Somehow I missed the announcement by Socios.com about their new partnership and the huge impact it could have on the Fan Token realm. Up until this year and even now for the most part Fan Tokens have not really been issued or taken off in the United States. Europe was the first area targeted by the Socios development team and they have nailed that launch and are now pivoting towards the US, South America, and Southwest Asia development.
Socios.com is the largest non-exchange blockchain-powered app in the world. I imagine them as the face of the technology that is presented to you and handles the Fan Tokens for the most part. Socios.com is built upon the Chiliz Blockchain or $CHZ and provides a cheap and quick blockchain for Fan Tokens to be exchanged on. The total amount of Chiliz created is 8.8 billion and is a set amount and used to be given away at "fountains" you had to physically walk to but that was back when the price of a single CHZ was around $0.01 where now it is much much higher at over $0.50 a token.
What is up with the app?
Until October 1st US citizens were able to purchase and sell Fan Tokens with ease however due to regulation concerns they have now stopped allowing for the purchase of Fan Tokens and you cannot deposit anymore Chiliz into your Socios.com account. This has not stopped the creation of more and more partnerships whose details have not been ironed out completely yet. If you are like me and you already own Fan Tokens then you can continue to vote on the polls for the Tokens and to Predict the outcome of different soccer games that are coming up for the teams whose tokens you own. While the app isn't completely useless it definitely has taken a huge hit usage-wise since I want to buy additional Fan Tokens to be able to participate in the NFT giveaways but I am prevented from buying the additional number of Tokens I need.
While 24 NBA teams have announced partnerships with Socios.com and some NHL teams have as well the biggest sport in the US was not involved in any way. Now that has changed with the New England Patriots partnering with Socios.com and how Fan Tokens are mentioned in the press release. This means that the development team at Socios must have figured out whatever regulation issues they were unsure of. Fan Tokens allow for an amazing amount of fan participation that beforehand was just not possible. It is nice to see sports that I follow start embracing this technology and the ability for Fans Tokens to help fans participate especially during the age of COVID since it always seems we are one outbreak away from being locked down again.
Having a partnership with Kraft Sports and Entertainment is one of the best things that could have happened to further adaptation. With the name and the money of Robert Kraft behind the project now as a partner and with the teams brought to the table since it is not just the New England Patriots but also the New England Revolution who is a member of MLS and last year won the Supporters Shield, the regular-season points champion, making them one of the top MLS teams as well! This should spur future ownership groups that have teams in different leagues to follow suit and really unlock Fan Tokens. Out of the Big 4 Profesional Leagues in North America only MLB, baseball, will be without a partnership however the season just ended and they have a collection bargaining agreement that expires December 5th that if the rumors are true will lead to a lockout occurring.
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