Fan Tokens saw a 204% increase in sales during March from January 2022 with global sales reaching a six-month high. It saw a year-on-year rise of 46% from March 2021, which was about $2.3 billion. Fan Tokens reached new milestones in May 2021 when Ethereum reached an all-time high. According to various data reports, the sales volume of Fan Tokens was around $9.4 billion in May 2021.
Fan Tokens are described as digital blockchain assets. It gives holders the advantage of exclusive access to certain services provided by sports clubs. Fan Token holders get access to fan-related membership schemes and perks like rewards, participating in the design of club merchandise and voting on club decisions, etc.
According to Beincrypto, the single-day sales high on January 11 2022 was $62 million. More days were spent in generating sales between $30 million to $40 million. February 28 recorded highs of $234 million ranging $40 to $85 million. And in March 2022, it surged to $387 million. Fan Tokens saw two days of sales generation higher than $200 million, and one day crossed the $300 million mark.
While Fan Tokens are growing in popularity and holdership, Socios chief executive Alexandre Dreyfus had said Fan Tokens are not an investment. He had highlighted that its mission is to deliver value to fans and revenue streams for sports teams. Fan Tokens are not commodities to be collected and traded for profit.
Critics have also lashed out at Fan Tokens calling it a cynical attempt to monetize fandom. Sporting clubs have been cautioned that supporters could lose money if the value of the tokens decreases.