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Gate.io Blog Why sports is the next niche to go mainstream in crypto?

Why sports is the next niche to go mainstream in crypto?

11 January 17:32

More and more sports teams across the world are becoming interested in cryptocurrencies, with some sports teams launching crypto tokens of their own from PSG, Lazio and Barcelona, etc whilst NBA teams are launching NFT merchandises as well. But what are sports teams launching fans tokens and what benefits are there?

What is a fan token?

A fan token is a form of cryptocurrency allowing sports teams to raise revenues through new channels, but it also increases fan engagements with their favourite teams by entitling fans with benefits and decision making such as “Should we wear our 3rd kit uniform next week?” to discounts on official merchandise and free food at the next home game, etc. A fan token allows fans to invest directly into the club giving the sense that they are now official members of the club through their direct investments. It also creates a new source of gathering for the club community allowing fans to discuss and vote on issues that may be important to the club and its direction. Whilst through its perks and benefits, it also creates a sense of entitlement and privilege to those who have purchased such tokens.

Fan tokens can be bought and sold on exchanges such as Gate.io or directly through the club enterprise, with the price of the fan token varying depending on its demand and interest, for example should PSG win the Champions League, then expect the price of PSG tokens to rise, hence fan tokens can also be seen as a channel for investment similar to stocks.

What has gate.io done for sports and fan tokens

The fan token market has surged more than 60% since mid-2021 and some have predicted that the market size may reach $10 bil in the next 5 years. Gate.io has already listed some of the most popular fan tokens such as PSG and Lazio which has a market cap of $51 mil. In 2022, Gate.io is certain to list more of the most popular soccer teams and their fan tokens such as Man City, Barcelona and many more! Whilst NBA teams have also been discussing the possibilities of fan tokens and may be launched as soon as the 2022 season, as the pandemic has disrupted attendances during the previous seasons affecting revenue. Regardless should NBA teams launch their own tokens, be sure to check them out first on Gate.io!

Other than releasing fan tokens, Gate.io has already expanded into the sporting industry by collaborating with sport stars such as Allen Iverson’s NFT collection on favorite moments, and also collaborating with new sports P2E projects such as MetaSoccer, where you can manage your own club and generate income as you play.

Why choose Gate.io for sports and fan tokens?

Gate.io is constantly researching into new markets with potential for growth, and Cointelegraph predicts fan tokens to reach a market value worth $10 bil in 5 years, Gate.io is open in collaborating with more sport related projects whether its fan tokens, NFT or P2E gaming. “With the growth of crypto expanding into new markets such as sports, we hope Gate.io will be one of the first platforms exploring this new niche and bring it into the mainstream”, Marie Tatibouet, the exchange CMO, said. “Through Gate Ventures, we will be actively exploring the market for new innovative sports products that will bring more sports fans into the world of crypto”.

Gate Ventures aims to finance resources and expertise guidance to projects that it invests in to ensure such projects can reach its potential, whilst offering support to ecosystems already established on Gate.io Already it has invested in projects such as MetaSoccer, SportsIcon, and BLOCK, all of which are related to sports and in 2022, Gate.io hopes to invest in more sport related projects to make sure this market can fulfill its potential.

Author: Gate.io Observer: Alex N
*This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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