Introduction
Sport festivals and tournaments is one thing that is common no matter the end of the earth a person is traveling. The language of sport is being heard even by the deaf. It transcends culture, religion, race and gender. Sports men and women all over the world are being regarded as celebrities, idols and role models. Fans argue and defend their favourite sports icon. However, these sports fan have little or no contribution and influence over what happens in their favourite team, but all these is about to change for the better in favour of the fans with the introduction of socios.com into the picture. We shall now be taking an in depth look into what socios.com is all about.
1). Explain in detail what is the Socios.com Platform?
Socios.com is new technology built on blockchain that allows fans to earn revenue from their favourite sports teams and as well become a stake holder by participating in some of the decision making process as it affects the club. Socios.com allows sports fan and enthusiast to engage with their favourite teams and clubs through a digital asset referred to as fan token. The socios app was released on the 7th November 2019. Statistics shows that since the release of the socios.com application in 2019, they now have of nearly 75 members of staff who are dedicated and passionate about this project, with a whopping 45 partners from different sports sectors and more who are already willing to join the moving train, within this period 250,000 downloads were also recorded, a total of 2.3 million fan token was sold during this period under review, also 134 polls and survey were carried out on socios.com, a total of 700,000 votes was being registered on the platform and the sum total of 2000 different high ranking sports and business publications broadcasted socio.com.
With the above statistics it shows that this is an invention that is here to stay. With a minimum of £2 fans can purchase their favourite team token. Teams receive 50-50 share when their tokens are being traded or sold, this means teams can earn millions from payout. The idea behind this innovation was to enable fans have a measure of influence on their respective teams.
2).what are the effects when block chain has entered the realm of sports
We all desire to be given a listening ear, we want our voices and opinion to count, and that is one of the aim of introducing blockchain into sports. The effect of introducing blockchain into the sports realm is one that the world is yet to feel its full impact. Before now, investors were only allowed to buy shares from their preferred club, and these shares does not allow them to take part in major decisions affecting the club. With the introduction of blockchain and fan tokens into sports, the narratives has changed. Sports fans can now make use of their fan tokens which stands as their voting power. With this new invention, there is a transition from passive to active fan base in the sports industry.
This innovation is going to make football and other sports who attractive even to those who are not sports enthusiast but maybe willing to earn financial rewards from it. Athletes and club owners will benefit more from this as it means increase in the income generated. Athletes, chief executives and fans can now work together to promote their teams and while benefiting from this symbiotic relationship created by socios.com.
3.Is socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
Investment opportunities are goldmine, hidden treasures that takes only those armed with requisite knowledge to recognize it when they sight one. Socios.com is one platform who a huge investment prospect that only a few who will key into it now will reap the dividends in the future. As at July 2021 it was estimated that socios.com has about 45 partners cutting across different sports and the sum of $150 million was shared among these partners. We are almost in the last quarter of 2021 so by the end of this year, this figure will certainly appreciate. You must agree with me that if socios.com stays for half a decade it would certainly become a force to reckon with. One major concern of investors is safety of their funds. With the blockchain technology, investors can be certain and rest assured that there is secured from hackers and fraudsters. As an investors and you wish to pull out of the business all need is simply put up your token for using the in-app market place.
4.explain the steps to install the socios application in full and explore the various features in the application (screenshot required)
- I searched for socios.com app in playstore and downloaded it
- I opened the app
- I then clicked on get started
- I was asked to login with my phone number, I input my phone number and clicked on send verification code
Verification code was not sent, though I am unable to download this application at the moment, however these are some of the interesting features that can be found on the socios.com website;
Download: these is where you can download the socios.com application from any of your preferred stores (android and ios).
Create account: this is section that allows to register your personal details on the platform. Here you are required to input a username and your email address.
Get Chiliz: after successful creation of account you would be required to fund wallet through Visa or MasterCard in order to get fan token.
Exchange fan tokens: this is where token holders can exchange their $CHZ with their favourite team’s fan token. This feature also allows you to trade your tokens.
Take decision: this is feature that allows fan token holders to participate in a decision making poll. The team is required to abide by the decision of the most popular vote.
Unlock rewards: this is feature that allows active participants to win gifts from their favourite teams.
Referral commission: this is feature that allows you earn extra income by introducing the socios.com application to others.
5 choose a fan Token in the socios application and do a detailed fundamental analysis. (Screenshot required)
Due to circumstances explained in question 4 above, I was not able to carry out the fundamental analysis required.
Conclusion
The blockchain technology is one that keeps evolving, and blockchain users and crypto enthusiast must be on their feet to stay up to date with the latest happening in the industry. With the introduction of fan token into the blockchain and sports world, there is every tendency that we are going to experiencing a financial boom in both sectors. More persons will be investing in their favourite sport. Sponsorship deals are also going to increase rapidly. Fan token is here to stay and like Dreyfus said in an interview, those who do not embrace fan tokens now will definitely do so in the nearest future!
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