Tottenham Hotspur embraces blockchain technology, partnering with Chiliz for a Web3 fan token. Fans can participate in on-chain voting and enjoy club-related rewards with the upcoming $SPURS fan token. Stricter regulations from the FCA in the UK prompt disclaimers on fan token offerings, ensuring compliance and transparency.

Tottenham Hotspur has entered the world of blockchain technology by announcing its plan to issue a Web3 fan token, making it the first Premier League team to do so in two years.

The London-based football club is set to collaborate with the Chiliz blockchain, offering its fans a unique and engaging experience.

Spurs’ decision to tap into blockchain technology is driven by a desire to enhance supporter engagement and provide rewards through a Web3 fan token. This innovative move will be facilitated by Socios.com, a fan engagement platform built on the Chiliz blockchain, which has already garnered the interest of over 80 major sporting teams worldwide.

Tottenham Hotspur is coming to Chiliz Chain! 🌶️🤍

The Spurs Fan Token will launch on Chiliz Chain, the Layer 1 SportFi network. ⚽🏆

Tottenham joins 80+ major sporting teams that already use Chiliz Chain to host their own Fan Tokens. 🤝https://t.co/YntrbM68Yd$SPURS ⚡ $CHZ

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) September 28, 2023

The Chiliz blockchain empowers teams to issue and manage fan tokens, digital collectibles, and real-world rewards while enabling fans to participate in decision-making processes related to their favourite teams, akin to decentralized autonomous organizations (DAOs).

This development aligns Tottenham Hotspur with other prestigious football clubs such as Manchester City, Arsenal, Barcelona, Paris Saint-Germain, Juventus, Inter Milan, AC Milan, Atlético Madrid, and A.S. Roma, all of which have embraced blockchain technology to revolutionize supporter engagement.

Tottenham Hotspur is set to launch its $SPURS fan tokens on October 4, 2023, providing fans with a unique opportunity to be part of the club’s digital ecosystem.

In addition to the fan token, Spurs will collaborate with MatchWornShit, a platform facilitating auctions of jerseys worn by players during games. The authentication of these auctions on the Chiliz blockchain ensures transparency and trust in the process.

Fan token holders will have a say in various team dynamics, including potential kit changes, through on-chain voting. The fan token will also introduce a range of club-related rewards and experiences, further engaging the fan base.

To ensure regulatory compliance, Socios users in the United Kingdom will start seeing disclaimers on fan token offerings from October 8th. This development is in response to the Financial Conduct Authority’s (FCA) oversight of crypto asset promotions, imposing stricter rules and emphasizing potential risks associated with cryptocurrencies and fan tokens.

Looking ahead, Tottenham Hotspur plans to integrate the fan token into its existing loyalty program and mobile app. This demonstrates the club’s commitment to providing its fans with an enhanced and seamless digital experience while fostering a stronger sense of community among supporters.

The post Tottenham Hotspur to issue a Web3 fan token using Chiliz Blockchain appeared first on CoinJournal.

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