The $IBFK token will be built on the Socios platform, a blockchain tokenization entity that has already done the same for some top clubs such as Paris Saint Germain, Juventus, FC Barcelona, Atletico Madrid among others.
The attention of some top leagues around the world has been drawn towards blockchain and its commercial benefits. This is why several have moved towards tokenization in their bids to key into the industry, İstanbul Başakşehir is the latest among top-flight clubs that have indicated its interest in the building of a token for its fan club.
The club which won the Turkish league last season stated that it is poised to launch its token ($IBFK) on Socios.com by the end of the year. The monetization project also features voting rights for the holder, effectively making them part of some of the decision-making system of the club.
We are happy to announce our Partnership including @Ibfk2014E with @socios to offer our fans worldwide new engaging ways! 🦉$IBFK Fan Tokens will be on sale before the end of 2020. pic.twitter.com/mxZLbl6d9i
— Istanbul Basaksehir ENG (@ibfk2014En) November 11, 2020
Other benefits of holding the token include the improved engagement for the holder with the club and monetization of several activities and club materials, online and off through boosted engagement with the club community. Holders of the token will accumulate points as they use them in voting. This would be redeemed with awards or VIP tickets. They may also get the opportunity of meeting with the players.
The $IBFK fan token of Başakşehir will be built on the Socios platform, a blockchain tokenization entity that has already done the same for some top clubs such as Paris Saint Germain, Juventus, FC Barcelona, Atletico Madrid among others.
Fan token makers such as Socios and Chiliz have seen a boost in business in recent months as the demand for fan tokens surge and non-fungible collectibles surge. Last June, $1.3 million were made in token sales for FC Barcelona in just 2 hours, reminiscent of the days of ICO successes such as Bancor and Tezos. The sales conducted by Chiliz and Socios is an indication of the potentials of fan token for soccer clubs.
Socios has expanded its adoption strategy through the launch of a Visa debit card, an addition to its crypto-based card, enabling it to be used at many merchant sales points across Europe.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.