There have been reports suggesting Manchester City are keen to sign Cristiano Ronaldo, partly explaining the record-buying pressure of City tokens.
Using data from Fanmarketcap, a sports crypto analytic firm, it was determined that the fan token is trading near its record high at $27.65 at the time this report was written with weekly gains of 21.5% at that time.
Cristiano Ronaldo is reportedly interested in signing for Manchester City, according to Sky Italy. In exchange for Ronaldo’s free transfer, City is willing to offer him a two-year contract with a salary of £12.8 million ($15 million).
During his time at Manchester United, the former striker scored 118 goals in 292 games and has been linked with a move away from Allianz Stadium this summer, but Juventus expect him to remain.
Fan tokens are disrupting the sports industry as Europe’s top soccer clubs that have signed up to the blockchain service provider, Chiliz has reportedly earned some 150 million pounds ($204 million) so far.
According to Telegraph, the British based newspaper, tokens can be purchased on the socios.com app, which has close to 1 million registered users. Various support groups have expressed concern about users being led into uninformed investments.
This month, Paris Saint-Germain’s star player, Lionel Messi, was lured by their digital currency.
Before the transfer, the club’s tokens surged, but it has since fallen.
A cryptocurrency called Chiliz facilitates the trade of tokens using blockchain technology.
From Socios.com, top football clubs earn revenue in the form of direct payments. Arsenal, Leeds United, Barcelona, Juventus, Manchester City and the French club have already signed contracts with the Chinese club.
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