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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.

German Bundesliga Features in Blockchain Fantasy Football Platform Sorare

Sorare, an Ethereum-backed fantasy football platform, has announced its latest partnership with the top two leagues in Germany, the top-flight Bundesliga and Bundesliga 2 DE.

Dedicated to helping rebrand the utilities of blockchain technology by remodelling the offerings of traditional fantasy gaming platforms, the partnership between Sorare and the Bundesliga leagues will help to broaden the former’s ecosystem.

“We’re honoured to announce our newest partnership with the Bundesliga and Bundesliga 2. DE,” Sorare said in a statement, “The Bundesliga is an iconic football league and home to some of the most exciting clubs and footballers in the world. Following our partnership with the German national team, we’re excited to further expand in Germany and welcome football fans who know all about celebrating their passion.”

Sorare creates digital collectables for each sports team onboarded on its platform. The same items will be done for each Bundesliga team, including Bayern Munich, Borussia Dortmund, and RB Leipzig, to mention a few. All players in the league will also be represented. However, Sorare said these collectables will not be ready until the end of October.

Many football teams are beginning to leverage the capabilities of digital currencies to engage more with their fans spread worldwide. The embrace of blockchain technology by individual German football teams with Sorare predates the Bundesliga partnership, as Bayern Munich notably tapped Sorare’s tokenization program back in November last year.

The majority of the top football clubs are also building their fan tokens using the platform introduced by Socios and Chiliz, with prominent names including FC Barcelona, Paris Saint Germaine, Juventus FC, and Atletico Madrid, amongst others. While the integration and utility definition of soccer teams using blockchain is still in its infancy, it has notably generated enough traction, as shown by the venture capital funding from big investors in the industry.

Lionel Messi Signs $20m Deal with Crypto Fan Token Firm Socios

Argentinian football superstar Lionel Messi has signed a $20 million deal with crypto fan token firm Socios, according to Reuters.

Socios.com said Paris Saint-Germain (PSG) forward Messi will be involved in Socios’ promotional and promotional activities in preparation for the World Cup in Qatar.

Speaking in the statement, Messi said:

“Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love. Socios.com exists to enhance the fan experience, to enable fans to ‘be more’. I’m proud to join Socios.com’s mission to create a more connected and rewarding future for fans around the world.”

The cryptocurrency “$PSG Fan Tokens” was founded in January 2020 by an app for football (soccer) fans called Socios.com. The $PSG token is a fan token, tokenised asset representing proof of ownership or even membership. Users can acquire voting rights to influence the clubs they support by developing club-specific Fan tokens.

As reported by Blockchain.News on August 13, 2021, Lionel Messi accepted cryptocurrency PSG tokens as part of the payment after a new contract with the PSG.

SL Benfica to Launch Fan Tokens through Partnership with Socios.com

SL Benfica is on track to launch its fan tokens as it has inked a promising partnership with blockchain startup Socios.com.

As announced by Socios, Benfica will now be exposed to its growing community, numbering up to 1.5 million people, a figure representing the total number of users who have downloaded its app.

With the proposed Benfica fan token, the Portuguese club will become the first from the country to extend new opportunities whereby fans can become more knitted with the club. The fan tokens based on Socios’ model will enable fans to participate in their club’s governance irrespective of their geographical location. They can vote on Jersey choices, victory songs, and a host of other things that define fan engagement.

“Benfica is constantly focused on searching for and delivering a positive experience to our huge global fanbase, which includes both Members and Supporters. We have been paying very close attention to Digital Assets, a market which has been influential in our industry of late. We are delighted to be partnering with Socios.com, the ideal partner for developing our tokens and for bringing the worldwide Benfica family closer together,” said Domingos Soares de Oliveira, CEO of SL Benfica.

Benfica follows the step just like other major European clubs to get aboard the fan token ship, such as FC Barcelona, Juventus, and Manchester City, amongst others, notably amongst those who have opened their arms to the Socios model to bolster fan engagements.

Besides the revenue that will be generated for the club through the sales of the fan token, Benfica fans will also be gain exposure to exclusive benefits that are being introduced by Socios which includes its plans to grant as many as 17,000 fans tickets to watch live matches this year, as well as access to sponsor offers, and merchandise.

Argentina's fan token drops 31% after losing against Saudi Arabia

The value of the Argentine Football Association Fan Token (ARG) has significantly decreased as a result of Argentina’s shocking loss to Saudi Arabia in the first match of the FIFA World Cup by a score of 2-1. This is in line with the expectations of the country’s devoted soccer supporters, who believed that Argentina would win its opening match.

The information that was supplied by Coingecko indicates that the price of an ARG token before to the beginning of the match was $7.21.

However, as a result of the soccer team led by Lionel Messi’s poor performance, the price of the token fell by 31% to reach $4.96 by the time the game was over. It then rose to $5.22 at the time this article was written, but it had already reached $5.22 when it was written.

On the other hand, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection that is unrelated to the soccer team, increased by 52.6% over the same period of time, going from 0.196 Ether (ETH) to 0.3 Ether before leveling off at a price of 0.225 Ether, which is approximately $250 in value. “The Saudis” does not have any connection to the Saudi Arabian national soccer team.

On the Socios platform, which is a blockchain-powered fan engagement platform, CHZ operates as a native ERC-20 token. Socios is one of the most prominent factors behind the recent growth in the number of sports-fan tokens.

Despite the fact that the tokens do not represent ownership in the teams, buyers of them are provided access to certain awards and the opportunity to vote on certain decisions made by the teams that sponsor them. This is the case even if the tokens do not reflect ownership in the teams.

In the recent past, there has also been an increase in demand for fan-based tokens in the business of athletics.

Since January 2022, the volume of token sales has climbed by more than 250% on a month-to-month basis on average. This growth can be traced back to the beginning of the year.

Despite the fact that they were not designed to be used in this manner, it seems that some individuals have understood the tokens as a way to indirectly gamble on the success of the teams who are utilizing them.

The value of the tokens may also be impacted by occurrences and tendencies that are unrelated to the success of specific soccer teams. For example, the natural ebb and flow of cryptocurrency markets as well as breaking news may have an effect on the value of the tokens.

In May, the blockchain-based decentralized smart contract platform Algorand became the first official sponsor of the FIFA World Cup to be powered by blockchain technology.

The final round of the competition is set to take place on December 18 this year.