With COVID19 and sports franchises become ever more valuable. There has been a distance built between franchise and fan. Can blockchain help to remedy this gap?
Barcelona, Juventus, AC Milan - three huge sporting franchises, what do they have in common? Yes, that's right, they are all football teams. But also, interestingly, they are all working with Socios a blockchain company focussed on building fan engagement through fan tokens. These fan tokens can be purchased, traded and used to vote - and is all done on the blockchain.
What is Socios?
Socios is a platform that builds on top of the Chiliz blockchain (more on that below) and enables sporting franchises to build their own 'fan token'. This fan token allows for users to do several things - such as receiving discount, taking part in quizzes to win prizes, and most interestingly - vote on key decisions that the franchise is making. For example, Greek football team Apollon allowed fans to pick the starting lineup in a game.
As mentioned, Socios builds onto of the Chiliz blockchain. Essentially, in order to best explain this, think of it like a ledger that holds information on users (obsfucated as long addresses with numbers and letters) and their transactions.
What this then means is that each users participation with their fan token (which is built and runs on Chiliz) is therefore stored on this ledger.
This is great in terms of giving transparency for transactions as it therefore allows fans votes to be tracked and ensure that the decisions are being followed through with -rather than just allowing fans to vote via a piece of paper, where results can easily be skewed and changed.
How can this grow?
Currently, some of the biggest sporting franchises are using this, and Socios have committed to bringing in new teams/athletes within Basketball and UFC (Already got a few eSports teams), and to me, this is something that is here to stay. Especially during COVID19 where the fan is seperated from the team by a large TV screen, but also, as I have recently witnessed team loyalty and fandom drop within the sporting industry due to peoples thoughts not being heard. Socios offers a great remedy for this.
I could see sporting fans (especially those who are season ticket holders) being distributed and rewarded with these fan tokens and these being used before, during and after a game to increase participation and make fans feel like they actually own a piece of the organisation.
Imagine at half time being able to decide on a substitute with thousands of other fans, or being rewarded with tokens that can give you special rewards within the franchise (that are easy to track to your account to avoid any faff!).
Additionally, combine that with the growing interest in NFT's (non fungible tokens), and you could have a combination that would keep your fans engaged for a very long time and also, progress your franchise in ways not currently comprehensible!