FC Barcelona and AS Roma fan tokens gather after Socios partners with UEFA

Non-functioning tokens (NFTs) are still being used more and more as the technology’s potential applications are recognized in industries ranging from sports entertainment to real estate.

One sub-sector of this market that has seen a spike in momentum on Feb. 28 is fan token projects, protocols that allow their holders to participate in the governance of their favorite sports brands and receive specialized NFTs and other unique redeemable items.

Top 7 coins with the highest 24-hour price change. Source: Coin-Crypto Markets Pro

Data from Coin-Crypto Markets Pro and Trading Display shows that the three biggest winners of the last 24 hours were FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR) and Atletico De Madrid Fan Token (ATM), all fan tokens that are part of the Chilliz (CHZ)- protocol.

Three reasons for the price increase of these fan tokens include a partnership between Socios and the Union of European Football Associations (UEFA), the increased focus on football while World Cup qualifiers are underway, and the popularity of NFTs combined with the most-watched sport on the planet.

Cooperation with UEFA

A recently announced partnership between UEFA, the governing body for European football, and Socios, a protocol focused on creating fantokens, could be one of the driving forces behind the current rally.

The partnership currently runs until 2024 and establishes Socios as the regional sponsor of the Champions League, UEFA’s most famous competition.

Through this partnership, Fan Tokens will be made available free of charge to Fan Token holders of clubs participating in the Champions League, Europa League and Europa Conference League.

Club fans who have Fan Tokens have the opportunity to win VIP experiences or free NFTs that fall during live gameplay as long as they hold their tokens in the Socios app.

Current matches

A second reason for the power seen in multiple Fan Tokens is the acceleration of the football season and the excitement for the World Cup which kicks off on November 21, 2022.

The football season usually runs from August to May, meaning the season is three-quarters complete with teams and their fans now looking forward to potential championship games.

The excitement for football is also mounting as World Cup qualifiers are currently underway in the run-up to the 2022 World Cup, which will take place in Qatar from November 21 to December 17.

Football is the most popular sport in the world, making it ideal for adopting Fan Token technology to better engage with fans and bring a new era of sports memorabilia.

Related: Sanctions and Extra Time: The Football Club Crypto Deals Scoreboard

The Rising Popularity of NFTs

A third factor boosting Fan Tokens is the overall popularity of NFTs, which continue to gain popularity at the mainstream level as new use cases emerge.

Sports collectibles have long been a hallmark of various sectors of the market, ranging from cards to in-game equipment signed by the players who used them.

As digital technology continues to integrate into all facets of everyday life, it is now making its mark on the collecting world by creating unique digital items that are stored on the blockchain.

With Fan Tokens, holders can now receive NFTs created in real time during live matches and in an extremely limited amount, bringing an unprecedented level of rarity in sports memorabilia captured on a blockchain.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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