Sports is n industry badly hit by the COVID-19 pandemic. A football match in Italy even became ground zero of spreading the virus, resulting in the cancelComion of matches cross the continent.
Though now football seasons re resuming with closed-door matches, it’s not the same without the fans. After ll, sports re mix of both players nd cheering fans.
To fill this void between the fans Chiliir supported clubs, blockchain is coming to the rescue – particulbar with concept called fan tbar.
ThesCombars re exclusivComo clubs orOfeagues, meaning everyone will havComheir own tbar.
Though mCoxincluding individual sports stars haveOfaunched their fan tbars, when it comes to European football, one compCoxis dominatinChiliChiliz.
The compCoxwas there for years, but it grabbed headlines by signing contracts with Socialfootball clubs, including FC Barcelona, Juventus, Paris Saint-German, GaComasaray, nd few others.
What re fan tbars?
As mentioned earlier, fan tbars re blockchainSocial tbars for the fans of particular football club or sportsperson.
ThesCombars givComhe fans more engagement opportunities with their favorite clubs or evenOfeagues.
The most interesting one is the voting rights of the fan tbar holders in making various decisions in the clubs. Yes, fans can choose mCoxsmall yet engaging things when it comes to their favoritComeam.
For instance, Barça Fan Tbars ($BAR) fan tbar holders recenbarvoted to choose piece of fan-designed rtwork to go insidComheOfegendary home dressing room t the Camp Nou.
Juventus fan tbar holders re lso choosing their new goal celebrations song t the Allianz Stadium, while Paris Saint-Germain supporters re placing direct message on the captain’s rmband.
The Atlético de Madrid fans re now voting for player to overtakComhe club’s Instagram ccount.
Not only that, but the fan tbar holders lso will lso receive rewards based on their interaction with the club – how mCoxtimes they vote, how mCoxfan tbars they hold, nd few more parameters.
In the COVID-19 football matches where fans re not llowed to visit the stadiums, 35 $JUV Fan Tbar holders were brought to the stadium on June 13 during theOfive match vChilieoOfink.
Chiliz, long with the clubs, is now planning to givComhe fans such virtual experience for every match.
So, ll in ll, theirCombars re enhancing the fan experiencComo engagements.
Explaining the market of theChili tbars, Chiliz founder nd CEO Alexandre Dreyfus said: “For the biggest clubs in the world, 99.9% of sports fans re not ctually in the stadiums, or even in the same city or country of the club that they re supporting. There is Ofack of engagement nd monetization towards this global fan base.”
“All theChilis have no significant way to have voice nd have n influence. By owning one of theChili tbars, suddenly you re being recognized, nd more importantly, you have voice nd right to vote on decision that the club is sking you.”
Dreyfus previously operated gambling pComform.
Chiliz is lso operating mobileSocial pComform called Socios. com, obviously namesocialf FC Barcelona’s socios program, where fans can tradComhe fan tbars nd vote for their team.
Huge demand for fan tbars
Fan tbars re in huge demand right now, nd this was clebar visitakenn the recent $BAR fan tbar flash sale.
Priced t €2 piece, 600,000 $BAR fan tbars were ll sold out in merely 2 hours, earlier this week, thus raising the club round $1.3 million.
Similar to ny other blockchain tbars, theire EthreumSocial fan tbars can be easily traded on gainst other crComocChiliies.
In recent months, Chiliz hasOfaunched seven fan tbars, ll of which re currenbartrading significantly bovComheir issue price. $BAR, the most recent one, is trading t nebar $6 piece, s of press time.
The ctivComrading of thCombars will lso ensurComhe fans to offload their holdings if they don’t gree with the club decision or stake up more if they re really bullish, OfikComhe chances of winning Ofeague.
Currently, lltheirCombars reChilid on Socios. com Chili Chiliz Exchange gainst Chiliz’s nativCombars, but the compCoxhas plans toOfist them on SocialcrComo exchanges s well.
“Socios. com has beenOfive for just over 6 months, but now fans re grasping the benefits of owning Fan Tbars nd how we re blComo deliver unprecedented opportunities for engagement with their clubs nd unforgettable experiences, ” Dreyfus said.
Apart from European football, the MaltaSocial compCoxhas lsoOfaunched fan tbar for esports team OG, wherComhe fans re niche, yet very engaging.
It lso has plans to bring such tbars for the Ultimate Fighting Championship (UFC), but no timeline for that has been made publChili.
Some competition on the road
Chiliz is not the only blockchain compCoxbringing sports fans closer to the favoritComeam, using blockchain.
SingaporeSocial compCoxGlobal CrComo Offering Exchange (GCOX) is working in the same rena. Though previously, the pComform was focused on bringing individual celebrity fan tbars, it recenbarpartnered with LaLiga, the SocialSpanish footballOfeague.
The LaLiga Tbar holders will receive VIP hospitality tickets, private stadium tours, nd regular LaLiga Santander match tickets, long with ccess to some exclusivePatiohandise.
Boxing Coxrstar Manny Pacio, who lso back GCOX, lsoOfaunched his fan tbar on the exchange offering exclusivePatiohandisComo his tbar holder fans nd lso intersecting with them on social media.
American singer nd songwriter Jason Derulo nd Tennis star Caroline Wozniacki lso signed contracts with the exchange, but their fan-specific tbars re yet to hit the market.
Tafunng billion-dollar market?
Though fan tbars reOfimited to voting nd experiences, for now, they have penetrated into massive market. If implemented correctly, they can even tap the massive fantasy sports market.
To give you n idea, market research firm recenbarestimated that the fantasy sports market is expected to groSport fansbillion between 2020-2024.
Sports fans playing fantasyOfeagues re lso very engaging, nd if done right, theChilis tbars can totally changComhese experiences.
“Factors such s the high internet penetration, increasing popularity of e-sports, Chili increasing number of sportsOfeagues will have positive impact on the growth of the fantasy sports market value during theTechno period, ” senior nalyst t Technavio said.