The use of non-fungible tokens (NFTs) continues to increase as the technology’s potential applications in areas ranging from sports entertainment to real estate are recognized.
One sub-sector of this market that has seen an increase in momentum on 28 February are fan token projects, protocols that allow their holders to participate in the governance of their favorite sports brands and receive exclusive NFTs and other unique redeemables. .
Data from Cointelegraph Markets Pro and TradingView shows that the three biggest gainers over the past 24 hours were the FC Barcelona Fan Token (BAR), the AS Roma Fan Token (ASR) and the Atlético de Madrid Fan Token (ATM), all of which are Fan Tokens (ATMs). There are tokens. Which are part of the Chillies (CHZ) protocol.
Three reasons for the increase in the price of these fan tokens include the partnership between Socios and the Union of European Football Associations (UEFA), the continuing focus on football in the form of World Cup qualifying matches, and the popularity of NFTs being added the most. Is. – Game seen on the planet.
Partnership with UEFA
The recently announced partnership between UEFA, the governing body for European football, and Socios, a protocol focused on the creation of fan tokens, could be a driver of the current rally.
The partnership is currently contracted through 2024 and establishes Socio as the regional sponsor of the Champions League, the most famous competition organized by UEFA.
a new era
We are pleased to announce that UEFA Club Competition Fan Tokens are coming to the Socio app.
Fan Tokens will be available for free exclusively to Fan Token holders of participating clubs @Champions League, @Europa League And @europacnfleague,#BeMoreThanAFan pic.twitter.com/dKiwHGoznR
— Socios.com (@socios) February 15, 2022
Through this collaboration, Fan Tokens will be made available free of charge to Fan Token holders from clubs participating in the Champions League as well as the Europa League and Europa Conference League.
Club fans holding Fan Tokens have the opportunity to win the VIP experience or free NFTs that drop during live gameplay as long as they keep their tokens on the Socio app.
ongoing competition
Another reason for the strength seen in many fan tokens is the fast pace of the football season and the excitement for the World Cup which is set to start on November 21, 2022.
The football season typically runs from August to May, meaning the season is complete with three-quarters of the teams and their fans now looking forward to any potential championship matches.
The excitement for football is also rising as the qualifier matches for the World Cup are currently underway ahead of the 2022 World Cup which is scheduled to take place in Qatar from November 21 to December 17.
Football is the most popular sport on the planet which makes it ideal for the application of fan token technology to better connect with fans and offer a new era of sports memorabilia.
Connected: Penalties and Extra Time: The Scoreboard for Soccer Club Crypto Deals
Growing Popularity of NFTs
The third factor that helped boost the Fan Token is the overall popularity of NFTs, which continue to gain traction at the mainstream level as new use cases emerge.
Sports collectibles have long been a hallmark of various segments of the market, ranging from cards signed by players using in-game equipment.
As digital technology continues to be integrated into all aspects of daily life, it is now making a mark in the collectibles world through the creation of one-of-a-kind digital items stored on the blockchain.
New @gnkdinamo NFT
Be the only fan in the world to own a physical and a digital version of the shirt worn against West Ham.
Stay tuned for more information $ dzg $CHZ pic.twitter.com/ThlPEaj5yr
— Socios.com (@socios) 11 February 2022
With Fan Tokens, holders can now receive NFTs created in real time during live matches and extremely limited amounts, providing a rare level of sports memorabilia recorded on a blockchain.
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