The Socios fan token platform is a marketplace where fans can buy and sell non-fungible tokens which Socios creates. The tokens are unique, since they give holders a vote in official club decisions. One token equals one vote. Fan token holders also get special rewards. To buy a token, a person must use $CHZ, their in-app currency. There are tokens for American and European football, basketball, tennis and more.
A partnership between Socios and the and the Union of European Football Associations sent the price of AS Roma fan tokens and FC Barcelona tokens showed significant gains. The rally isn't surprising as European football is the most watched sport on the planet with die-hard fans watching the World Cup qualifying matches going on right now.
NFT tokens are in every sector, but sports-based NFT marketplaces are doing especially well. Socios isn't the only major player in the NFT sports memorabilia marketplace. NBA Top Shot has all types of NBA sports collectibles, including short video clips and trading cards. On the DeRace NFT marketplace, individuals can buy NFT-based horses and then trade and race them. NCAA rule changes now let college athletes monetize their popularity. Several platforms help athletes create and sell tokens and add extras, such as one-on-one interactions.
Naysayers thought the market for NFT-based sports collectibles would never take off. They claim people would rather have a signed jersey in glass they could hang on the wall or a card encased in plastic, which they could show off. Owners of NFT sports memorabilia can still show friends what they have bought as early everyone has a smartphone. There are other advantages of owning virtual goods; no one can steal them from your home and they can't get lost. How many people stored baseball cards at their childhood home only to find someone threw them away because they didn't realize their value?