Cryptocurrencies Get into Sporting Arena

2022-08-31, 06:14

[TL;DR]

Socios is a decentralized platform which enables sporting teams to monetize their fan bases.

Italy has awarded Socios a regulatory approval to deal with cryptocurrencies

Everton, Leeds, Man City, Arsenal and Aston Villa are examples of soccer teams which have forged partnerships with Socios.

Lionel Messi, LeBron James, Tampa Bay Buccaneers, Tom Brady and LeBron James are celebrities who are Socios’ ambassadors.

There are many social media platforms where sports fans come together for the purpose of engaging one another. Often, the interactions take place on centralized platforms such as Facebook, Telegram. Now, there are blockchain based platforms for sports lovers to interact. Socios is an example of a decentralized platform, formed for the purpose of bringing sports fans together as well as generating funds for sporting disciplines such as soccer, Rugby and netball.

History of Socios

Socios is a blockchain based platform for sporting fans and clubs to engage each other. It offers sports teams and fans the chance to monetize their efforts, time, engagement and their global fanbases.

The aim of Socios is to give sports teams the opportunity to reward their fans for their support and engagement. In other words, the teams interact with their supporters, thereby getting feedback and suggestions from them. As a result, the team supporters are no longer passive participants in the sporting sector. They can take part in polls and team interactive sessions.

Socios is a decentralized global leader in the sporting and entertainment sector. In fact, Chilz is the blockchain protocol which powers Socios through its native token, $CHZ. Chiliz, an organization with over 300 employees, has offices in various cities in different regions of the world. For example, it has offices in Madrid, Istanbul, Miami, Malta, London, São Paulo, and Lyon.

It was launched in 2019 and onboarded several Italian soccer teams within a short period. The first soccer team to join Socios was Juventus, a leading Italian team. After that, it forged partnerships with various clubs around the world which include Galatasaray, A.S. Roma Paris-Saint Germain, Atlético de Madrid, Inter Milan, Valencia C.F, and FC Barcelona.

Socios gets a regulatory approval in Italy

In its move towards international recognition, Socios got an operating license in Italy. It announced this development through its blog post of 18 August, 2022. The license covers the provision of digital assets such as cryptocurrencies as well as crypto wallets. Basically, the various fans of sporting clubs and national teams are its platform users.

Source: Twitter

Socios is confident that the license creates confidence in its users and will increase the support it gets from the sporting world. Basically, Socios met the requirements of Organismo Agenti e Mediatori (OAM), the regulatory authority in Italy which deals with digital assets including cryptocurrencies and non-fungible tokens (NFTs).

Global Partnerships

Since 2019 Many teams have joined Socios . They include Everton, Leeds, Man City, Arsenal and Aston Villa. However, Socios is not only focusing on soccer, it is venturing into other sporting disciplines such as Rugby, Tennis and Formula 1. Currently, It is working with over 160 sporting clubs around the world. It has web3 engagement features enabling the clubs to interact with their supporters.

Apart from working with sporting clubs, Socios is engaging many national teams. For example, it forged partnerships with the Italian and Portugal national soccer teams. As such, it enables these national teams to engage with their fans in a similar manner that clubs do. For example, the national teams have an opportunity to engage with their fans before international matches such as world cup qualifiers.

Partnership UEFA

Socios forged a partnership with the Union of European Football Associations (UEFA), the governing body of soccer in Europe. Such a partnership brings much benefit to the organization. The reason is that it attracts many soccer fans across the world. In fact, UEFA announced the partnership, revealing that Socios is now a Global Licensing Partner. The license makes Socios a partner to all the affiliates of UEFA such as UEFA Europa League, UEFA Europa Conference League, UEFA Champions League, and UEFA Super Cup.

In addition, Socios is now a sponsor of UEFA Champions League and the UEFA Super Cup for a period that stretches to 2024. In return, Socios will get much exposure through Broadcast Sponsorship, Billboards Virtual Perimeter Boards, and Digital Sponsorship rights in the United States.

Global ambassadors and influencers

In its determination to reach as many sporting clubs and fans as possible, Socios engaged various well-known sportsmen. For example, recently it recruited Lionel Messi, an established soccer player, as its international ambassador. Nevertheless, it is working with other renowned sporting personalities including NBA legend LeBron James, Tampa Bay Buccaneers, Los Angeles Lakers, quarterback Tom Brady and star LeBron James.

Source: Messi

Socios’ Tokens

As already said, Chiliz $CHZ is the digital currency which powers the socios ecosystem. However, the arrangement is that every sporting team that joins Socios will have to create its token which enables it to interact with its fanbase. These cryptocurrencies are called Fan tokens as they allow individual teams to engage its supporters

The tokens give the team’s fans access to various services such as giveaways, promotions and discounts, chances to win team prizes, merchandise, free tickets or VIP experiences. The fans have an opportunity to participate in decision making through surveys and polls the clubs conduct.

As an example, PSG Fan Token $PSG is Saint-Germain fan token. The token holders can win points which they can exchange for special prizes or chance to participate in certain events such as free entry to certain matches or getting exclusive products.

Another good example is that of a possible UEFA Fan Token which can entitle the fans to certain privileges such as VIP visits to UEFA events, attend virtual conferences or get free UEFA memorabilia and tickets.

Socios’ Ambition on World Cup

Socios has indicated its intention to make inroads during the Qatar World Cup tournament. The main motive to have Lionel Messi as its ambassador is to promote the organization heavily before and during the World Cup tournament. We all know how respected Messi is; hence he is likely to influence national teams to work with Socios.

Source: Thecoinrepublic

Already, Qatar Soccer World Cup is sponsored by a crypto organization, crypto.com, indicating that the global soccer governing body recognizes the role cryptocurrencies have in the sporting field. It is likely that some national soccer teams may form partnerships with blockchain based entities such as Socios. As noted, Italy and Portugal national teams have indicated their intentions to work with Socios. This may influence other countries to follow suit.

Conclusion

Italy has awarded Socios an operating license to deal with digital assets and provide wallet services. This indicates a growing adoption of cryptocurrencies and non-fungible tokens in the sporting arena. Several clubs have already developed their tokens to engage with their fans. Also, Socios has the support of celebrities such as Lionel Messi which can lead to a greater adoption of cryptocurrencies by sporting teams.

Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
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