Football Fans Spending Millions on Club Crypto-tokens

Football clubs have potentially made hundreds of millions of dollars selling controversial crypto "fan tokens." From a report: Analysis commissioned by BBC News estimates more than $350m has been spent on the virtual currencies. Some of the tokens are marketed as offering real-world perks to the buyer. But critics say these perks are insignificant - one offered the chance to vote for songs to be played in stadiums - and clubs have insufficient protection for supporters. So far, across the five major European leagues 24 different clubs have launched or are considering fan tokens, including eight Premier League sides. Most offer tokens akin to a club-specific crypto-currency - virtual coins can be bought and sold and their value rise and fall depending on supply and demand. Some clubs, such as Manchester City, also sell digital collectibles known as NFTs (non-fungible tokens). Most of the clubs offering fan tokens have signed up to a company called Socios that organises the initial sale and subsequent trading of the virtual coins - but other platforms, including Binance and Bitci, are growing too.

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