Not content with their place in the Premier League, English soccer team Manchester City has set its sights on the potential of the cryptocurrency space.
The club has partnered with the tokenization platformSocios.comThe partnership launched a new $CITY token that will allow fans to earn VIP rewards, club promotions, AR features, and more, as well as vote in polls on the Socios website.
Socios has previously established partnerships with top clubs including: Juventus, AC Milan, Barcelona and Paris Saint-Germain have all launched tokens through the Socios platform, run by Malta-based crypto project Chiliz.
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$CITY tokens are fungible
The $CITY token is a so-called "fungible" token. This means that Socios tokens can be traded like any other cryptocurrency and exchanged for goods and services across the cryptocurrency space.
all registeredCityzens(Fans registered with the official fan club) are eligible to receive a free $CITY token. According to an announcement on the club’s website, the $CITY token “builds a new layer of digital engagement for Manchester City’s global supporter base, bringing them closer to the club they love.”
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Gifts from other cities will not be substituted
By partnering with Animoca, Manchester City is actively jumping on the current digital collectibles gold rush. Non-fungible tokens (NFTs) are unique digital collectibles that can prove their uniqueness in the code of the distributed ledger of the Ethereum blockchain. In short, they are a verifiable form of digital scarcity that cannot be counterfeited by rewriting or replacing values on the Ethereum blockchain.
NFTs have become more than just a horse in the art world, where a single NFT token in the form of digital art can fetch as much as $69.3 million.
American sports organizations have seen a gold rush. After licensing digital developer Dapper Labs in 2019, the NBA released a series of digital trading cards, and NBA Top Shots recorded $32 million in transaction volume in one day，And within half an hour of the release peak, 2,673 sets of Series 2 Holo card enhancement packs were sold, totaling $2.6 million.
U.S. Soccer has also been getting in on the action. While the NFL doesn't yet have a set of digital trading cards, individual players are already getting their act together. Earlier this year, Rob Gronkowski of the Tampa Bay Buccaneers released a championship series NFT trading card of his Super Bowl win on digital collectible marketplace Opensea. They currently hold the record for the most valuable sports NFT, netting him $1.6 million at auction.
Apparently, there's plenty of room for football NFTs, too. Portuguese soccer legend Cristiano Ronaldo (National NFT) broke records as the best-selling digital football collectible after it sold for $290,000 on Sorare.
By Tim Hakki
