Crypto in Sports: COVID-19 Fosters the Development of Web3

COVID-19 Boosts Web Development 3

The COVID-19 pandemic is reshaping the world, from our daily habits to business models, even as the sports industry comes with a trend of digital transformation.

During the pandemic, major sporting events and matches at the national, regional or international level have been postponed or canceled, which has had a significant impact on revenue.

Therefore, many sports leagues are now exploring Web3 to find another source of income by releasing fan codes or Not replaceable Tokens (NFTs) to interact with fans around the world. More importantly, sports teams or bodies hope to raise capital without losing any equity.

What is Web3?

Web3 is the next generation of the World Wide Web that includes a mixture of ideas, such as decentralization, blockchain technologies, and icons.

If Meta (formerly known as Facebook) is one of the “products” of Web2, which only controls and owns the accounts, data, and content of nearly 3 billion users worldwide, then Web3 will change the current landscape to allow users to truly own their data and content without a single central organization.

In other words, even if the Meta is disabled (it just says), users can still own a copy of their content.

What sports leagues are there in Web3?

Quite a few! Starting in 2019, more leagues or sports bodies are jumping on the Web3 bandwagon. As for the football industry, there are a few football clubs in the English Premier League and Ligue 1, including Manchester City, Arsenal and Paris Saint-Germain.

Three of them have launched their own fan tokens: $CITY, $AFC, and $PSG on Socios.com, the fan interaction platform, to interact with fans anytime, anywhere.

For the basketball industries, the NBA has partnered with Dapper Labs, an innovator crypto cats NFTs, to launch a basketball-themed NFT, as the NBA Top Shot, to allow fans to buy, sell and collect highlights and historical moment of the game, which has become one of the most popular collectible crypto projects according to NFT now.

This year, the NHL also joined the crypto frenzy to announce a partnership with Sweet, The NFT . Market, to provide current and historical video moments to its fans. From the above examples, you see that there is a trend for different sports to interact with fans through games or coding.

What are fan codes?

Fan tokens differ from NFTs, which can be redeemed to give collectors exclusive ownership of a digital asset, a form of cryptocurrency to allow holders to access a variety of fan-related membership privileges, including vote On club decisions (eg merchandise designs, team bus, team dressing room, even captain’s armband, etc.).

Fan tokens also offer “learn to earn” opportunities so that they are rewarded after participating in quizzes. If they collect a certain amount of rewards/tokens, they will be given a once-in-a-lifetime experience to watch any upcoming matches in the best seats.

Although fan tokens are primarily seen in the football industry, there are some exceptions, such as $DAVIS (for Davis Cup) and $UFC (for Ultimate Fighting Championship), which also allow users to enjoy similar benefits as those of club members under membership The main difference is that fan tokens are digital assets that never expire.

How were fan codes minted?

It depends! For the fan codes mentioned above ($CITY, $AFC, $PSG), they are all minted in Chili’swhich is a blockchain provider that differs from the others as it mainly focuses on sports and entertainment entities.

With our Fan Reward and Engagement system, Socios.com, sports teams can more easily interact with fans and monetize their fans with their local tokens.

What can fan codes do for pregnant women?

many. But, most Socios.com fan codes, including $CITY, $AFC, and $PSG, will have the following perks:

⦁ Earn VIP rewards
⦁ Sit in the driver’s seat and make the right decisions
⦁ Turn your dreams into reality with great rewards
⦁ Join a new era of super fans

Most importantly, fans have the final say in team decisions. Having said that, they have a share of the influence of their favorite teams.

In the past, some of the aforementioned football clubs allowed fan symbol holders to make decisions about the captain’s armband, defensive play of the season, and match-day message to be written in and outside the team’s locker room.

How can we buy fan tokens?

In two ways! You can buy the fan codes mentioned above directly on Socios.com, however, you first need to purchase the in-app currency, which is called Chili’s (dollarCHZ), with a debit or credit card, so that you can redeem them for any fan tokens on the platform later.

Another alternative is that you can buy different fan tokens on top cryptocurrency exchanges, such as PoloniexWhere you can buy and trade on the spot market in their listed cryptocurrencies.

How can we contribute to Web3?

The interesting thing about the crypto world is that it is a space for everyone because Distributed Ledger Technology (DLT). As long as you own a fan token, you will be a contributor to the creation of the Web3 ecosystem.

Fan coins were primarily minted to enable token holders to influence and interact with their favorite sports teams. But the most powerful part is that the tokens allow token holders to make collective decisions and determine best practices, or governance, for clubs.

Therefore, the ideology and the meaning behind them are greater than the values, even if fan tokens usually do well if the clubs are popular and have a lot of stars and points of view, such as Manchester City, Arsenal and Paris Saint-Germain.

To celebrate the football season and the 2022 World Cup, Poloniex has launched a series of marketing campaigns, in the name of Poloniex World Cup Carnivalto allow football fans and token holders to split a prize pool of up to $100,000 through quizzes and other interactive games to advance the development of Web3 with a group of tech-savvy owners and builders to witness the birth of a new global web.

With more than eight years of history, Poloniex has been a crypto contributor to the creation of Web3.

Together, we can create a better world! For more information, please click over here to read.

About Poloniex

Founded in January 2014, Poloniex is a global cryptocurrency exchange that supports Spot and futures Trade plus leveraged tokens. With a world-class trading platform, Poloniex has received funding from His Excellency Justin Sun, Founder of you can seein 2019 to expand its international client base.

Poloniex now offers services in more than 100 regions and countries in different languages. In 2022, Poloniex launched its new trading system with greater speed, stability and ease of use.

Cooperation with TRON, which is designated as the national blockchain of the Commonwealth of Dominica with it TRXBTT, JST, NFT, American dollarUSDT and TUSD have been granted legal status in the country, and Poloniex will continue to connect users with the power of the cryptocurrency.

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