Tottenham Hotspur Launches Web3 Fan Token ‘$SPURS’ on Chiliz Blockchain
The Spurs Fan Token on Chiliz Chain aims to revolutionize fan experiences, offering unique rewards and unprecedented ways to engage with the North London club.
English Premier League club Tottenham Hotspur, today made a significant foray into the world of blockchain and fan engagement by announcing the issuance of its exclusive fan token, $SPURS on the Chiliz Chain.
Accessible through Socios.com, a fan engagement and rewards platform, the Spurs Fan Token on Chiliz Chain aims to revolutionize fan experiences, offering unique rewards and unprecedented ways to engage with the North London club.
The strategic move underscores the club’s commitment to evolving its digital landscape while fostering deeper connections with its global fan base.
Chiliz Chain is a foundational Layer 1 SportFi network that recently achieved the milestone of surpassing two million users, already boasts the participation of approximately 80 major sporting entities. These teams utilize the Chiliz Chain platform to administer their fan tokens, fostering stronger connections with supporters worldwide.
Tottenham Hotspur will now be the first Premier League club in the last two years to embrace this technology-driven fan engagement model.
According to Tottenham, its decision to issue the $SPURS token on Chiliz Chain aligns with the club’s existing digital strategy. This encompasses a strategic partnership with MatchWornShirt, renowned for authenticating auctions on the Chiliz Chain.
In the near future, holders of the $SPURS token would be able to participate in on-chain voting. Furthermore, applications integrated with Chiliz Chain will unveil new use cases, amplifying the network’s influence and utility.
“We’re pleased to be able to provide fans worldwide with a new range of Club-related rewards and experiences. Our Fan Token will build on the many benefits of our existing membership scheme. The partnership is another example of how the Club is working to create additional recurring sources of revenue to reinvest in our football activities,” said Ryan Norys, Commercial Sales Director, Tottenham Hotspur.
Chiliz Chain, specially designed for the sports industry, aims to offer a seamless infrastructure for the Spurs Fan Token. The blockchain solution stands out for its robust security measures and scalability, hosting over two million user wallets and accommodating a daily user volume exceeding 60,000.
According to Chiliz, the blockchain platform has facilitated the management of more than $400 million in revenue for various sports teams and leagues, since 2018.
Tottenham Hotspur’s entrance into the SportFi realm coincides with the release of Deloitte’s latest Sports Fan Insights report. The report underscores the growing prominence of fan tokens in the sporting world, revealing that approximately 40% of fans are now familiar with this innovative concept. Intriguingly, nearly 75% of fans express keen interest in fan tokens as a means to unlock rewarding experiences.
“We are delighted to welcome Tottenham Hotspur to the Chiliz ecosystem as they launch their first Fan Token and join more than 80 teams that have launched tokens on the chain. Our mission is to make the Chiliz Chain the largest web 3 sports and entertainment centric ecosystem in the world,” said Alexandre Dreyfus, CEO of Chiliz & Socios.com. “As the number of user wallets passes the two million mark we continue to build a community of developers that are delivering new products and services on the chain that can utilise fan tokens and deliver new tools to activate fans for sports properties.”
The $SPURS Fan Token will be available for purchase at $2 each during a Fan Token Offering (FTO) scheduled for October 4, 2023. Following this event, the token will be listed on major global exchanges, facilitating access for supporters in key markets, notably Asia.
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