Atlético Madrid releases its own fan token

Fan of Atlético Madrid? Then there is good news, Atlético Madrid has recently entered into a partnership with blockchain platform Socios.com and is launching its own token. This appears from a twitter message from Atlético Madrid and Socios.

Comunicado Oficial: #WelcomeAtleti pic.twitter.com/Tjh6taMUdm

– Socios.com (@socios) September 6, 2019

The “Official Fan Token” comes on the market through a Fan Token Offering (or an FTO). From the fall of 2019, fans can become the first owners of the new token. The token will initially cost two euros.

Fans more involved with the club

Fans can use the token for different purposes. For example, they can vote for polls from Atlético Madrid. In this way the club tries to improve the involvement of the fans.

But fans can also use tokens to buy merchandise from the club. Or, for example, to play online games and earn rewards.

In addition to England, France and Italy, now also Spain

Socios has a mobile app that uses blockchain technology. The owner of Socios is chiliZ, an organization supported by Binance and OK Blockchain Capital, among others.

Socios is Spanish and stands for member or partner. If you have a number of tokens, then you are a member of the club. In that respect, the name has been cleverly found.

Atlético Madrid is not the first professional football club to work with the Socios platform. Previously, Socios also collaborated with West Ham United, Paris Saint-Germain and Juventus.

Technical details: no open blockchain

The Socios app therefore uses blockchain, but does not have an independent blockchain. The Socios platform works on a so-called sidechain, a blockchain that depends on another blockchain.

Socios works on the Ethereum blockchain. The corresponding cryptocurrency is called $ chz, and that is an ERC20 token. If you buy fantokens, you actually buy indirect ether. Are you still following it all?