Fans of football clubs across the top five European leagues have plunged an estimated $350 million into the controversial tokens, with the promise of being able to use their holdings to influence real club decisions.
In reality, ownership of the crypto fan tokens has an insignificant level of influence, while many of the cryptocurrency projects linked to the clubs have plummeted in value since launch.
So, why are football fans spending millions on cryptocurrency fan tokens?
Why Are Football Fans Buying Club-Linked Crypto Tokens?
Well, the answer is somewhat in the question. Die-hard football fans have jumped at the chance to gain access to their favorite club, with many of the club-issued cryptocurrencies purporting to offer a real chance at influencing decision-making.
Any opportunity to increase their support and interact with the club is snapped up for some fans, regardless of the medium.
Now, a BBC report has found that the total spent on the crypto fan tokens for football clubs is in the hundreds of millions of dollars, with some tokens increasing in value more than Bitcoin through 2021.
The primary reason behind the tokens, then, is more access to the club, or other perks such as a permanent discount in the club shop, voting rights on club songs played after a goal is scored, the decal on the club bus, opportunities to win tickets and rare memorabilia, and more.