Fenerbahçe S.K. President Ali Koç remarked that crypto provides a potential for sports teams to establish a significant cash stream.
Fan Token Released
As part of new cooperation with local crypto exchange Paribu, Fenerbahçe S.K., one of Turkey’s three most prominent sports teams, has released its fan token on the Ethereum blockchain. Monday’s inaugural presale of 500,000 unlocked tokens brought in 15 million Turkish lira ($1.7 million) in 30 seconds.
To commemorate Fenerbahçe’s founding in 1907, the club announced that the Fenerbahçe Token would have a maximum supply of 190,700,000 tokens. According to the project’s white paper, over the next 25 years, smart contracts will produce 117 million treasure tokens per year.
Fenerbahçe has also released its token burn roadmap, prompted by the club’s soccer, basketball, or volleyball triumphs. Additionally, in a victory, championship, or other accomplishments in Europe, tokens will be used.
Ali Koç, president of Fenerbahçe, warned that the sports industry must find new revenue streams from the coronavirus outbreak. Therefore, he said that the club’s agenda includes engagement in the crypto asset market.
Fenerbahçe created fan tokens after they met with 12 local and international firms. In addition to that, Paribu will power Fenerbahçe Token. Moreover, the club evaluated various factors, including token listing potential, user base, and technological infrastructure.
Remarking about the contract between two parties, Koç stated, “It’s not a sponsorship deal. It’s a 25-year-long business partnership.”
Fenerbahçe Token is on the Ethereum Blockchain
Yasin Oral, CEO of Paribu, said it because Fenerbahçe Token is an ERC-20 token on the Ethereum blockchain, it would be feasible to sell it on worldwide platforms in the future.
Turkish club Fenerbahçe has recently joined the token fan craze, having joined the Turkish league in 2010. Additionally, several sporting teams in the country have already distributed tokens to fans. Süper Lig soccer teams have partnered with Socios.com to examine digital revenue models.