Premier League team Tottenham Hotspur will launch its own fan token on Socios that operates on the Chiliz blockchain.
Tottenham Hotspur will become the latest Premier League team to tap into blockchain technology to issue and manage its own Web3 fan token to drive supporter engagement and rewards.
The launch will allow $SPURS token holders to take part in onchain voting on a variety of team dynamics, including potential kit changes. Spurs will also partner with MatchWornShit, the platform that facilitates auctions of jerseys worn by players during games that are authenticated on the Chiliz blockchain.
$Spurs tokens are set to be launched on Oct. 4 and will be listed across cryptocurrency exchanges that support Chiliz tokens. Socios users in the United Kingdom can also expect to see disclaimers on fan token offerings from Oct. 8, as the marketing of cryptoasset promotions comes under the auspices of the Financial Conduct Authority .
Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace are the other Premier League outfits that manage fan tokens on the platform, with Dreyfus noting that the ongoing cryptocurrency bear market has hindered onboarding of teams over the past year.Fan tokens have become a significant source of revenue as teams look to leverage digital technologies to drive user engagement.
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