Many teams have entered the cryptos court. Millions of followers can experience the benefits of the new digital economy. How does a collector’s currency work, like that of Barcelona. What the profits.
Barcelona, the football team with the most fans in the world, gets its own cryptocurrency, ” Barça Fan Tokens ”. However, this is not the first popular club to join the digital economy through the issue of collector currency. Juventus, Paris Saint-Germain, Atlético De Madrid, Galatasaray, Roma and West Ham are ahead!
Let’s get it right from the start, and first of all explain what ‘token’ means. It is a digital asset that certifies that the person holding it is also the owner of a value. A token can represent a currency, percentage of ownership of a property, 1% of a painting, shares or shares of a business. Converting a digital asset into a token is like the classical process and logic of issuing a bond. But this is an advanced technological process.
Now let’s see in practice how a token works like Barcelona. From our mobile phone, we go into the ‘Play Store’ or ‘Apple Store’ and download the ‘socios.com’ app. To activate it, he first asks for our phone number to send a confirmation code and then an e-mail.
Before you can buy collector coins from the group you are interested in, you first need to buy a cryptocurrency called Chiliz (CHZ), which is ranked # 86 in terms of capitalization at ” coinmarketcap.com ”.
The easiest way, though not necessarily the most economical way to buy CHZ, is to go to the Wallet icon. From there you select Top-up, where you can purchase the amount you want through your debit card.
With CHZ, you can buy the limited edition coins of your choice. Barza Fan Tokens (with the BAR symbol) is not available yet. From what we have been told, it will come out in the second quarter of 2020. There will be 40 million Barça Fan Tokens available, each costing 2 € as the starting price. However, coins from the other groups mentioned above are available.
In other words, CHZ functions like the casino chips. Like there, to play roulette, you can only bet on chips, not euros, so in the ” socios.com ” application you do not buy your team’s currency directly. First you need to convert your euro into CHZ.
How do you make money from this process? One way is to raise the value of Chiliz. Based on what we see at ” coinmarketcap.com ”, so far half of the Chiliz is expected to be released.
As we can see in the chart below, it has been trading publicly since July. Except for the first few months, from September onwards the volume of transactions is at least 2-3 million daily, and since the announcement of cooperation with ‘Barcelona’ it has been trading between 10 and 40 million. So we won’t be trapped looking for buyers if we want to sell them.
The second way is to raise the value of the coins of the group you bought, which you can liquidate at any time and convert them back into Chiliz. You can of course get another team later, if you wish, before making the euro.
In addition to the market, as we are told, there will be some tokens that will be distributed free of charge. One way is through the ‘Token Hunt’. An application that we see is very much like ” Pokémon Go ”, the ‘Nintento’ online game where you search and hunt for virtual figures. The difference with other digital games is that you look for virtual figures in places that actually exist, not in some fantastic location.
But in addition to the potential economic benefit, it allows fans of big clubs around the world to interact with the club itself. To influence his decisions. Owning tokens gives their owners the right to participate in polls for the daily activities of the groups. The platform rewards fans for their participation and enables them to win prizes.
The implications of this application for disseminating and updating the capabilities that cryptos provide are obvious. Millions of followers, and not just around the world, will experience the benefits of the new digital economy that cryptocurrencies can offer.
The disadvantage of the application is that it does not (yet) have Panionios. But on the other hand, is it a good idea to buy CHZ, because the idea is good and will increase demand, especially if other teams join the platform? The only sure thing is that besides Chiliz, there are other smart business plans among the 5,000 altcoins traded on the exchanges. Like many that are useless or scams.
