Manchester City fan token on a hat-trick, up by over 75% in less than a day
- 26th May 2021
- Posted by: Hakeem
- Category: Crypto
Holders of Manchester City fan token are currently enjoying record gains amid high buying pressures by global investors and sports fans.
Data retrieved from fanmarketcap, a leading sports crypto analytic firm, reveal the sports token launched barely less than 24 hours ago has already recorded over 75% return on investment.
The five-time English champions, who recently finished 12 points ahead of second-placed Manchester United and also won their fourth consecutive League Cup, became the first English team to go Crypto.
The fast-rising English club further highlighted the club will be rewarding its eligible fans with a free Fan Token.
In the club’s words via Twitter, it said:
“The Manchester City Fan Token is here Blue circle $CITY Fan Tokens allow you to participate in club polls, games, trade fan tokens, and win unique experiences.”
Recall that about three months ago, Manchester City became the first Top English football club to announce it was going Crypto via launch of its own digital fan tokens with the help of Chiliz, a leading sports blockchain company.
This will further help its global football fans in securing VIP rewards and voting rights through the CITY Token.
Chiliz, powering Socios.com, aims to give sports and e-sports fans the ability to crowd-manage their favourite teams, games, leagues, and events.
Sports pundits are however not surprised by this development with leading football teams venturing into crypto for obvious reasons, dwindling revenue triggered by the worst pandemic in the history of humanity.
With a Covid-19 battered global economy, sports teams have had their stadium gates closed in compliance with lockdown measures put in place to curb the spread of COVID-19 leading to billions of dollars in losses.
Crypto experts anticipate such new openings with sports clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration as reports reveal Arsenal, Manchester United, Liverpool, Chelsea, are also considering such options.
What you should know
- Sports tokens are fungible digital assets that provide sports fans access and control over certain decisions made by their sports team.
- Fan tokens are virtually created and distributed amongst fans through a Fan Token offering similar to the concept of an initial coin offering, however, unlike an Initial Public Offering these tokens do not represent any form of real ownership in any sporting club.