Binance has recently listed the crypto fan tokens of football giants Juventus and Paris St-Germain. It has quickly registered a surge in both the JUV and PSG token price. Binance has officially filed the JUV and PSG fan tokens on its global exchange. Thus, leading to a rally in the token prices due to increased demand.
Recently, the Paris Saint-Germain Fan token (PSG) is priced at USD 23.02, up 62.97%, while Juventus Fan Token (JUV) is valued at USD 25.43, up 64.15% in the past 24 hours. Following the listing, both tokens increased by 80% to 160% in the last 24 hours. Moreover, Alexandre Dreyfus, the CEO of Socios, explained the exciting surge moments before the listing, cautioning investors not to be exploitative. Socios is the company following the tokenization of the major football clubs.
Comprehensive details about Fan Tokens
For the uninformed, fan tokens are a form of tokenized asset. It indicates proof of ownership or even membership for holders. However, as token utility includes a broad range of purposes, the creation of several specialized blockchains with native intent to support tokens. Further, the most popular one is currently Ethereum and their ERC standard tokens. Moreover, Socios.com is an application for football fans to obtain voting rights to influence clubs by obtaining fan tokens.
Moreover, Chiliz ($CHZ) is an ERC20 utility token that acts as the chiliZ and Socios.com platform’s digital currency. Developed by Socios.com and Chiliz, sports fan tokens are utility tokens that provide fans to get a tokenized share of club decisions. Moreover, fans can receive exclusive rewards and club recognition utilizing the token via the Socios application. Binance Research revealed that JUV token holders could communicate with the Socios platform to receive various rewards. The rewards involve matchday tickets, expensive experiences, digital badges, and more.
Further, the performance of sports fan tokens, like PSG and JUV, are not significantly bound to matchday results and team performance. Instead, they rely on the overall efficiency of the tokens and the demand from fans. Precisely, with more compelling ideas to own tokens, perhaps via better rewards, the demand for the tokens could rise.
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