The Professional Fighters League (PFL) has become the first sports league to launch a Fan Token on blockchain-based rewards and engagement app Socios.com, the latest sports organisation to tap into the digital token gold rush.
As well as being the first league to do so, the MMA organization is the first US-based organisation to hold a Fan Token, and will join other sporting organisations such as Manchester City, Rangers FC, FC Barcelona, and Juventus.
Fan Tokens on Socios.com are essentially a form of digital collectibles that provide their users with greater engagement with their sports team, including voting rights, VIP rewards, promotions, chat forums, in the form of collectible digital assets. The first engagement act that the PFL is set to release will be the launch of its first poll "The People's Main Event". $PFL owners will be able to vote on which fight will headline the ESPN+ card on April 23rd at Ocean Casino Resort Atlantic City.
Pete Murray, CEO of the PFL commented on the announcement:
“As the first US based league to offer Fan Tokens and the sports league that continues to innovate with new technology, we’re excited to launch PFL Fan Tokens with Socios.com and provide the 550 million MMA fans worldwide with engagement opportunities with the PFL, our fighters, and the action during our 2021 season.”
Other successful launches of Fan Tokens via the Socios.com platform include arguably the biggest club in English football - Manchester city. Earlier this year they signed a multi-year deal with Socios.com. Last year the elite football team Paris Saint-Germain PSG signed up to Socios.com which saw holders being able to vote on practical decisions such as what inspirational message the captain would wear on his armband, and the colour of the kit.
Of course, Fan Tokens extend beyond the sporting realm, and blockchain solutions such as Fan tokens and collectibles have the potential to increase engagement and provide sport teams and artists with an additional source of revenue. The difference between NFTs and Fan Tokens is that Fan Tokens are ‘fungible’, so all tokens are identical, whereas NFTs are specific, unique, and often a collectible.
Following the PFL announcement, it will be interesting to see which other sporting organisations, as well as non-sports based industries, follow in the their footsteps and into the NFT/digital token space.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.