Without a doubt, football is one of the popular sports in the world and has a fan base of more than a million followers. An example is the AC Milan football club.
This football club is among the elites who can boost a global fan base and different sponsors. Their recent partnership with a cryptocurrency company has been long-awaited news.
Modern times called for innovations, and cryptocurrency is one of those innovations. This technology has proved to be efficient and beneficial; this few months–period of the pandemic – had seen the use of this tech increase. Cryptocurrency is an example of an innovation that has surpassed the expectation placed on it.
The limit placed on the free movement of people because of the pandemic has made online transactions popular. And since cryptocurrency comes with interesting benefits, most people prefer to use it for their transactions.
Let's all welcome a new partner to the Rossoneri family: @socios! 🔴⚫
The official $ACM Fan Token will allow you to influence Club decisions, access VIP experiences, compete for rewards & trade 👉🏻 https://t.co/NedTHwe71k#SempreMilan #MilanDeliveRED @Chiliz pic.twitter.com/oQjWWeFmsD
— AC Milan (@acmilan) January 18, 2021
These facts brought about the revolutionized use of this transaction process in both big and small companies. Football clubs having a partnership with cryptocurrency companies have been the latest trend.
In linking up with these companies, fans can purchase tickets for match viewing, votes, and buy customized items from the club’s online stores. Also, some of the crypto companies are partners to some betting platforms and provide an option for users to bet using tokens.
The fan token is the latest innovation from these crypto companies, and AC Milan is the latest to launch one. With this token, the club can stay in touch with their fans, create a digital presence, and keep fans safe by having limited physical interactions.
Apart from these, the tokens known as $ACM fan tokens allow the club to recognize their fans, conduct games, competitions, and promotions. When confirming the news, Casper Stylsvig, the chief revenue officer, was happy about the partnership.
He said, ‘’we are happy to join hands with Socios.com and welcome them to our family as a global partner. This partnership allows us to give our 450 million fans across the world another exciting way to interact with AC Milan. Which is particularly important under the current circumstances created by the COVID-19 pandemic’’.
Also, the founder and CEO of Chiliz and Socios.com Alexander Dreyfus commented on the partnership.
He said, ‘’I’m delighted to welcome AC Milan and their 450 million fans from across the world to Socio.com. ……….The AC Milan partnership is a great start to a year in which we will work harder than ever on our mission to fully establish fan tokens as the ultimate fan engagement tool and as a powerful new revenue generator for the sports industry.”
Fans around the world welcomed the concept of having a token. The tokens awarded will help them take part in some club decision-making process, enjoy bonuses in club stadiums, and collect promos on released club merchandise.
The concept of a Football club in a partnership together with a cryptocurrency company has risen some questions. Questions like why do football clubs need crypto, how will they use them, and what will be the benefit.
Crypto comes with benefits that allow decentralized transactions to occur irrespective of the location. A preferred type of transaction for people living at locations far from the clubs or with high exchange rates.
This is an advantage to clubs with limited restrictions to countries that are not nearby. Fans will always want to buy their favorite player merchandise from their clubs, and the clubs want to engage with their fans. But with the restriction placed in some countries, doing it can be difficult.
But in having a transparent online platform like crypto, transactions become easy and stress-free. Football clubs can also generate revenue through online stores and match viewing. Crypto tokens bring fans closer to their club since they are connected to the club’s decentralized network.
Brand sponsorship is a source of revenue to clubs, and most of these sponsors have incorporated crypto as a payment option. An example is betting companies, some of these platforms now allow their members to make use of crypto for betting.
And when they sign a deal with Football clubs, both fans and sports lovers get introduced to the idea of using cryptocurrency for their transactions. AC Milan joins big football clubs like Juventus, Barcelona, and PSG who too have partnerships with the fintech blockchain company Chiliz and Socios.com.
In September 2018, Juventus announced a collaboration with the blockchain platform Socios.com and its plans to launch its “Juventus Official Fan Token”, this token allows Juventus fans to interact and create a personal connection with the club.
Also in September 2018, Paris Saint-Germain broke the news to their fans by saying:
“Always at the forefront of digital innovation, Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide,” Marc Armstrong, PSG’s head of sponsorship, said.
We have recently seen the project progress, as in December 2020 PSG and Juventus became the first football clubs with digital assets to be listed on Binance.
— Binance (@binance) December 14, 2020
One of the crypto companies that has been a forerunner in the transition of cryptocurrency is Socio.com. The company allows for the free use of cryptocurrency on its platform and has a big fan engagement, using blockchain technology that allows tokens as a currency.
They also supply these tokens to clubs. Football clubs offer them to fans through competitions, promotions, and challenges. Fans can buy these tokens, and with a policy that gives more advantage to fans with a large collection–it generates money for the clubs.
Some Football clubs enter a partnership with a blockchain company to develop collectibles and games. City Football Group of Manchester city announced recently this innovation with partner Animoca–a digital entertainment company.
This game when launched will be available for both mobile and PC devices. Accessible by users from different regions, it will not limit registration to fans alone; it comes with features that allow for decentralized transactions.
Ukraine Football Team Dynamo Kyiv’s also recently confirms signing a deal with the blockchain company Moonwalk. This partnership aims to create a digital economy for its fans’ engagement, and they can use it at the stadium digital market.
Ukrainian football club Dynamo Kyiv is ready to launch its own cryptocurrency to increase revenue and attract more fans, according to U.S. blockchain company Moonwalk https://t.co/SeU3GZFeS1
— KyivPost (@KyivPost) January 8, 2021
It comes with a mobile wallet where fans can save the token collected. When announcing the partnership, the crypto company explained the importance of Football Clubs using the potentials of cryptocurrency. Listing the number of benefits that both the club and fans can enjoy.
And since the pandemic, more people are now understanding the significance of using digital assets and their many benefits.
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