Despite the stormy situations, the cryptocurrency industry has endured so far, its influence continues to grow across different sectors. Cryptocurrency is more like a controversial individual whose influence cannot be overemphasized. Yet, there is glaring evidence about its bad side and the positive one. While having a dominant presence in the finance sector, Crypto’s influence has been also cut across numerous sectors. Spheres like Gaming, Estate management, Fashion, and Entertainment are all subjected to this influence. However, the recent growth of cryptocurrency in the sports industry, most especially football has gathered questions about how crypto has changed the future of football.
At first, Cryptocurrency gained its ground in the football sector through the sponsorship of various competitions by exchange platforms. Exchange powerhouse like Binance has sponsorship deals with big football nations like Argentina and Brazil. Binance also sponsored the 2022 African Cup of Nations in Cameroon. Sponsorship of competitions like the Italian Seria A and 2022 Fifa World cup by Crypto.com also adds to the list.
However, the long list arguably is to motivate the promotion and market activation of crypto in this segment. Majorly, they boost the popularity of cryptocurrency in football and familiarize football fans with the industry while benefiting the exchange platforms more.
Meanwhile, a new game-changer like a super substitution has changed the narrative from just partnership to giving fans a say in football. Before now, fans of various clubs have often bemoaned the lack of their indulgence in issues relating to their clubs. Most football clubs depend on their supporters for funds to run the day-to-day administrative duties. Notwithstanding, they pay little attention to this segment of stakeholders when it comes to crucial decisions.
Influence of crypto on the future of football
Cryptocurrency first earn a stake In determining the future of football when Socios came into the spotlight. Invented in 2018 by French Internet entrepreneur, Alexandre Dreyfus, Socios is a blockchain fan token. The motivation behind this game-changer is to reward fans for their passion alongside a say in the club’s decision-making process. Dreyfus strongly believes that it will bestow fans the opportunity to have a direct relationship with their favorite football club.
Furthermore, around July 2021, Socios can brag about having a host of European football clubs on its partnership list. The list contains 48 teams from the English Premier League, La Liga, Seria A, and the French Ligue 1. The firm currently serves as a shirt sponsor of the likes of Valencia and Inter Milan. While top European clubs like Manchester City, Leeds United, and Paris Saint Germain also belong to the sponsorship setup.The ideology behind the blockchain fan token initiative of Socios is to give a sense of belonging to fans.
Utilization and Criticism
Additionally, the expression of this ideology first manifested when Barcelona and Juventus went head-to-head in a Preseason match. Coin holders had the privilege to vote on a specific mantra that’ll be in the trophy. Also, the Socios app hosted a poll among Arsenal supporters during a match at the Emirates Stadium. Supporters voted regarding songs that’ll play on the Stadium’s loudspeaker after a victory.
In the French Ligue 1, fans of PSG voted for the best Captain’s armband design through the Socios. Despite being a promising sign to engage fans on issues relating to their preferred club. Aside from this aspect, the Socios Fan token is volatile like every other cryptocurrency. This implies that the value can drop due to a micro or macro effect.
In addition, certain circumstances like the arrival of a big player, league, or cup triumph can deflate or inflate its value. For instance, the value of the PSG fan token soared high after the club declare his signature. This implies that holders can earn passively through the token. The initiative has endured numerous criticism from club supporters claiming it doesn’t offer what it guarantees.
Overtly, the Socios has endured numerous criticisms with fans claiming it prioritizes the commercialization of their support. Also holding the Socios fan token doesn’t guarantee supporters the privilege to contribute to vital issues. Above all, the shortcomings of the initiative are evident and undeniable. Still, it reflects how cryptocurrency and blockchain can be vital to the future of football.
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