West Ham launches fan token ecosystem

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West Ham United, or The Hammers as they are affectionately known, is one of London’s Premier League football teams. At the end of April it announced that the club is partnering with blockchain platform Socios.com to launch a fan token ecosystem.

The Socios tokenised voting platform and blockchain-based mobile app is operated by sports blockchain venture chiliZ, which has the backing of high profile crypto industry players such as Binance and OK Blockchain Capital.

West Ham may only be sitting at 11th place in the League Table, but it has 2.3 million fans on Facebook, and in the popular British soap opera ‘Eastenders’ nearly all the characters are West Ham supporters and wear its claret and light blue colours.

According to the press release shared with Cointelegraph, “Socios and West Ham United will launch a club-branded Official Fan Token via a so-dubbed Fan Token Offering (FTOs) at the start of the 2019/20 soccer season.

The token will give West Ham fans voting rights and will be used to drive fan engagement by enabling token owners to participate in tokenised polls on the Socios mobile app. Token ownership also gives fans access to merchandise, rewards and games.

Socios has described itself as a blockchain-powered, tokenised application of the “Socios” crowd-management concept used by Real Madrid & FC Barcelona. In Spanish, the word ‘socios’ means member or associate.

The Club’s press release refers to a survey by crypto statistics provider CoinMarketCap.com, which revealed that 46% of users said they were likely to buy Fan Tokens associated with high-profile soccer teams. Other major football teams who have already partnered with the Socios platform include French football club Paris Saint-Germain and Italy’s Juventus.

To purchase West Ham United branded-tokens and participate in the Fan Token Offering, club fans must first buy $CHZ via the app or a crypto exchange in order to subsequently trade them for their Fan Tokens.

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