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Home Markets Cryptos

Manchester City fan token on a hat-trick, up by over 75% in less than a day

Olumide Adesina by Olumide Adesina
May 26, 2021
in Cryptos, Markets, Sports, Spotlight
Manchester City becomes first English football club to go Crypto
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Holders of Manchester City fan token are currently enjoying record gains amid high buying pressures by global investors and sports fans.

Data retrieved from fanmarketcap, a leading sports crypto analytic firm, reveal the sports token launched barely less than 24 hours ago has already recorded over 75% return on investment.

READ: Football fans cashing out with Crypto as Juventus’ fan token rises by 596.98%

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The five-time English champions, who recently finished 12 points ahead of second-placed Manchester United and also won their fourth consecutive League Cup, became the first English team to go Crypto.

The fast-rising English club further highlighted the club will be rewarding its eligible fans with a free Fan Token.

READ: Here is the exciting 2021 list of the richest football clubs on earth

In the club’s words via Twitter, it said:

“The Manchester City Fan Token is here Blue circle $CITY Fan Tokens allow you to participate in club polls, games, trade fan tokens, and win unique experiences.”

🔵 The Manchester City Fan Token is here 🔵 $CITY Fan Tokens allow you to participate in club polls, games, trade fan tokens and win unique experiences.
 
Get the @Socios app to get started 👉 https://t.co/GZog7YJvec

Cityzen members eligible to receive a free Fan Token ⚡️ $CHZ pic.twitter.com/B7ONWyTcTQ

— Manchester City (@ManCity) May 25, 2021

READ: Chiliz, football-based crypto on a hat trick, surges by 380% in a week

Recall that about three months ago, Manchester City became the first Top English football club to announce it was going Crypto via launch of its own digital fan tokens with the help of Chiliz, a leading sports blockchain company.

This will further help its global football fans in securing VIP rewards and voting rights through the CITY Token.

READ: Should you buy Bitcoin and Ethereum after losing half their value?

Chiliz, powering Socios.com, aims to give sports and e-sports fans the ability to crowd-manage their favourite teams, games, leagues, and events.

Sports pundits are however not surprised by this development with leading football teams venturing into crypto for obvious reasons, dwindling revenue triggered by the worst pandemic in the history of humanity.

With a Covid-19 battered global economy, sports teams have had their stadium gates closed in compliance with lockdown measures put in place to curb the spread of COVID-19 leading to billions of dollars in losses.

READ: Ighalo to earn N1.4 billion in six months at Manchester United 

Crypto experts anticipate such new openings with sports clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration as reports reveal Arsenal, Manchester United, Liverpool, Chelsea, are also considering such options.

What you should know about Fan Tokens

  • Sports tokens are fungible digital assets that provide sports fans access and control over certain decisions made by their sports team.
  • Fan tokens are virtually created and distributed amongst fans through a Fan Token offering similar to the concept of an initial coin offering, however, unlike an Initial Public Offering these tokens do not represent any form of real ownership in any sporting club.

Follow us for Breaking News and Market Intelligence.
Tags: ChilizcryptoManchester CityToken
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Hassan SAKA Bayo says:
    May 27, 2021 at 8:19 am

    How do I key into this.

    Reply

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