Galatasaray S.K, a Turkish Football Club has announced that the club would be launching Ethereum based fan tokens. The club is partnering with the sports-based blockchain startup Socios, that is part of the Chiliz sports tokenization platform. The partnership was announced by Socios on its website, on partnering up with the 110 year old football club.
Galatasaray is one of the biggest soccer clubs in Turkey and is also the only Turkish club to have won the esteemed UEFA championship. The fan tokens will be released through Socios platform that already has many football clubs in it. The firm has a mobile application that caters directly to the football fans through which the fans can get bonus rewards and voting rights in club decisions.
The app will allow the Galatasaray fans to vote on topics that the club will put up for the fans to vote on. According to the press release, polls are designed to be concerned with stuff such as:
New official product designs, matchday activities and in-stadium experiences, as well as sponsorship campaigns and collaborations and social media content.
The fans with more tokens will have more influence over deciding the result of the poll. The app will also reward users as the more active users will be given reward points that they would be able to cash in for exclusive prizes and club-specific once in a lifetime experiences.
Furthermore, the company has also promised that the fans will be able to access leader boards, games and merchandise, exclusive to the app in the future. The token will be available on the Socios.com website where fans would be able to buy tokens directly from their credit cards. The process is being coined as Fan Token Offering. Galatasaray S.K. board member Dorukhan Acar, commented on the development and said:
As Galatasaray, we are very pleased to join forces with Socios.com and start an exciting journey. This new partnership opens a world of new opportunities for us with respect to our fan engagement and global reach as well as being another milestone in our digital transformation strategy.
The Socios Platform
Even though the tokens will be used and held on the Socios platform, they will be kept on a separate permission side chain for every club since each football club serves as node with proof-of-authority.
The side chains are powered by the chiliZ token, operated on the Ether-complaint utility token ERC20. The CEO and Founder of Socios Alexandre Dreyfus, has been very vocal about the company’s mission to dominate the sporting world he said in a recent statement:
We aim to grow the platform’s user base to well over a billion sports fans, all of whom will be eventual cryptocurrency users.
Just a few weeks prior to this announcement, Socios announced that they had partnered up with Atlethico Madrid, a Spanish soccer club. The company has been aggressively adding more clubs to its list with Paris Saint Germain, Juventus, West Ham United and AS Roma being the recent ones to join.