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With the FIFA World Cup just around the corner, where are the opportunities for Fan tokens?

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This paper summarizes the development history and market status of Fan token, and gives strategies on how to select potential Fan token during the World Cup.

With the FIFA World Cup just around the corner, Where are the opportunities for Fan Tokens?

原文作者：蒋梦初、齐志敏、蕾莊苨、Lucio Lyu， Huobi Research

Abstract

On November 21, 2022, the 22nd FIFA World Cup will be held in Qatar. It is a quadrennial event for football fans. As the biggest competitive sport in the world, the World Cup has immeasurable business and traffic behind it. As the Qatar World Cup nears, the world of cryptocurrencies. token has also received a wave of greater attention.

On the basis of this hotspot, this study summarizes the Fan token development process and market status quo, and how to select potential during the World Cup. The token gives the policy. Fan token, as the most important manifestation of fan economy in Web3 field, is also the extension of traditional fan economy to Web3. This report is also useful for Fan The role of token and Web3 fan economy is studied, and the Fan is analyzed. token is a new economy supported by fans, clubs/idols, merchants and trading platforms.

粉丝 Token (Fan token) 是粉丝经济的产物，它的本质是一种加密货币，是粉丝和明星之间链接 Token 化的产物。粉丝经济本就是一个庞大的产业链，涉及到娱乐、体育、艺术等众多领域，产业链完善且潜力巨大，其与 crypto 的结合是粉丝经济一个很好的尝试和创新，同时也能为 crypto 领域带来巨大的圈外流量。通过拥有 Fan token，粉丝可以表达对明星的支持，並获得会员福利，例如得到奖励及参与组织的治理和被邀请到特别活动与明星互动等等。

Fan token 目前还在处于一个初期阶段， Token 赋能随着商业机构的参与和发展也开始变得更多元化和有趣。如今，世界杯即将来临，以足球 Fan token 为代表的粉丝经济或将迎来实质性的爆发机遇。本文将从 Fan token 的发展历程与现状，Web3 粉丝经济等方面来全面解读 Fan token 市场。

1. Development process and market status quo

1.1 Development History

在 1997 年，区块链还未诞生之前，音乐传奇人物大卫-鲍伊使用资产支持证券，即鲍伊债券，以获取他粉丝的經濟支持來发展他的音乐事业。这是最早的 Fan token 雏形，鲍伊承诺债券的持有者在十年内对大卫-鲍伊的音乐流媒体所赚取的版税可以获得每年 7.9% 的回报。这种集资方法其实也在现今世代的创作者生态里面非常普遍。如今创作者通过在区块链上推出他们的个人社交 Token 来进行类似众筹活动。

例如，Alex Masmej（着名的 ALEX Token 创作者）通过将自己 Token 化，向他的追随者出售 ALEX Token 。这帮助他筹集了所需的资金，在美国组建了自己的社交平台，而 Token 持有人也可以获得 Masmej 未来三年的收入份额。区块链可以让任何人，包括名人、艺术家、运动员和普通民众创建个人 Token ，而 Token 化的 Fan token 则进一步将粉丝经济向 web3 领域延伸。

当前，主要的 Fan token 大部分是由商业化的 Fan token 发行平台推出，Chiliz (CHZ) 则是目前最大的 Fan token 发行方。Chiliz 在 2018 年完成 6600 万美元私募融资后，开始进军体育粉丝经济，为各个球会提供及设计专属的 Fan token。Chiliz (CHZ) 与其推出的粉丝激励平台 Socios.com 目前发行的 Fan token 已经超过了 54 种，部分 Fan token 已经同时上线多个大型交易平台与跨链到 BSC chain(图 1)。与早期的社交 Token 不同，商业化的 Fan token 拥有更多的功能，其原因是商业机构把原有的粉丝经济投射到 web3 上面。

Through the introduction of Fan token, clubs can "solidify fans", which means to maintain the interaction between stars and fans, so as to strengthen fans' loyalty to the clubs, which brings fans and stars closer together. These activities and rewards are difficult to implement without the Fan token. There are also many ways to explore such Fan tokens, such as using Fan token voting, allowing fans to choose the banner on the team captain's armband, getting unique experiences such as watching games in the VIP area, getting backstage access to the football team's stadium, and having special discounts on club items.

Figure 1. Some of Socios.com's club partners

1.2 Market Status

Existing Fan tokens can be divided into two broad categories: sporting events and entertainment idol Fan tokens.

1.2.1 Sports Fan token

The sports industry is already very large, the sports fan economy is also very developed. Sports Fan tokens account for the majority of the Fan token ecosystem and are also the ones that receive the most attention. There are also many types of sports Fan tokens, including football, the most popular, car racing, American football, rugby, basketball, kickboxing, tennis and ice hockey. Football's Fan token economy is the most developed, with up to 65 teams partnering with public chains Chiliz, Binan, Huobi and OKX to launch their own Fan tokens (Table 2).

Table 2. The hottest Fan at present; token (Daily turnover reaches more than 3 million -14/11/2022)

Source : Coinmarketcap

Table 2 shows the most popular Fan The tokens also belong to the sports football category and are mainly issued by CHZ and Binance. The most popular in terms of the number of currency holders. The token is an AC Milan Fan Token and has about 30,000 mint holders. That's 0.006% of the club's actual fan base (estimated at 500 million). Visible Fan token still has a lot of room for promotion. Top 10 hottest Fan token only $ALPINE (Racing) does not belong to the Football Sports Football category. Sports other than football. The market value of token is smaller, the number of token holders is smaller, as more and more. token on the major trading platform, I believe we can see more Fan in the future; The token has superior data.

1.2.2 Idol Fan token

The idol industry has not issued a Fan token yet, but the idol industry companies are very active in developing NFT. Dunamu is the operator of Upbit, South Korea's largest cryptocurrency trading platform, and Hybe is the owner of a famous boy band. BTS The K-pop Entertainment Company. Earlier this year, Dunamu and Hybe was founded in Los Angeles, USA. Levels to explore blockchain-based and Web3 business opportunities. PANews October Dunamu and nbsp, reported Thursday. A joint venture with Hybe. Levels announced the launch this month of its K-pop-focused NFT platform. MOMENTICA. MOMENTICA captures both images and video. Unique moment for a K-pop singer.

Fans can collect, trade and personalize these digital collectibles on the platform to enhance their interactive experience with their idols. K-pop is a very large idol industry, and the move on Levels will encourage more entertainment companies to explore the business opportunities of the Fan token economy.

2 Fan token and Web3 fan economy

Fan economy generally refers to the business income-generating behavior based on the relationship between fans and followers. It is a business operation model that improves user stickiness and obtains economic and social benefits in the form of word-of-mouth marketing. With the help of a certain platform, merchants gather fans through a certain point of interest and provide diversified and personalized goods and services for them, which will eventually be transformed into consumption and realize profits.

Fan token is the most important form of Fan economy in Web3 field at present, and it is also the extension of traditional fan economy to Web3. Fan token can provide more realization and financing modes in the traditional club and fan model, especially in the current epidemic period, it is natural for various clubs to favor it.

Joined Fan After token, there will be some changes in the shape of fan economy. It will be a new economy supported by four roles: fans, clubs/idols, merchants, and trading platforms (Figure 2). In this economic structure, clubs/idols attract and retain users, merchants provide services to promote consumption by fans, fans provide commercial value and help clubs to carry out spontaneous user expansion, trading platforms coordinate the allocation of resources, and realize the mutual conversion of cryptocurrency investors and fans.

Figure 2: With Fan The shape of token fan economy

Let's take a look at Fan from three aspects: fans, clubs and businesses, and trading platforms. Function of token.

2.1 Fan token and fan base

First of all, some of them. Tokens For example, Idol Fan tokens give fans financial attributes for their activities. Fan token is an asset whose price fluctuates with market conditions. If its value can be linked to the club's sports or business performance, its financial attribute will be stronger.

第二，Fan token 会提升粉丝间的资源配置效率。依靠 Token 可自由交易的特点，发挥市场在配置资源中的决定性作用，Fan token 能够让不同的粉丝都可取所需。粉丝往往具有很多不同的特点：比如有的粉丝特别热情，他会观看球队的每一场比赛；有的粉丝较为富有，他可能并不观看所有比赛，但是会购买重要比赛的 VIP 票。如果质押或支付 Fan token 可以获得优先购票或选座位的权利，他们完全进行交易，这样铁杆粉丝获得了经济补贴，富有的粉丝的购买意愿也得到了充分释放。（这部分价值会支付给铁杆粉丝，而不是黄牛）

第三，Fan token 会增强粉丝的身份认同。尤其是对于老粉丝来说，喜欢某个球队或明星的时间很长是一种荣誉，而持有 Token 可以作为这种荣誉的象征。

不过需要承认，在这方面 Token 的作用还是比 NFT 差一点。若将 Fan token 与 NFT 结合使用，会产生更大的作用。如果我们把 NFT 的题材范围从球星扩大到球迷本身，则可能将这种作用发挥到极致。设想一个场景，某天一位球迷购买了一张门票，系统告诉他，这场比赛将是你观看本球队的第 100 场比赛。

At the same time, he was asked to provide a profile picture, and the system customized a fan NFT for him to record this event on the blockchain. Obtaining this NFT is as simple as consuming a few Fan token will do, and that's the last thing he needs (since he was given a lot of subsidies, assuming he didn't sell it all). On the day of the game, he entered the stadium, his NFT was displayed on the big screen, and an announcement was made to the fans, "Welcome our loyal fan XXX. It costs almost nothing, but gives the fan an unparalleled sense of honor and belonging, deepening his connection to the team. It's going to be something he can talk about and remember for the rest of his life. He will most likely hold despite the downside. token and insist on buying season tickets.

发行球迷 NFT 的作用不是为了让球迷去买 NFT，而是为了让球迷获得了这份荣誉之后，更坚定地去买球票和持有 Fan token。它也为 Fan token 找到了一个消耗途径，实现了 Token 与球队的双向赋能。

Chiliz(CHZ) 是规模最大的也是最成功的粉丝 Token 生态系统，作为粉丝 Token 的发行平台，对粉丝 Token 的赋能与探索也是最成功的。Chiliz (CHZ) 为粉丝专门打造了粉丝激励平台 Socios.com，旨在拉近全球粉丝和俱乐部、球队与商家的距离，球迷和粉丝可以在 Socios.com 进行购买、交易以及与俱乐部互动等操作，并给粉丝与俱乐部的互动提供了良好的体验与独家赋能，某个俱乐部粉丝 Token 持有人可以享受包括俱乐部票选决策权、VIP 奖励和体验、「超级粉丝」认可、俱乐部和赞助商商品折扣、游戏参与和聊天室体验等。

但是不否否认的是 Fan token 依然处于非常早期，大部分的 Fan token 无法让粉丝获得切实的福利。但是随者其他配套的基础设施成熟，Fan token 也将有可能成为有更强应用赋能的 Token ，如 Fan token 运用于俱乐部的游戏/元宇宙项目以及支付等等。

2.2 Fan token with clubs and merchants

In the fan economy, clubs and businesses are closely related and behave in a similar way, which is discussed together here.

首先，发行 Fan token 能帮助俱乐部获取额外收入。还是由于 Token 具有金融属性，发行 Token 可以帮助俱乐部把未来的经营现金流前置，在短期内获得更多的资金。近年由于新冠疫情、局部冲突、通货膨胀等因素，许多俱乐部的经营状况不佳。发行 Fan token 的收入正好可以帮助它们渡过难关。

Second, Fan The token can be a good operation tool. Fan Tokens allow fans to participate in the governance of the team, as a dimension of the user portrait, and as a means of motivation.

Fan The token can already be used for fan votes on designs such as team buses and captain's armbands. In the future, the rights of the holders can continue to be expanded, allowing them to be more deeply involved in the team and stadium construction. Teams can use the token holding to measure the economic strength and loyalty of users, and quality customers to focus on marketing, mining their consumption power. Fan Tokens can be used as promotions, such as gifts to fans based on their purchase of football tickets. Token.

购买球票金额和场次越多，奖励幅度越大。对球迷来说，买票即挖矿，获得的 Token 可以当做一种补贴。相反，球迷质押 Fan token，可以获得购票折扣，或者享受到某些球迷活动的抢先资格。可以鼓励粉丝为俱乐部宣传和拉新，用 Fan token 返佣。最后，回购销毁 Fan token 可以起到类似分红的作用，加深粉丝与俱乐部的联系。比如在比赛时，规定球队每进一个球或者获胜就从门票或电视转播收入中划拨一定资金，回购并销毁 Fan token，从而使得 Fan token 的流通量下降，拉动价格上涨。

例如 Chiliz (CHZ) 在 2022 年 5 月推出 Head2Head 销毁机制为粉丝 Token 赋能，这种规则即是当粉丝 Token 相对应的俱乐部在比赛时获胜或者进球将会销毁一定数量的 Token ，如在比赛时，规定球队每进一个球或者获胜就销毁一定数量的粉丝 Token ，从而使得粉丝 Token 的价格上涨。如巴黎圣日耳曼在欧冠 1/4 决赛中依靠补时的进球 2-1 逆转战胜了亚特兰大，巴黎圣日耳曼粉丝 Token PSG 获得了一部分的销毁，PSG 在当天涨幅高于 20%。

Exclusive NFT rewards for club star athletes are also greatly improved by Fan The initiative of token holders, such as Juventus' gift of 770 JUV fan tokens to Portugal's Cristiano Ronaldo during a pre-match ceremony against Benevento in Serie A, which was minted via the Chiliz blockchain and followed by the launch of an exclusive NFT for fans, The price of JUV Fan token also soared.

Third, Fan token can be used as a means of payment. Fan Tokens can be used to buy football tickets and accessories, as well as the cost of fan activities. By partnering with businesses that are highly relevant to sports fans, if we can bring our fans together, token is used to buy sports goods, razors, cars and other goods. Tokens will become an important means of payment. In addition, Fan Tokens are also good for buying virtual goods, such as star card NFT and TV memberships. If sports are combined with the meta-universe, new scenarios such as meta-universe travel and games can be developed. For example, pay Fan token, visiting the Bernabeu and Camp Nou stadiums and taking photos in the meta-universe, can also inspire the enthusiasm of fans around the world.

2.3 Fan token and trading platform

Trading platform is an important infrastructure in the fan economy. The token also facilitates the trading platform.

The most important function is that of A token can expand the user base for a trading platform. Sports fans and cryptocurrency investors are two groups of people with high compatibility. Firstly, trading platforms can attract Fan token holders trade and invest in other crypto assets, and second, attract other sports fans to invest first. token, which is converted into a crypto investor.

In addition, Fan token can bring more attention to the trading platform. Fan Tokens are often related to entertainment and sports, and there is no shortage of hot spots in these areas. If Fan Through the design of economic model, token can make the price fluctuation related to the event situation. For example, as mentioned above, the more goals, the more destruction, then there will always be a message can cause. The price of the token fluctuates. And what's more, token market capitalization tends to be small and prices vary widely. This will attract more users to follow the market and participate in the trade.

当前上线 Fan token 较多的交易平台包括 Chiliz，Binance，OKX 与 Huobi（表 3），其中 Huobi 近期加快了粉丝 Token 的布局，并且即将上线 Fan token PK 的活动，为用户提供更快更优质的 Fan Token 的上币渠道。

Table 3. Mainstream trading platform goes online Fan token Statistics

3. How to judge potential Fan Token during the World Cup?

The World Cup is a quadrennial world class football sporting event. Screening potential Fan tokens can be done in terms of genre, social media popularity and events. For the upcoming World Cup, some of the national teams and the clubs of the World Cup stars involved have released copies. Token. Eg. These things token has also attracted public attention recently, with a large increase in trading volume and large price fluctuations. Because the World Cup is a country as a unit of the event, so the country class. token will have greater heat, the club. The Token will also be synchronously driven. In Table 4 below and introduce you to several fans token in the mainstream national team.

Table 4. & have spent World Cup favourites Fan token

其中$POR 和$ARG 作为国家队 Fan token，在世界杯举行期间将会非常热门。$POR 与$ARG 分别是葡萄牙国家队粉丝 Token 与 ARG 是阿根廷足协的粉丝 Token ，均是基于 Chiliz 的 Socios.com 平台发行，该平台具有较大的影响力。葡萄牙国家足球队自 1921 年起就代表葡萄牙参加国际男足比赛。2022 年，葡萄牙在附加赛半决赛中以 3-1 击败土耳其，五天后在附加赛决赛中以 2-0 击败北马其顿，获得 2022 年 FIFA 世界杯席位。阿根廷则是南美洲足球传统强国，曾经进入过 5 次世界杯决赛，2022 年世界杯预选赛，阿根廷取得南美洲区次名，晋级决赛周。

另外阿根廷是夺得最多美洲杯冠军的球队，共 15 次夺冠。足球巨星 C 罗与梅西也将代表葡萄牙与西班牙征战卡塔尔世界杯，这也是两个粉丝 Token 被看好的重要原因。除此之外，$PSG 球队中有法国的姆巴佩、阿根廷的梅西和巴西的内马尔，都是大明星；$JUV 有法国的博格巴；$ATM 有法国的格利茨曼。因為这些球队中有参赛的明星球员，所以会有更多人关注。这些 Fan token 价格也会和赛事的发展息息相关。表现出色的国家队的 Fan token，会有额外的热度，早出局的国家队，可能也会影响 Fan token 的价格。明星球员的表现也有机会影响他们球会的 Fan token 价格。

世界杯过后，Fan Token 可能也会随着焦点的转移而失去热度，成交量会减少，炒作的空间也会下降。后续投资 Fan Token 更加需要紧贴项目方及俱乐部的发展动态，例如推出新的商品奖励 Fan Token 持有人，和Token燃烧的机制，都会被视为利好因素。当前 Fan Token 总是黏附在热点上生存，热点可以吸引更多的新人进场，从而对 Token 价格有一定支撑。

In addition to the above strategies for finding potential Fan tokens, the basic information of the club/team/star should also be looked at. Some Fan tokens for clubs/teams/stars are issued by signing agreements with the platforms. Contracts come with a contract period, and if the time limit is exceeded, there is a potential risk of the Fan token not being supported by the club/team.

如果 Fan token 不被主体支持，或者主体寻求新平台创立新的 Fan token，原 Token 可能会瞬间失去价值。俱乐部/球队的主体经营状况也应该被考虑，如俱乐部/球队解散，破产，黑料等，会对俱乐部/球队主体产生重大不良影响的，也会对币价造成影响。若用户持有 Fan token，则要判断该 Token 的主体信誉是否可靠，并及时关注主体的重大事件和未来发展。