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Atlético Madrid, AS Roma and OG Crypto Fan Token Prices Plunge Following Binance Listing

Champion Esports team OG (OG), Atlético Madrid (ATM) and AS Roma (ASR) crypto fan token prices have begun to plunge immediately after being listed on Binance.

Binance has officially listed the ATM and OG and ASR fan tokens on its global exchange which has seen all three tokens dip in value within moments.

Less than two hours before the launch of the tokens, Alexandre Dreyfus, CEO of Socios.com tweeted his excitement:

“90 minutes before history day of listing 3 tokens at the same time on @binance.”

Around thirty minutes prior to the three new fan token listing on Binance— OG, ASR and ATM were already surging as traders anticipated the Binance launch. OG Fan Token had gained 29% in the 24 hrs before with a price of $18.97, while in the same period ASR was up 12.5% at the price of $24.17 and ATM was up 12.75% and priced at $27.03 according to CoinMarketCap.

Following today’s listing on Binance, however, all three fan tokens listed today saw immediate decreases in price.

Thirty minutes after launching on the global cryptocurrency exchange OG token dropped 18% to a price of $12.27; ASR price plunged 32.88% to $13.87 ,and ATM fell 21.37% to a price $18.27.

While the fan tokens have only been available on Binance for less than an hour at the time of writing, the price action is no doubt disappointing as many traders were expecting similar price action to the recent listing of crypto fan tokens of football giants Juventus and Paris St-Germain which both made immediate gains

What are Fan Tokens?

The Atlético Madrid (ATM) and AS Roma (ASR) Fan Tokens both have a total token supply of 10,000,000 fan tokens, but what are they exactly?

These fan tokens are utility tokens that gives Atletico Madrid and AS Roma Football Club fans a tokenized share of influence on club decisions using Socios application and services. Socios.com is an app for football (soccer) fans, where users can acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.

Fan tokens are a form of tokenized asset, that represents proof of ownership or even membership for holders. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens.

Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the chiliZ and Socios.com platform. In launching their platform, alongside other sports blockchain ventures, a new category of token has emerged — the Fan Token. Once onboard the Socios.com platform, yet to-be-announced club partners host what has been called a Fan Token Offering (FTO). Fans must purchase $CHZ via a cryptocurrency exchange in order to acquire Fan Tokens. These tokens — which are specific to a team or club — are a finite, digital asset that provide access to an encrypted ledger of voting and membership rights ownership.

Demand for Zilliqa Blockchain in Play-to-Earn Games Gains Steam

Zilliqa, a public blockchain that offers solutions to decentralized applications (dapps) and enterprises, is emerging as one of the sought-after networks in the esports industry based on notable partnerships.

Zilliqa recently collaborated with three large esports brands, namely RRQ, Ninja in Pyjamas, and MAD Lions, to aid in non-fungible tokens (NFTs), play-to-earn (P2E) gaming models and Web3-enabled fan engagement. As a result, bridge the gap between gaming communities and crypto.

Ben Livshits, Zilliqa’s CEO, believes these collaborations cement the fact that blockchain technology is shifting from the fringes of traditional finance to the centre of people’s lives.

He added:

“Being associated with the top, most-watched esports entities in the world is an honour. With millions of followers worldwide and a passionate fan culture, the creation of borderless gaming communities is inevitable. Thanks to AR and VR-powered technology, we’ve created possibilities for gamers, influencers and fans to engage, earn and entertain as crypto and gaming join forces.”

Zilliqa’s secure-by-design language, Scilla, coupled with its sharding protocol, enables high transaction volumes, making the blockchain network one of the sought-after in the gaming arena.

Tom Fleetham, Zilliqa’s head of gaming and sports, stated:

“I firmly believe that gaming will be the sector that drives the next exponential growth in blockchain users. These types of partnerships can accelerate that adoption.”

Blockchain gaming continues to gain traction, with different networks trying to outdo each other.

For instance, AmioTalio, the founder of game development platform Paradox Studios, recently disclosed that Solana was getting a competitive edge compared to Ethereum in creating P2E games based on its easy programming language.

With blockchain gaming continuously accelerating the metaverse narrative, AmioTalio noted that the huge funding that Solana was offering developers was intended to woo them from the Ethereum network, and it was starting to take shape.

Esports, Web3 Firm Ampverse Expands into the Philippines

Esports and Web3 company Ampverse has expanded into the Philippines, making it the fifth market.

With the expansion, Ampverse plans to invest more than 100 million pesos in the Southeast Asian country’s local gaming and esports ecosystem.

The investment will focus on boosting esports, talent, commerce, and Web3.

Ferdinand Gutierrez, CEO of Ampverse, said, “the gaming scene in the Philippines is flourishing; over the past several years, we have witnessed incredible developments, and the landscape is now ripe for further growth and success. As a Filipino myself, I’m excited to go back to my roots and build something special in this thriving market. My mission is to grow the Filipino gaming ecosystem to world-class status.”

Along with the development in the Philippines, Ampverse has also signed with an amateur Mobile Legends esports team which will play under the Minana brand. The team has reportedly won 11 straight Mobile Legends championships.

Meanwhile, Ampverse has appointed Julius “Banoobs” Mariano as Regional Expansion Manager. Banoobs previously worked for Twitch as Country Manager Philippines and has become well known as a Filipino gaming executive who is also a streamer with a 100,000+ strong social media following.

“Mat (Chief Gaming Officer, Ampverse) and I helped establish and grow the gaming scene in the Philippines nearly a decade ago at Twitch, so it’s a dream to be working together again with our common aim to innovate and build the foundations for the next decade of Filipino gaming,” said Banoobs.

Meanwhile, Julius is charged with bolstering the Ampverse team on the ground in the Philippines. He will spearhead Ampverse’s growth in-market and will be followed by a number of new hires in the coming months across esports, sales, marketing, operations and web3.

Founded in 2019, Ampverse has entered Singapore, Thailand, Vietnam, and India. The company is currently working on expanding into the Indonesian market by late 2022.

Image source: Ampverse