Tottenham Hotspur taps Chiliz blockchain for Web3 fan token

Tottenham Hotspur will become the latest English Premier League team to tap into blockchain innovation to issue and manage its own Web3 fan token to drive advocate engagement and rewards.Spurs will release the fan token through Socios.com, the fan engagement platform built on the Chiliz blockchain that has attracted over 80 significant sporting groups from different codes worldwide. The platform enables groups to handle and issue fan tokens, real-world rewards and digital antiques, while users can get involved in decentralized self-governing organization-like decisions involving their favorite teams.Related: From cricket to crypto: AB de Villiers ventures into Web3Spurs sign up with the similarity Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, Air Conditioning Milan, Atlético Madrid and A.S. Roma, which are a few of the most prominent teams in expert football using blockchain to innovate engagement with supporters.The launch will enable SPURS tokenholders to get involved in on-chain ballot on numerous team characteristics, consisting of potential set changes. Spurs will likewise partner with MatchWornShirt, the platform that assists in auctions of jerseys worn by players throughout games validated on the Chiliz blockchain. Tottenham Hotspurs official statement of its fan token. Source: Socios.Commenting on the partnership, Tottenham industrial sales director Ryan Norys said the fan token will develop on its existing subscription scheme with a “brand-new series of club-related benefits and experiences.” Speaking directly to Cointelegraph, Chiliz and Socios CEO Alexandre Dreyfus stated that talks have actually been ongoing with Spurs considering that 2022. He likewise said that the club would utilize Socios while simultaneously integrating its fan token into its own commitment program and mobile app in the future.SPURS tokens are set to be launched on Oct. 4 and will be noted throughout cryptocurrency exchanges that support Chiliz tokens. Socios users in the United Kingdom can also anticipate to see disclaimers on fan token offerings from Oct. 8, as the marketing of crypto possession promos comes under the auspices of the Financial Conduct Authority.This will need stricter marketing rules and a disclaimer warning financiers of possible losses investing in cryptocurrencies or fan tokens.Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace are the other Premier League clubs that manage fan tokens on the platform, with Dreyfus keeping in mind that the continuous cryptocurrency bear market has prevented the onboarding of teams over the past year.Related: FC Barcelona secures $132M financial investment for blockchain and NFT ventureFan tokens have become a substantial source of income as teams look to leverage digital technologies to drive user engagement. Chiliz estimates that its blockchain platform has handled over $400 million in profits for groups and leagues given that 2018. Chiliz was originally built as an ERC-20 token environment however moved onto its own layer-1 blockchain that is a fork of the BNB Chain in May 2023. Operating on a proof-of-stake authority (PoSA) consensus mechanism is promoted to deliver shorter block times, lowered charges, and lower energy consumption, while being EVM-compatible enables it to remain compatible with Ethereum advancement tools.The International Cricket Council is also seeking to utilize blockchain innovation to drive fan engagement throughout the upcoming 2023 Cricket World Cup in India. NEAR Foundations blockchain operating system will function as the foundation for a Web3 fan engagement app during the six week international competition.Collect this article as an NFT to maintain this minute in history and show your assistance for independent journalism in the crypto space.Magazine: Blockchain investigators: Mt. Gox collapse saw birth of Chainalysis

Other Questions People Ask

What is the significance of Tottenham Hotspur tapping into the Chiliz blockchain for a Web3 fan token?

Tottenham Hotspur's decision to tap into the Chiliz blockchain for a Web3 fan token signifies a strategic move to enhance fan engagement and interaction. By utilizing the Socios.com platform, Spurs aims to offer fans unique rewards and experiences, allowing them to participate in on-chain voting regarding team decisions. This initiative aligns the club with other major football teams that have successfully integrated blockchain technology to foster closer connections with their supporters.

How will Tottenham Hotspur's fan token impact supporter engagement?

The introduction of Tottenham Hotspur's fan token is expected to significantly enhance supporter engagement by providing fans with a voice in club-related decisions. Tokenholders will be able to participate in on-chain voting on various aspects, such as potential kit changes, thereby creating a more interactive experience. Additionally, the partnership with MatchWornShirt will allow fans to bid on jerseys worn by players, further deepening their connection to the team.

When will Tottenham Hotspur's fan token be launched and how can fans participate?

The launch of Tottenham Hotspur's fan token is scheduled for October 4, with listings on cryptocurrency exchanges that support Chiliz tokens. Fans interested in participating will need to acquire SPURS tokens through these exchanges. Furthermore, Socios users in the UK can expect disclaimers regarding fan token offerings starting October 8, ensuring they are informed about the risks associated with investing in cryptocurrencies.

What are the benefits of Tottenham Hotspur's partnership with Socios.com?

Tottenham Hotspur's partnership with Socios.com offers numerous benefits, including the ability to issue and manage their own Web3 fan token. This collaboration will enable the club to provide fans with real-world rewards and digital collectibles, enhancing their overall experience. Additionally, the integration of the fan token into Spurs' existing loyalty program and mobile app promises to deliver a seamless and engaging platform for supporters.

How does the Chiliz blockchain support Tottenham Hotspur's fan token initiative?

The Chiliz blockchain supports Tottenham Hotspur's fan token initiative by providing a robust platform for issuing and managing digital tokens. With its proof-of-stake authority consensus mechanism, Chiliz ensures lower transaction fees and faster processing times, making it an efficient choice for fan engagement. This technology not only facilitates on-chain voting but also allows for the creation of unique digital experiences that can drive revenue and enhance fan loyalty.