PFL is the first league to offer fan tokens.
The Professional Fighters League (PFL) has made a name for itself as one of the most innovative sports leagues in the world, not just in terms of MMA but all sports. On that line, it was perhaps not unexpected to hear that the PFL would be the first professional sports league in the world to offer blockchain-based fan tokens to reward fans and improve engagement, especially during the current pandemic situation.
Of course, this then leads to the question of what exactly is a “fan token?” Tokens are different from coins, in that coins are used on their own blockchains. So, Bitcoin has its own blockchain network, as does Ethereum, and so on. Tokens, on the other hand, are created and used on existing blockchains. They are generally assets that can be used to provide proof of ownership of a particular product, or even a subscription to a service. There are a number of blockchain networks that have been developed to support such tokens, with the most popular one being the Ethereum network. Fan tokens are usually tokens offered by sports organizations, where interested users will need to purchase them via crypto exchanges, in order to have access to exclusive benefits, memberships and so on. This is a great way for sports franchises to be able to tap in to their most passionate fans, by giving them exclusive benefits, and also create a revenue stream for themselves.
This is not the only way in which digital coins are changing various industries. We have seen the online casino sector be influenced by this as well, where players can now bet with dogecoin and other digital assets rather than fiat currency. This has greatly increased the popularity of these online casinos, while also improving demand for cryptocurrencies, and we can expect a similar effect if the concept of fan tokens proves to be equally popular.
With regard to the PFL’s fan tokens, owners will be able to participate in polls, contests and other exclusive events during the course of the PFL’s Regular Season, Playoffs and Championship, on Socios.com. They will also be able to earn rewards based on their usage of the tokens, while a Leaderboard will allow them to keep track of their progress, while a Chat option will allow them to engage with other fan token owners who would usually be passionate fans like themselves, allowing for a community of like-minded sports fans to develop online.
Socios.com will be the global partner for the PFL on this initiative, including promoting the initial Fan Token Offering (FTO), polls and any other fan engagement initiatives. Socios.com will also have the right to use PFL branding and logos on their websites and elsewhere for promotional purposes, while the Socios.com logo will be used during match days on the cages and around the fight arena. This represents a partnership between two rapidly growing brands in sports branding. The PFL has seen tremendous growth in 2020, with huge spikes in terms of social media followers and engagement, while Socios.com has various notable sports organizations, including FC Barcelona, Atletico Madrid, Paris Saint-Germain, Juventus and AS Roma as its Fan Token partners. There are quite a few football clubs which will launch similar Fan Tokens in the near future in partnership with Socios.com, and this could lead to a huge change in the way clubs operate with regard to their fans and how they monetize this fan following. This could be a game-changer for those sports organizations with a global following, and it is likely that Socios.com could be at the forefront of this, due to the existing partnerships it already has with some of the most popular sports outfits in the world.