Tottenham Hotspur, a prominent English Premier League club, has taken a significant step into the realm of blockchain and fan interaction with the launch of their dedicated fan token, $SPURS, on the Chiliz Blockchain.
The North London-based team, Spurs, will be issuing their fan token, $SPURS, through Socios.com, a fan engagement platform built on the Chiliz blockchain. Chiliz, distinguished by its robust security measures and scalability, supporting over two million user wallets and accommodating a daily user volume exceeding 60,000, is a blockchain platform that has facilitated the management of more than $400 million in revenue for various sports teams and leagues since 2018.
Socios.com has attracted numerous major sporting teams worldwide, enabling them to issue and manage fan tokens, digital collectibles, and real-world rewards. Fans can participate in decentralized autonomous organization (DAO)-like decisions related to their favorite teams.
This move aligns Tottenham Hotspur with other prominent football clubs like Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma, which have adopted blockchain technology to enhance fan engagement.
$SPURS token holders will have the opportunity to participate in on-chain voting on various team-related matters, including potential kit changes. Additionally, Tottenham Hotspur will collaborate with MatchWornShirt, a platform that facilitates auctions of jerseys worn by players during matches and authenticates them on the Chiliz blockchain.
According to Chiliz press release, the $SPURS Fan Token will be integrated into the Club’s membership scheme. One Hotspur+ Members and Season Ticket Holders who are aged 18 and over will receive five free Fan Tokens, while One Hotspur/One Hotspur Connect Members will receive one free Fan Token.
These tokens will be available for redemption starting on October 4th through a voucher code sent via email. The non-transferable free tokens will grant fans instant access to Club-related activities such as polls, predictors, quizzes, and competitions. By participating in these activities and earning points, fans can unlock various rewards and experiences.
Tottenham Hotspur Expands Fan Engagement with Launch of $SPURS Token on Chiliz Chain
Tottenham Hotspur’s commercial sales director, Ryan Norys, expressed excitement about the partnership, emphasizing that the fan token will enhance their current membership scheme with a fresh array of club-related rewards and experiences.
“We’re pleased to be able to provide fans worldwide with a new range of Club-related rewards and experiences. Our Fan Token will build on the many benefits of our existing membership scheme. The partnership is another example of how the Club is working to create additional recurring sources of revenue to reinvest in our football activities.”
He highlighted that the decision to launch the $SPURS token on the Chiliz Chain aligns seamlessly with the club’s existing digital strategy. This includes a strategic collaboration with MatchWornShirt, known for its authentication of auctions on the Chiliz Chain. This move reflects Tottenham’s commitment to leveraging innovative technologies for fan engagement and club interaction.
According to Alexandre Dreyfus, the CEO of Chiliz and Socios, discussions with Spurs have been in progress since 2022. He also revealed that the club plans to utilize Socios while simultaneously integrating their fan token into their loyalty program and mobile app in the future.
“We are delighted to welcome Tottenham Hotspur to the Chiliz ecosystem as they launch their first Fan Token and join more than 80 teams that have launched tokens on the chain. Our mission is to make the Chiliz Chain the largest web 3 sports and entertainment centric ecosystem in the world.”
Tottenham Hotspur’s $SPURS Fan Token Set for October 4 Launch, With Regulatory Disclaimers in the UK
As reported, the $SPURS Fan Token is scheduled to launch on October 4, and it will be tradable on cryptocurrency exchanges that support Chiliz tokens. During the Fan Token Offering (FTO) on October 4, 2023, the $SPURS Fan Token will be available for purchase at a price of $2 each. After the FTO, the token will be listed on major global exchanges, making it easily accessible to fans, particularly in essential markets such as Asia.
Additionally, Socios users in the United Kingdom will begin seeing disclaimers on fan token offerings from October 8, as these promotions fall under the regulatory purview of the Financial Conduct Authority (FCA). These disclaimers will be cautioning investors about the potential for total losses when investing in cryptocurrencies or fan tokens.
Tottenham Hotspur’s entry into the world of SportFi aligns with the findings of Deloitte’s latest Sports Fan Insights report, which underscores the growing significance of fan tokens in the sports realm. The report reveals that approximately 40% of fans are now familiar with this innovative concept, and nearly 75% of fans express a keen interest in fan tokens as a means to unlock rewarding experiences. This highlights the increasing convergence of blockchain technology and sports fandom.
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