The Manchester City Fan Token (CITY) joined the growing number of fan tokens in the sports sector. The English football club launched the CITY fan token in partnership with Socios.com.
Socios is an app that is powered by the Chiliz (CHZ) blockchain.
How Does The CITY Fan Token Work?
The CITY fan token was created by Socios.com. The platform has created many tokens for various sports including car racing, football, UFC, and many others. In most cases, these fan tokens represent proof of ownership and they serve a huge variety of purposes that mainly revolve around influencing decisions of the team, in this case, Manchester City.
Senior Vice President of Global Partnerships Sales at City Football Group, Stephan Cieplik, said:
“We are excited to launch the new Manchester City Fan Token, which will provide another opportunity for our fans all over the world to get even closer to the Club they love. Fans will have access to fantastic competitions and VIP experiences and be able to vote on Club initiatives. Every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards.’’
Furthermore, he said that the team recognizes the growing interest in blockchain and the many opportunities that it offers. The fan tokens enable the management to engage further with the Manchester City global fanbase. Cieplik is confident that the CITY token will become a popular addition to the team’s digital line-up. He added:
“We’ve been extremely impressed with how Socios.com has led the way in this space with other European clubs, and we are confident that we have the right platform to succeed and grow together.”
The token works mainly as a governance token that offers holders the right to vote on club decisions. The token holders can decide on football kit designs, select a goal celebration song, or determine the team bus design. Moreover, the holders can get exclusive discounts, VIP rewards, and profit when the price of the token surges.
In most cases, the CITY token prices surge after major club decisions. Whenever Manchester City wins a major football tournament, the price of the token may rise.
The Vision Of CITY Token Creators
Socios.com has created the CITY fan token and it has a clear vision of offering sports fans a clear voice. In its words:
“We believe passion should be recognized and that every fan has the right to make their voice heard, wherever they are in the world. Influence your team, access VIP rewards, exclusive promotions, and join a global community of superfans.’’
Any major and trending news that is linked to the club is expected to increase or decrease the price of the fan token. Just like any other crypto, a fan token has the potential to become an asset that the sports team can control. The team may also use the token to excel their fan base and earn additional revenue in the long term.
The Manchester City Club has the backing of Arab billionaires. The huge money explains the major signings that the club has made over the years. These huge signings impact the price of the team’s fan token positively.
Unique Features Of The CITY Fan Token
CITY token holders are allowed to vote on club decisions. They can vote on the color of football kits and team bus designs. In the future, the tokens might grant the holders power of influencing huge decisions like the appointment of new managers or player transfers.
The token serves as an opportunity for each fan globally to become a part of Manchester city and even increase the global fan base to the next level. Based on the Senior Vice President of Global Partnerships Sales, Stephan Cieplik, each Machester City fan qualifies to get a free token.
Today, the total supply of CITY tokens currently stands at 20,000,000 and the circulating supply is 3,508,140 CITY. As of October 23, 2021, the token is trading at $16.06. Its 24-hour trading volume on the exchanges is nearly $5,181,900.76.
Whether the CITY token will reach $100 in the future depends on lots of factors. Every time a big news announcement is made by the football club; token holders can expect the price to surge or drop depending on the type of news.
A win this season in the Champions League arena might lift the CITY token to reach all-time highs. Fan tokens are on the rise with Socios’com already having 42 live fan tokens. Many others are expected to be announced in the coming weeks.
CITY token holders can expect a huge increase in the interest of fan tokens since the sports world has begun to accept the rapid growth of the crypto industry.
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