Chiliz, a Blockchain Fintech provider for sports and entertainment, announced today that the FC Barcelona ($BAR) fan token generated $1.3M in less than two hours after going on sale on fan voting and rewards app Socios.com and the Chiliz Exchange.
600,000 $BAR fan tokens were made available at a fixed price of €2 in the flash sale, which ran across both Socios.com and Chiliz.net, with $BAR sold on a first-come, first-served basis, the statement revealed.
Demand for $BAR far exceeded the initial limited supply over 5x times, with over $6M USD deposited across Chiliz.net and Socios.com in the days running up to and during the flash sale. $BAR Fan Tokens were sold in 106 different countries.
$BAR will be available for purchase again from 13:00 CEST onwards on Wednesday, June 24th, but with the price determined by supply and demand, according to Chiliz.
Fan tokens
Fan tokens are digital assets that offer increased fan engagement on voting and rewards app Socios.com. Fans can use their Tokens to vote in club-specific polls and to be in with the chance of winning digital and real-life rewards, such as appearing via video link on the LED boards at the stadium during a match, watching games as a VIP guest in club hospitality and meeting players.
Fans can already use their $BAR to vote in the first Barca poll, to choose a piece of fan-designed artwork to go inside the legendary home dressing room at the Camp Nou.
The club has been building anticipation for the launch and the first poll across their social media channels since June 08th. $BAR fan token holders will be able to vote in many polls every season on Socios.com, earning rewards and increasing their fan status through the app.
A leaderboard feature, where fans will receive rewards points based on how they interact with their teams through the app will be launched in the near future, allowing fans to compete to become the number 1 fan in their country. A chat feature and games will also be launched on Socios.com in the coming months, Chiliz revealed.
Additional Socios.com Fan Token partners include UFC, major soccer clubs Juventus, Paris Saint-Germain, Atlético de Madrid, AS Roma, Galatasaray, CA Independiente and esports team OG. Chiliz is looking to onboard as many as 50 more clubs from soccer and other sporting verticals.
"Huge potential offered by global fan engagement"
Alexandre Dreyfus, CEO and founder of Chiliz and Socios.com, said that the response has been very positive. He is looking forward to welcoming Barca's passionate global support back when $BAR Fan Tokens go on sale again from Wednesday at 1 pm CEST.
"Socios.com has been live for just over 6 months, but now fans are grasping the benefits of owning Fan Tokens and how we are able to deliver unprecedented opportunities for engagement with their clubs and unforgettable experiences", Dreyfus said. "Football is a global game and support extends way beyond the stadium, city and country of the club. It's a stat we've used often, but for the biggest clubs in the world 99.99% of their support is outside the stadium. The fact $BAR Fan Tokens were bought in 106 countries is a strong testament to this."
"The response to today's flash sale, which ended in less than 2 hours, sends a clear message to the sporting world about the capacity for fan tokens to unlock the huge potential offered by global fan engagement," he added.
