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World’s Largest Soccer Clubs Earn Big, Fans spend Over $350 Million on Tokens

As the token industry grows, soccer fans following some of the biggest clubs spend millions on them.

soccer
Photo by Richard Cooke

The biggest soccer clubs in the world have earned a huge amount of money from fan tokens according to a news report from BBC.

The BBC said, “Analysis commissioned by BBC News estimates more than £ 260 million ($350 million) has been spent on the virtual currencies.”

From their findings, 24 clubs spanning across various European Leagues have either launched fan tokens or are at least considering doing so. Out of those, a total of 8 clubs play in the Premier League in England, which is considered by a great many numbers of people to be the most prestigious soccer league in the world.

Most of the aforementioned clubs now offer fan tokens, which, in essence, are essentially club-specific cryptocurrencies. Though, some clubs opt to sell NFTs as well, like Manchester City. At the center of this new trend is Socios, as it provides a platform for the initial trading and sales of said cryptocurrencies.

Reportedly, Socios told the BBC it managed to sell between an estimate of $270 million to $300 million worth of coins to date but did not specify the amount of money that goes directly into the clubs.

Lazio, Manchester City, Porto, and Santos have reportedly been the ones generating the most sales, according to the BBC. However, it’s peculiar then that the value for Lazio and Manchester City has plummeted the most since their launch.

A ton of football fans have their fair share of concerns about these fan tokens.

West Ham fan Sue Watson told the BBC “My knowledge of the crypto market is sketchy, to say the least, and I’m probably representative of a large number of run-of-the-mill football supporters who are not traders on the crypto market.”

Football writer Martin Calladine said, “Some people are going to be making a lot of money out of it–but it almost certainly isn’t going to be the average football fan on the street.”

Despite how some fans within the soccer community may feel about the situation, there’s no denying the surge these tokens have seen as part of a wider trend between sports and crypto.

By and large, NFTs and the crypto market have most definitely secured a place for themselves in the realm of sports, as is evidenced by some of the U.S.’s biggest stars such as Tom Brady, Rob Gronkowski, and Steph Curry.

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