Manchester City Fan Token Price Surge By over 75% Amid Ronaldo Transfer Rumors.
We only have four days left in the transfer window, and rumors have it that Christian Ronaldo the 5-time ballon d’Or award winner and a football G.O.A.T will be leaving Juventus for Manchester City. This rumor has resulted to the price upsurge in the Manchester City fan token by over 75%. This can be somewhat compared to the 100% price upsurge of the PSG fan token caused by rumors and confirmations of Messi joining PSG. The Manchester City fan token that was trading at $19 three days ago is currently trading at $32 per token as of the time of writing. Well, you know what they say, buy the rumor and sell the…
What is a fan token?
Fan tokens are cryptocurrencies that grant their holders access to certain membership perks privileges such as voting rights on club matters, club rewards, and other minor decisions related to their clubs on the application Socios. The following are among clubs that have launched their tokens this year are Manchester City, Juventus, PSG, Ac Millan, etc.
Unlike non-fungible tokens (NFTs) in digital art or music, crypto fan tokens are fungible, meaning they can be exchanged to other digital currencies.
Fan Token Offering
Fan token offering refers to the process of auctioning the tokens to interested parties at a fixed price before they are listed in a marketplace. Crypto fan tokens are normally purchased on the cryptocurrency exchange chiliz. Before they are made available on the exchange, the sports club first performs a fan token offering (FTO). In general, an FTO is similar to an initial coin offering (ICO) in the crypto trade. The opening price of the token, the start and end date of when the tokens will be distributed are announced. When the FTO date arrives, interested parties can buy the tokens with money or existing crypto coins that they already own on the exchange.
Tokenization seems to be the new thing in the current modern world, 1st it started with money, then to art, then to music and now we are at sports. What do you think will be the next industry to be tokenized?