Tottenham Hotspur has become the first Premier League team to embrace blockchain technology in two years. The London-based football club has announced its plan to issue a Web3 fan token in collaboration with the Chiliz blockchain, offering fans a unique and engaging experience.
Socios.com, a fan engagement platform built on the Chiliz blockchain, will facilitate the process. It has already attracted the attention of over 80 major sporting teams worldwide. This technology provides teams with the ability to issue and manage fan tokens, digital collectibles, and real-world rewards, as well as enabling fans to participate in decision-making processes related to their favourite teams.
Tottenham Hotspur’s $SPURS fan tokens are set to launch on October 4, 2023. Fan token holders will be able to take part in on-chain voting, such as potential kit changes, and enjoy club-related rewards and experiences. The club is also collaborating with MatchWornShit, a platform facilitating auctions of jerseys worn by players during games, to ensure authentication of the auctions on the Chiliz blockchain and provide transparency and trust.
In response to the Financial Conduct Authority’s (FCA) oversight of crypto asset promotions, stricter rules and disclaimers on fan token offerings will be implemented from October 8th. This is to ensure compliance and transparency in the UK.
Looking ahead, Tottenham Hotspur plans to integrate the fan token into its existing loyalty program and mobile app, aiming to provide fans with an enhanced and seamless digital experience while strengthening fan engagement.