Aston Martin and Alfa Romeo are the first Formula 1 teams to launch cryptocurrency fan tokens on the popular Socios platform.
The two F1 teams will join football clubs such as FC Barcelona, Manchester City, Paris Saint-Germain, Juventus and AC Milan to offer fan tokens via the Chiliz blockchain.
Fan tokens can be requested by fans and offer their holders the chance to participate in voting decisions, win VIP rewards or participate in special promotions. Tokens can also be traded in crypto markets.
Jefferson Slack, commercial director of Aston Martin, said:
We are proud to join an exclusive list of global sports properties, all in partnership with Socios.com. This really gives our fans the best possible opportunity to give a seat at the table. Help us tell our story in a new and exciting way.
Alfa Romeo team boss Fred Vasseur added:
The world of fan engagement in F1 is developing and Alfa Romeo Racing ORLEN is at the forefront of this exciting new world.
Launching a fan token will offer our growing fan base a new way to interact with the team, and this is an important aspect of our quest to bring our followers closer to the team with everything we do.
In addition to offering fans the chance to further integrate with their favorite teams, tokens offer a good revenue stream for teams that have signed up.
Teams receive a percentage commission for each token sold, as well as a share of the transaction fees from trading the tokens on major exchanges such as Binance or with the Chiliz crypto platform.
Alexandre Dreyfus, CEO of Socios and Chilz, told Motorsport.com earlier this year:
In 2020, as a company, we sold more than $ 30 million of tokens for all of our partners. And since we’re roughly on a 50/50 basis, that means the clubs are making a total of more than $ 15 million in revenue.
There are some clubs that earn more than $ 5 million each, which is very good fresh money in the COVID-19 world and it is very welcome for them.
In total, the fan tokens generated more than $ 150 million in revenue for these participating teams and organizations.
Last week Socios.com announced its first motor racing link with Roush Fenway Racing from NASCAR.
Dreyfus believed that the growth of F1 fan tokens in other sports, following their growth in other sports, heralded a new digital age:
In the next few years, a generation of passive fans will be passed on to active fans.
This transition will take place through transactional fan engagement on our platform.
The largest global sports organizations are joining us en masse. Socios.com and Fan Tokens will remain here and will become essential tools in the digital transformation of the sports industry.