FC Barcelona and AS Roma fan tokens rally after Socios partnership with UEFA

Non-fungible tokens (NFTs) continue to see increased usage as possible applications for the technology have begun to be recognized in ind...

Non-fungible tokens (NFTs) continue to see increased usage as possible applications for the technology have begun to be recognized in industries ranging from sports entertainment to real estate.

A subsector of this market that saw a surge on February 28 are fan token projects, protocols that allow their holders to participate in the governance of their favorite sports brands and receive specialized NFTs and other unique tradables.

Top 7 coins with the highest price change over 24 hours. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the three biggest winners in the last 24 hours were FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR) and Atletico De Madrid Fan Token (ATM), all of which are fan tokens part of the Chilliz (CHZ protocol).

Three reasons for the skyrocketing price of these fan tokens include a partnership between Socios and the Union of European Football Associations (UEFA), the increased focus on football as World Cup qualifying matches are in course and popularity of NFT being combined with the most-watched sport on the planet.

Partnership with UEFA

A recently announced partnership between European football’s governing body UEFA and Socios, a protocol focused on creating fan tokens, could be one of the driving forces behind the current rally.

The partnership is currently contracted until 2024 and makes Socios the regional sponsor of the Champions League, which is the most famous competition organized by UEFA.

Through this collaboration, Fan Tokens will be made available free of charge to Fan Token holders of clubs participating in the Champions League as well as the Europa League and Europa League Conference.

Club fans who hold Fan Tokens have the opportunity to earn VIP experiences or free NFTs that drop during live play as long as they hold their tokens on the Socios app.

Current competitions

A second reason for the strength seen in several Fan Tokens is the ramping up of the football season and the excitement around the World Cup which is due to start on November 21, 2022.

The football season usually runs from August to May, which means the season is three quarters over with teams and their fans now looking to possible league games.

Excitement for football is also on the rise as World Cup qualifiers are currently underway ahead of the 2022 World Cup which is due to take place in Qatar from November 21 to December 17.

Football is the most popular sport on the planet, making it ideal for applying Fan Token technology to better engage with fans and deliver a new era of sports memorabilia.

Related: Penalties and Extra Time: The Football Club Crypto Transaction Dashboard

The growing popularity of NFTs

A third factor that has helped boost Fan Tokens has been the overall popularity of NFTs, which continue to gain traction on a general level as new use cases emerge.

Sports collectibles have long been a hallmark of various market sectors, ranging from cards to gaming gear signed by the players who have used them.

As digital technology continues to permeate all facets of daily life, it is now making its mark in the world of collectibles through the creation of unique digital items that are stored on the blockchain.

With Fan Tokens, holders can now receive NFTs created in real time during live matches and in extremely limited quantities, providing a level of rarity never before seen in sports memorabilia recorded on a blockchain.

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