Fan Token Frustrations

Fan Token Frustrations

By Cje95 | Chronic Illness and Crypto | 13 Nov 2021


While this year will go down in crypto history as the year of NFT's that is not to say that has been the only huge breakout that has occurred. While I have been part of the project earning away my Chiliz since 2019 the project really kicked down the doors and exploded into view this year! That being said if you do not already know about Fan Tokens and the Socios.com app here is a quick run down!

 

Different sports teams for a variety of different sports across the would have partnered with Socios.com to utilize their Chiliz blockchain to create, issue, and sell Fan Tokens, These tokens allow holders or fans that own them to vote in different polls that the team will abide by! From choosing the designs of team buses to choosing the starting formation of a soccer match a ton of different things have already been voted on and implemented! The most important thing that these Fan Tokens have done is allowed fans to interact and participate in team decisions in ways we have never seen before! This is all possible due to Socios.com Chiliz Blockchain that allows for quick and cheap fan token transactions!

 

At the beginning of this year Socios.com announced the creation of a new office in New York and a $100 million investment to expand into North America. Previously almost all of the teams that were participating were based in Europe with a couple of South American soccer teams sprinkled in. For a little while it was even possible to yield farm using Fan Tokens via the Binance Smart Chain! 

 

The first United States based team to to sign on was the Roush Fenway Racing Team which participates in Drag Racing as well as NASCAR. Since this partnership was announced National Hockey League teams and National Basketball Association teams have been signing up right and left! Earlier this year in August though I ran into my first issue with being a US citizen and living in the country. The UFC was releasing its Fan Token and I was unable to purchase any due to "geographical restrictions" for almost two years I was able to avoid having any issues but regulation uncertainty had finally caught up.

 

A few weeks ago I received an email further delivering the platform a blow. I would no longer be able to purchase ANY Fan Tokens or even their crypto Chiliz I could sell the tokens I did have and/or withdraw the Chiliz I currently had but that was it. The company has stated that while they have disabled the ability to buy they are working out creating an app that will restore this ability in the US. Right now though and for the last couple of weeks not much has been possible. I log in daily to go on the token hunts but they do not result in much getting accomplished.

 

I hope this will be corrected and fixed sooner rather then later. I really enjoy the app and being able to participate in these votes even if I do not know anything about some of the teams whose tokens I own! The development and watching everything roll out has been amazing to say the least and the project has been booming! Fingers crossed this app comes out rally soon and I can again buy and sell the different Fan Tokens! 

 

Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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