Italy’s national football team to ‘launch’ a ‘blockchain’ fan token called Socios

Today Chiliz announced a partnership with the Italian Football Association (FIGC) to launch a blockchain fan token for the Socios.com national team, as well as a pricing app. The Italian team is the champion of UEFA Euro 2020.

In contrast to irreplaceable tokens (NFT), fan tokens are similar to cryptocurrencies, in that fan tokens are not unique.

Socios has issued fan tokens for many major football clubs such as Paris Saint-Germain (PSG), Manchester City and FC Barcelona. It is known that part of Lionel Messi’s contract with PSG was paid for with the help of fan tokens.

According to Chiliz, Socios.com generated more than $150 million in revenue from token sales this year.

In addition to taking advantage of the possibility of winning (or losing), Fan Tokens allow access to polls, giveaways, promotions and competitions.

The Italian association will use the funds generated by the partnership to upgrade sports facilities across the country. Socios will also be the main sponsor of the Italian Women’s Cup for the next two years.

“This partnership will allow us to develop our relationship with our fans, to offer new opportunities for engagement and opportunities for fans to be rewarded,” said FIGC President Gabriele Gravina.

“This is another important step in the continuation of the project to develop Italian football as it allows us to invest heavily in new resources. This partnership will allow us to develop youth football and the whole movement from the ground up to support the top flight. pyramid.

The Argentina and Portugal national teams have also collaborated with Socios.

While Socios initially focused on fan football tokens, it has diversified and is now focusing on other sports and has also launched NFT. He made a big leap forward in the United States by signing contracts with 24 NBA basketball teams, including the LA Lakers. However, transactions in the United States are for fan engagement, not tokens, as the uncertainty of whether tokens are considered securities in the United States is unknown.

Socios dominates the fan token sector, but its success has now drawn competition from Turkey’s Bitci and the world’s largest cryptocurrency exchange, Binance.