February 16 – UEFA’s partnership with blockchain-based Fan Token platform Socios, announced yesterday, has quickly drawn criticism from fan groups who accuse the European governing body of leaving fans in the hands of “crypto-mercenaries”.
Socios lead the announcement of deal that will run until 2024 saying it was becoming the official fan token partner of main men’s competitions. The platform will monetise fan engagement with supporters buying its blockchain-based tokens rewarded with the opportunity to win ‘VIP trips’ to the season launch events, and the chance to visit UEFA headquarters in Nyon, Switzerland, and meet with legends, get access to match tickets and merchandise.
Former poker entrepreneur Alexander Dreyfus, the founder of Socios, tweeted that “we are just at the beginning of our journey, but we are committed to bringing technology and innovation into sports”.
“We are always looking for innovative partnerships, including with the growing cryptocurrency and blockchain-based fan engagement market,” said UEFA marketing director Guy-Laurent Epstein. “With rich experience working with some of the top sports organisations around the world, it is clear that partnering with socios.com is an ideal fit.”
On Monday, UEFA were clearly the good guys of football when the confederation, in an unprecedented move, said that it would give away 30,000 free tickets to fans for its major club finals as a gesture to reward the “lifeblood” of the game for their support during the covid pandemic.
On Tuesday opinion quickly turned with Football Supporters Europe said it was “appalled” by the socios.com deal, a platform that produces tokens for 53 football clubs across the world.
“We are appalled by UEFA’s decision to team up with Socios, a company that monetises fan engagement at the expense of match-going fans,” said the supporters group, who receive funding from UEFA, in a statement. “This is an incomprehensible move at a time when football needs protection from crypto-mercenaries.”
“UEFA’s partnership with Socios legitimises risky investments in highly volatile and largely unregulated financial assets.”
Football Supporters Europe were not the only fan group to slam UEFA. SD Europe also voiced their dismay, saying: “Meaningful fan engagement should be democratic, inclusive and transparent via formal mechanisms such as supporter involvement in governance structures, share ownership, voting rights and representative supporter groups.”
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