Globally-recognized football club Manchester City has reportedly launched its own token based on the blockchain technology for digital fan engagement. This came in an official announcement on Friday. In the announcement, the football club announced that it has partnered with engagement platform Socios and has launched its fan token called CITY on the Chiliz blockchain. This new development will enable Manchester City to be able to provide VIP rewards, club promotions, games, AR-enabled features and polls using its fan token.
Socios is responsible for developing the raving fan token called Chiliz, and it was speculated that many football clubs will begin to launch their own fan tokens which is already beginning to happen. Chiliz was designed by Socios basically for fans of both traditional and online sports to use for engagement and crowd-funding their best teams, leagues, events and everything football-related. The NFT surged by 75 percent under 24 hours of its launch, and by 380 percent in a week. The coin has started to gain grounds in the cryptocurrency universe, in fact it has found its way to the list of the top 30 most valued cryptocurrencies. With the success of Chiliz, football clubs and sporting platforms will begin to launch their fan tokens.
According to Stephen Cieplik, ‘every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards. The Senior Vice President of Global Partnerships Sales at City Football Group which is the parent company of Manchester City FC, therefore confirmed that all existing members of the clubs will receive a free CITY fan token. The fan token will therefore provide fans with a unique digital and real-life rewards and experiences as soon as the Coronavirus diseases restrictions are over, according to the CEO of Chiliz and Socios; Alexandre Deeyfus.
Manchester City is arguably one of the top clubs in the English Premier League and reports say that it is the fifth most valuable football club globally and has an estimated value of $2.7 billion (as at 2019). Manchester City’s collaboration with Socios in launching its fan token is a great decision because we live in a time where cryptocurrency has taken over and is fast becoming mainstream.