ACM, BAR, and ASR have launched dual-digital rallies soon after the Socios Fan Token collaborated with UEFA to make redeemable perks and other NFTs accessible to European football fans.
Non-Fungible Tokens or NFTs have registered a hike in utilization as different niches and technologies have started recognizing its importance, ranging from real estate to sports entrainment.
The subsector of the market that registered momentum on 28th Feb is the Fan Token Project. It is the protocol allowing holders to participate in management and domination of their favorite sports. It enables holders to get special NFTs and other redeemable perks.
What are the Reasons for the Spike?
According to major exchanges, the three biggest projects that registered the spike in the last 24 hours are Atletico De Madrid Fan Token, FC Barcelona Fan Token, and AS Roma Fan Token. The reasons behind the price hike of these tokens are different.
- The collaboration between the Union of European Football Associations and Socios
- Increased attention on the football matches as qualifier round of World Cup is going on
- The popularity of NFTs combined with the most-streamed sports on the earth
About the Collaboration with UEFA & spike in FC Barcelona and AS Roma fan tokens
As mentioned, a partnership between UEFA and Socios is the major driver of the rally. The collaboration has been contracted up to 2024, making Socios the primary regional sponsor for the Champions League. It is the most reputed and popular competition organized by UEFA.
After the collaboration, the Fan Tokens will be accessible for free to investors and fans participating in the Champions League, Europa Conference League, and Europa League. Besides, the holders of Fan Tokens will also get the option to win VIP experiences and free NFTs that will drop during live gameplay. But, they need to hold the tokens on the dedicated Socios App.
Ongoing Aggressive Competitions
The second most common reason for the price spike in Fan Tokens is the higher demand of the football season and qualifier round scheduled for Nov 2022.
Football season runs between August and May. The season of the first three quarters is already in full swing, with fans and teams looking towards the championship matches. The excitement for the football matches has also caused the price hike.
Since football is the most famous sport on the earth, it is the ideal choice for applying Fan Token technology. It helps engage more fans and offers a new epoch of sports memorabilia.
Increasing NFT Popularity
The 3rd most crucial factor causing the price hike of Fan Tokens is the increasing popularity of NFTs, and it helps gain traction on the prime level because new use cases increase.
Collectibles are always the hallmark of different sectors, ranging from in-game equipment and cards signed by players.
Digital technology focuses on integrating into all aspects of daily life. Now it is focused on collectibles via the launch of digital items stored in the Blockchain. With the Fan Tokens, the investors and holders can get NFTs developed in real-time during the matches in limited quantity, offering a higher level of a rarity in sports memorabilia registered on Blockchain Technology.
Disclaimer: Cryptogurukul has no relationship to these projects, and there is no endorsement or investment advise. Please seek professional advice before taking financial risks.