Sunday, May 26, 2024

Socios and UEFA seal multi-year agreement for fan tokens

Socios and UEFA have collaborated for fan tokens through a multi-year deal, which comes after the sporting body issued a request for proposals in October 2021. The fan tokens platform will be launching fan tokens for UEFA events, including the Europa League, Champions League, UEFA Super Cup, and the Europa Conference League. The deal will conclude in 2024.

The fan token deal is not new for Socios as the platform boasts over 120 sporting partners and up to 50 live tokens. Moreover, FC Barcelona, Manchester City, and Paris-Saint Germain have pre-existing agreements with Socios. The platform’s partnerships in the US have been limited to marketing and fan engagement with NHL and NBA teams. Analysts have reasoned this to securities regulation in the United States. But through the UEFA deal, Socios will get to be a regional sponsor of the Champions League in the US. The deal also includes marketing rights. It allows Socios to put up virtual perimeter signage, digital sponsorship rights, and broadcast billboards in the US.

Fans can exchange the tokens for added incentives, including VIP trips to UEFA season kick-off events and UEFA headquarters, for their fan engagement. There will also be virtual meetings with UEFA legends, merchandise, and match tickets.

Alexandre Dreyfus, the CEO of Socios, said the deal expands the companies reach and visibility. He highlighted that UEFA’s massive global reach and network will boost Socio and help the platform reach out to hundreds of millions of fans. However, the deal has stirred controversy with Socios being accused of monetizing fan engagement at the expense of the match-going fans.

Some fans see the tokens as a barrier to fan engagement with their preferred teams. Others feel the incentives were already available for free. Many have raised concerns about the volatility of fan tokens.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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