Top Football Team Launches Digital Currency

Liverpool are one of the most successful top-flight clubs in English Football and are releasing a digital currency in the form of Fan Token $LFC. The fan tokens are to be used to purchase non-fungible token (NFT) players and trade on the world’s biggest cryptocurrency exchanges.

Liverpool are one of the biggest football clubs in the world. For years, their fans have bought merchandise like keychains, posters, and team kits to get a little closer to their heroes.

Nowadays, fan tokens are a popular way to intensify fan connection as well as increase revenues for the sports team. After all, every sports team is a business and needs a constant stream of revenue to support them as they aim to be bigger and better than the year before. Therefore, it makes perfect sense for Liverpool to enter the fan token market so fans can own digital assets of their favourite players, while also generating income for the team.

But Liverpool are not the first club to test the water with digital assets, and that they’ve been popular for a while with both English teams, and those further afield. In Europe, AS Roma, Paris Saint-Germain, and Atletico Madrid, among others have already signed with Socios.com to launch their own unique fan tokens.

Fan tokens are digital assets created on blockchain technology that give owners special privileges that support various club activities. While fan tokens are fungible digital assets, they are not defined as “crypto”. Chiliz ($CHZ) is the actual cryptocurrency, like Bitcoin or Binance Coin, and Chiliz is used to buy fan tokens on the Socios app.

A fan just needs to install the app onto a mobile device that will enable them to purchase their fan tokens. By doing so, they can enjoy several VIP benefits. An example of the benefits for supporters can be found by looking at the Arsenal fan tokens. The Premier League club partnered with Socios to bring out their fan token, and in one recent poll, fans voted on an away shirt for a game. Another Arsenal poll asked fans to choose the song that will be played at the Emirates after every win.

If you root for Paris Saint-Germain, you might be interested to know that a census was made for fans to pick a message that will be displayed on the captain’s arm band. These are some of the things Liverpool fans can expect, but because their fan tokens are also linked to their NFTs, there’s a possibility that things could be a little more dynamic.

In March 2022, Liverpool attempted to use digital assets to raise funds and offered what they called “Hero” and “Legendary” tokens through the sale of their “LFC Heroes Club” NFTs. These NFTs were not very successful, to say the least. In fact, fans ended up losing money as they watched the value of their NFTs plummet, and when there was an attempt to reach out to someone at the club – it was met with silence. So there is a little skepticism around the tokens among some supporters.

It’s a bold move to step out alone, and whilst Socios show that fan tokens can be successful, the club’s own NFT collection proves there are pitfalls within the digital asset industry.

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