Tottenham Hotspur Leverages Blockchain for Enhanced Fan Engagement with Unique Token
Summary:
Tottenham Hotspur is set to introduce its unique fan token, using blockchain technology in collaboration with Socios.com, to improve fan interaction and benefits. The system will allow onchain voting on varied team issues and will also facilitate the auction of authenticated, game-worn jerseys. The initiative follows other high-profile clubs such as Manchester City and Juventus, in using blockchain technology to drive supporter engagement. CEO of Chiliz and Socios, Alexandre Dreyfus confirmed the continuation of discussions with Tottenham from 2022 and anticipated the integration of the fan token into the club's official loyalty program and app in the future.
Initiating a new engagement strategy, the Premier League club Tottenham Hotspur is going to make use of blockchain technology to generate and regulate its unique fan token, designed to enhance interaction and rewards for their supporters. Partnering with Socios.com, a fan engagement platform based on the Chiliz blockchain, Tottenham Hotspur will be able to distribute tokens to fans. More than 80 top-tier sports teams worldwide use this platform for managing fan tokens and digital collectibles, and deliver tangible rewards. Fans get to engage in Decentralized Autonomous Organisations (DAO) style decision making process about team matters.
Tottenham follows in the footsteps of Premier League defending champions Manchester City, Arsenal Barcelona, Paris Saint-Germain, A.S. Roma, Juventus, Atlético Madrid, Inter Milan, and AC Milan - renowned football clubs already making use of blockchain for better fan interaction. The introduction of $SPURS token will facilitate onchain voting on various team-related aspects, possible changes in the team uniform included. Tottenham Hotspur is also teaming up with MatchWornShirt, a platform that organises auctions for player-worn jerseys, authenticated on the Chiliz blockchain.
According to Ryan Norys, Tottenham's commercial sales director, the fan token will enhance their existing membership program, offering more exciting club-associated rewards and experiences. Alexandre Dreyfus, the CEO of Chiliz and Socios conveyed to Cointelegraph that discussions with Spurs commenced in 2022, and they anticipate incorporating the fan token into their official loyalty scheme and mobile app down the line.
The $SPURS tokens are due to launch on 4th October and will be available on cryptocurrency exchanges supporting Chiliz tokens. As of 8th October, crypto promotions will be regulated by the Financial Conduct Authority (FCA) which will enforce stricter advertisement laws and caution investors about the potential for total loss when investing in crypto assets or fan tokens.
Several other Premier League teams like Manchester City, Arsenal, Everton, Aston Villa, Leeds, and Crystal Palace manage their fan tokens through this platform. A downturn in the cryptocurrency market over the past year, has deterred some teams from joining the platform, notes Dreyfus.
This modern approach has resulted in considerable revenue for sports teams, as they utilize these digital tools to boost user participation. Since 2018, the Chiliz blockchain platform has facilitated over $400 million in revenue for teams and leagues. Originally, Chiliz was an ERC-20 token ecosystem, but it transitioned to its personal layer-1 blockchain, a fork of the BNB Chain, in May 2023. Its low-power, Proof of Stake Authority (PoSA) consensus mechanism ensures reduced fees, faster block times, and compatibility with Ethereum development tools.
The International Cricket Council is also planning to use blockchain technology to increase fan participation during the upcoming 2023 Cricket World Cup in India. NEAR Foundation’s blockchain operating system has been chosen to be mainstay for a Web3 fan engagement app during the international, six week tournament.
Published At
9/28/2023 1:11:25 PM
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