According to analysis conducted by BBC News, over £260 million (almost $350 million) has indeed been spent on virtual currencies,” the broadcaster said on its website.
In accordance with the results of the BBC, 24 teams from a variety of European leagues have either launched or are contemplating offering fan tokens. Eight of the teams are members of a Premier League in England, which is often regarded as the most prominent soccer league around the world by many observers.
Fan tokens are being dissected
The majority of the teams under consideration are now in the business of selling fan tokens to their supporters which are effectively club-specific cryptocurrencies. Others, such as Manchester City, on the other hand, are also selling NFTs.
Socios, a firm that offers a framework for the first selling and trade of these custom-built cryptocurrencies, has been positioned at the forefront of this fresh trend.
In an interview with the BBC, Socios allegedly said that it has sold around $270 million to $300 million worth of coins so far, but did not specify how much of the money went directly to the clubs.
According to reports from the BBC, Lazio, Porto, Manchester City, as well as Santos, all seem to be the teams that produce the highest sales. However, the value of tokens associated with Manchester City and Lazio has plummeted the most since they were introduced.
So, What Do Supporters Have To Say?
Many football supporters have expressed their dissatisfaction with the use of these fan tokens.
A West Ham fan named Sue Watson told the BBC that she had “sketchy knowledge” of the cryptocurrency market. “I’m probably the representative for a significant number of run-of-the-mill football supporters who are not traders on the crypto market,” Watson said with regards to her lack of knowledge of the cryptocurrency market.
Football journalist Martin Calladine predicted that “some individuals are going to make big money out of it,” but that “it almost surely isn’t going to become popular with the average football fan that you meet on the street.”
Regardless of how other football fans feel about the rise of fan tokens, the phenomenon is part of a larger trend involving cryptocurrency and sports.
A home in sports has been found for NFTs and the larger cryptocurrency industry across the pond, propelled by the high-profile acceptance of the technology by many high-profile athletes from the United States, such as Rob Gronkowski, Tom Brady and Steph Curry.