On Dec. 14 popular cryptocurrency exchange Binance listed two utility fan tokens PSG and JUVE associated with the Paris Saint-Germain and Juventus football clubs. Since it’s listing both the tokens rallied 80% to 160% in the past 24 hours alone. The token surges followed by its Binance listing and a spike in its daily trading volume. The token valuation is derived not from the team performance or match results but the demand and utility of the tokens through fans.
PSG and JUVE Tokens Surged By 80% to 160% Since Listing
The sports tokens were created by Socios.com and Chiliz. Through the Socios app, users can receive exclusive rewards and club recognition simply by using the token. For instance, token holders can simply log on to their Socios app to earn various rewards that can include match tickets, exclusive experiences, digital badges, and much more.
Alexandre Dreyfus, the CEO of Chiliz and Socios.com, recently said that sports fan tokens can play a key role in tokenizing the sports and entertainment industry while saying:
“This is a seminal moment for us, the start of a new trend where the world’s leading sporting organisations will have their proprietary digital assets listed on the biggest global exchanges, generating visibility, liquidity, and volume. This new trend will gather pace as more of the world’s biggest sporting properties have their Fan Tokens listed in the near future.”
PSG and JUV Tokens Reach Trading Volume of $300 Million
The past 24 hours trading volume of PSG and JUV tokens have reached a trading volume of $300 million. For other tokens with a market capitalization of less than $50 million, a $300 million daily volume would signify a booming high trading volume.
Chiliz is a fintech platform that provides sports & entertainment figures with tools to help them engage & monetize their global fans. The firm’s consumer app Socios.com was launched in late 2019. Till yet, 19 major sports organizations have partnered with Socios.com to launch their own fan tokens.