June 7 – Cryptocurrency might have crashed but it hasn’t stopped Portuguese giant Benfica from becoming the country’s first club to launch a Fan Token on the blockchain-powered Socios.com platform.
Socios.com has more than 150 clubs and leagues signed up to its Fan Token platform including Manchester City, Barcelona and Paris St Germain. Lionel Messi is also an ambassador for the brand.
Dates for the Benfica Fan Token launch and the number of tokens and issue price have still to be finalised. Fan Tokens are tradeable.
Fan Token holders are given the right to vote in polls, often influencing decisions at the club, earn rewards, VIPexperiences and access games, competitions and exclusive offers on the app. Socios.com said it is on course to run at least500 polls this year while more than 17,000 fans will attend matches via rewards and competitions won as Fan Token holders.
“We have been paying very close attention to Digital Assets,” said Benfica CEO Domingos Soares de Oliveira.
“It’s a market which has been influential in our industry of late. Benfica is constantly focused on searching for and delivering a positive experience to our fanbase. We are delighted to be partnering with Socios.”
Benfica recorded a record loss of €17.4 million for the 2020-21 season and for the first half of the 2021-22 season the club announced a deficit of €31.7 million. The Fan Token issue won’t cover those kinds of losses but they could provide a gateway to greater fan engagement and new revenue from supporters, with the potential to widen that fanbase internationally.
Alexandre Dreyfus, CEO of Chiliz and Socios.com, said: “Having built a truly world class network of partners, ourfocus is now on adding more features and engagement opportunities for Fan Token holders. We look forward to creating new experiences for Benfica and their passionate fans all around the world.”
Benfica finished third this season in the Portuguese topflight, behind champions Porto and runners-up Sporting Lisbon.
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