Arsenal have reached an agreement to feature on the Socios.com platform through a custom fan token, the team and company revealed in join-announcement on Monday.
That means there will be a Gunner-specific digital collectible that can be bought and sold through the marketplace using cryptocurrency. There are real-life rewards divvied out through the platform for owning enough of the tokens (such as merchandise discounts), which is a main driver of its value, but many people also use it as a stock market of sorts to try and make profits through rising market interest.
There are now dozens of clubs represented on Socios - and even more involved in the trend when accounting for similar trading platforms - with Arsenal joining the Portugal national team as the newest major organisations to sign on.
What has been said?
“We are committed to finding new and innovative ways for all our supporters - whether local or international - to get closer to the club," said Arsenal commercial director Peter Silverstone.
Rapid rise of fan token industry
Socios revealed financial figures in the release announcing the Arsenal deal, saying the platform had generated $150M in revenues for sports teams in the first semester of 2021.
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As a result, the company plans to grow business operations as it fights to maintain its place as a main player in the growing industry. They will have a "major focus" on the Premier League in particular moving forward.
"Socios.com has major expansion plans for 2021 and is targeting many more Fan Token launches throughout the world," the company wrote in a statement. "Socios.com has multiple office locations around the world and has already opened new regional headquarters in Madrid, Istanbul, Sao Paulo and Buenos Aires. The company will open a new office in North America in the near future."
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