Investors are increasingly buying sports tokens of the Premier League Champions, Manchester City, amid bullish sentiments prevailing in the crypto market.
Data collated from fanmarketcap, a leading sports crypto analytic firm, show Manchester City tokens have posted weekly gains of nearly 40% as its prices traded near $18.
Chiliz is the world’s leading blockchain for sports and entertainment that is powering these sports tokens with the objective of providing sports brands with the ability to crowd-manage their favourite teams, events, and games.
The five-time English champions, who 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.
Harry Kane set to move to City
- Harry Kane, a top-rated England-born striker looks set to join Manchester City for about 190 million euros with a four or five-year contract worth 400,000 euros per week with the Pep Guardiola side.
- The English captain had earlier made his intentions clear in Q2, as he wanted to bring an end to his Tottenham career, looking to challenge for trophies on a more logical basis.
With Covid-19 holding its grip on the global economy, leading sports brands had little choice than to go crypto, over dwindling revenues largely caused by stadium gates partly closed in compliance with lockdown measures put in place to curb the spread of the deadly virus, leading to billions of dollars in losses.
What you should know about sports 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.