenal, Barcelona and Atlético Madrid, have embraced Socios.com.
Socios is a platform that uses blockchain technology to create fan tokens, which are digital assets that provide holders with various benefits. Their website says that you can “earn exclusive Fan Rewards and access extraordinary experiences.”
NFTs on the Socios platform use the Chiliz blockchain, which is widely used in sports and entertainment. Socios themselves say, “Fan Tokens are obtained by exchanging them for the Chiliz cryptocurrency ($ CHZ), which can be purchased on the Socios.com app after downloading it.”
The Socios website advises, “Before using crypto-assets (tokens), consider that: (a) their value can go down or up; (b) they are not regulated in most countries; (C) you may have to pay taxes on any profits made from their sale.”
Are fan tokens the same as NFTs?
Fan tokens are not exactly the same as NFTs. NFTs are non-fungible tokens, and fan tokens are fungible, which means they are interchangeable with other tokens.
NFTs, due to their uniqueness, are often created as more unique digital collectibles or art pieces.
Why would you want a Socios fan token?
One of the most compelling features of Socios fan tokens is the ability for the owner of said fan tokens to vote on certain club decisions. While these decisions are usually not critical operational matters, they can significantly enhance the fan experience.
For example, token holders might vote on the design of a new kit, the music playlist at their team’s stadium, or naming certain areas within the stadium or training ground.
In 2020, JUV (Juventus’ own token) holders voted on the song to be played when Juventus score a goal at their home stadium.
These polls are conducted on the Socios app, where each token holder’s vote contributes to the final decision, making fans feel more integrated into the club’s community.
Fan tokens often come with access to exclusive content. This can include behind-the-scenes footage, interviews with players and coaching staff, and unique digital collectibles.
Additionally, holders might get the opportunity to participate in exclusive events, such as virtual meet-and-greets with players or Q&A sessions with club legends.
Socios often host challenges and competitions for token holders. Participating in these events can earn fans additional rewards and points. Fans might be asked to predict match outcomes or answer trivia questions about the club. Success in these challenges can lead to rewards, enhancing the overall fan experience.
Socios offer various rewards to fan token holders. These rewards can range from physical merchandise, like signed jerseys, to matchday experiences, such as VIP tickets.
Their website shows some examples of these fan experiences. Nabe from Japan, a Roma fan, says, “It was the most special day of my life. I was so excited!” under a selfie with Tammy Abraham.
Man City fan Bertie says, “Thank you Socios.com for my Ruben Dias signed shirt. I am absolutely thrilled.”
Engaging with the platform and participating in activities can earn fans points, which can then be redeemed for these rewards.
Arsenal fan tokens are called $AFC tokens. Once fans have acquired $AFC tokens, they can participate in various polls. These polls are announced through the Socios app, and token holders cast votes. The more tokens a fan holds, the more voting power they have in decisions.
Community
Another aspect of fan tokens is their potential to create a sense of community for fans of clubs like Arsenal.
Fans can interact on the Socios app, share their experiences, and discuss club matters. This has the potential to create a more connected and vibrant fan base, enhancing each fan’s experience and connection with the club.
The future of Arsenal and blockchain in football
The adoption of fan tokens represents a significant shift in how football clubs engage with their fans. $AFC tokens are a step towards a more interactive and fan-centred approach to the management of Arsenal as a club.
As blockchain and other technologies continue to evolve, the possibilities for enhanced fan engagement are vast.
AR (augmented reality) technology may allow fan tokens to unlock AR experiences that bring fans closer to the action, and exclusive VR (virtual reality) events may be available for token holders, such as virtual tours of the Emirates Stadium or live VR match viewings.
Other clubs such as Manchester United have recently dipped into blockchain with games like Fantasy United, where fans can collect player cards and build teams whose performances are impacted by real life player stats.
Fan engagement on the Socios app is likely to further develop, fostering a deeper and more interactive fan community.