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

Nonfungible tokens continue to see increased usage.

One subsector of this market that has seen a spike in momentum on Feb. 28 are 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 redeemables.

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

Data from Cointelegraph Markets Pro and TradingView shows that the three biggest gainers over the past 24-hours were FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR) and Atletico De Madrid Fan Token (ATM), which are all fan tokens that are part of the Chilliz (CHZ) protocol. There are three reasons why fan tokens have been selling at a higher price: UEFA and Socios have partnered, and there has been increased interest in football due to World Cup qualifying matches.

Partnership with UEFA

A recently announced partnership between UEFA, the governing body for European football, and Socios, a protocol that focuses on the creation of fan tokens, could be one driver of the current rally.

The partnership is currently contracted through 2024 and establishes Socios as the regional sponsor for the Champions League, which is the most well-known competition held by the UEFA.

— Socios.com (@socios) February 15, 2022

This collaboration will make Fan Tokens free for Fan Token holders from clubs participating in the Champions League, the Europa League, and the Europa Conference League.

Club supporters who have Fan Tokens can win VIP experiences and free NFTs during live gameplay, as long as their tokens are on the Socios App.

Ongoing competitions

A second reason for the strength seen in multiple Fan Tokens is the ramping up of football season and the building excitement for the World Cup which is scheduled to start on November 21, 2022. The football season runs from August to May. This means that teams and fans are now looking forward to any championship matches.

Excitement for football is also on the rise as qualifier matches for the World Cup are currently ongoing ahead of World Cup 2022 which is scheduled to take place in Qatar from Nov. 21 to Dec. 17.

Football, the most popular sport in the world, is ideal for Fan Token technology. This allows fans to engage and create new memories.

Related: Penalties and extra time: The scoreboard for soccer club crypto deals

The rising popularity of NFTs

A third factor helping boost Fan Tokens has been the overall popularity of NFTs, which continue to gain traction on a mainstream level as new use cases arise.

Sports collectibles are a long-standing feature of many markets, ranging from cards and in-game equipment to autographed by players.

As digital technology continues its integration into every sphere of our daily lives, it is now making its mark in the collectible market through the creation unique digital items that are stored onto the blockchain.

— Socios.com (@socios) February 11, 2022

With Fan tokens, holders can receive NFTs in real-time during live games and in extremely limited quantities. This creates a rare level of sports memorabilia that is recorded on a blockchain.

The views and opinions expressed in this article are the author’s alone and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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