Corinthians – Brazil’s second largest fan club – will launch its fan token this Thursday (2), the day after the club’s 111th anniversary. The initial price of the asset named $SCCP was set at US$ 2 and starts trading at 10:00 am (Brasilia time).
Fan tokens are a type of cryptoactive that gives owners the right to participate in voting at the club, earn gifts and participate in exclusive promotions. For the club, it’s a way to capitalize and have an organized base of fans to involve them in the team’s daily life.
Last month, the club announced a partnership with the Socios.com platform, which has yet to say how many Corinthians tokens it will put into circulation.
The expectation for the launch is good, as this type of asset has been gaining volume. Corinthians becomes the second club to bet on fan tokens. The first was Atlético Mineiro, which launched $GALO, which sold out in a few minutes. There were 850,000 tokens in circulation also traded at US$ 2. More than R$ 10 million were collected.
Anyone wishing to purchase $SCCP must enter Socios.com and pay with the platform’s cryptocurrency, the chiliz (CHZ). The asset will also be available at crypto brokers such as Bitcoin Market, Binance and Coibase within a few weeks of its debut.
“Fan tokens will shape the future of fan engagement in Brazil and around the world. We are very happy to announce that Corinthians has become another huge club to enter this unprecedented change, a move that will create a better relationship experience between fans and clubs,” said Alexandre Dreyfus, CEO of Socio.com and Chiliz.
Several big clubs in Europe have already issued their cryptoactives. Juventus, Manchester City, Paris Saint-German, Barcelona, Milan, Atletico Madrid and Valencia are in the club of those who have already made money with technology.
For now, the most famous fan token is PSG, the hottest club of the moment. The French team’s asset was much talked about after the club revealed that it included in Lionel Messi’s pay a “considerable” amount of its fan tokens. Analysts estimate between $29 million and $35 million paid to the athlete with the $PSG.
Socios.com, which provides tokens for Atlético, PSG, Corinthians and other major teams, says these assets have already earned more than $150 million in 2021 alone.
Like bitcoin and other digital currencies, fan tokens can be bought and sold at brokerage houses and between people. They also share with other cryptocurrencies the tendency of huge price fluctuations, which prompts some regulatory agencies to issue warnings about these assets to investors.