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Fenerbahçe’s Fan Token Joins a Growing Club of Football-Based Digital Assets
Investors rushed to pour money on Fenerbahçe’s fan token this week before it started trading on centralized crypto exchange Paribu. The token was listed after Fenerbahçe -- one of Turkey’s most beloved football clubs -- signed a 25-year partnership with Paribu and raised 15 million lira as part of the initiative.
With the launch of its ERC-20 fan token, Fenerbahçe has joined a growing list of football clubs including Paris Saint-Germain (PSG), Manchester City, and Barcelona, which entered the digital asset marketplace with similar offerings.
Like cryptocurrencies, fan tokens are subject to market fluctuations and promise sizable returns to their owners. But they come with the added benefit of voting rights, which give holders some power in a sporting club’s decisions. Fenerbahçe’s fan token comes with similar perks and allows holders to vote on minor club decisions and get priority access to match ticket sales.
FB token’s circulating supply is currently capped at 190,700,000 coins, which is a reference to its establishment year 1907. The club will sell only 15% of this supply to fans, whose funds will get locked for a period of nine months. The majority of FB tokens, almost 61%, will be diverted to the treasury, while 14% will be used for marketing and 10% for technological upgrades.
PSG Fan Token Reaches Top Spot on Paribu
Aside from Fenerbahçe, Turkish traders are heavily backing European football club PSG, whose fan token became the most traded asset on Paribu yesterday. This is an after-effect of football world’s most noteworthy transfer of Argentine legend Lionel Messi, who joined PSG after spending two decades at FC Barcelona.
According to Reuters, Messi has agreed to receive a part of his salary at the club in PSG fan tokens. Many reports said that the tokens included in Messi’s “welcome package” are estimated to be worth $29 million to $35 million.