The Web3.0 Path of Football: Fan Economy, Asset Digitization, and Long-termism
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The Web3.0 Path of Football: Fan Economy, Asset Digitization, and Long-termism
Less than a month remains until the 2022 FIFA World Cup kicks off in Qatar, expected to attract 5 billion viewers.
Navigating Web3 tides with focused insights
In less than a month, the 2022 FIFA World Cup will kick off in Qatar, expected to attract 5 billion viewers.
R3PO believes that traffic equals money.
According to financial reports, FIFA’s total revenue in 2018 reached $4.641 billion, and this number is likely to increase this year.
In fact, stadiums have never lacked capital or fans. From football video games to player cards, from NFTs to fan tokens, millions of sports enthusiasts have built a sports crypto-derivative market worth over tens of billions of dollars. Focusing on football, R3PO has found that just around this World Cup, crypto derivatives include World Cup Token (WCT), QATAR 2022 Token (FWC), and WORLD Cup INU (WCI).
As the World Cup draws closer, prices have already fluctuated dramatically. According to OKX, last week four major football fan tokens performed exceptionally well—POR (Portugal) surged 17.1% in one week, while CITY (Manchester City) and ARG (Argentina) both rose over 11.8%. Data from CryptoSlam shows that since the beginning of 2022, monthly sales volume of global fan tokens has skyrocketed by about 200%, rising from $2.2 billion in January to $6.4 billion in September.
Despite the ongoing crypto bear market, Chiliz, the company behind many well-known football fan tokens, reportedly increased its headcount by 70%, with full-time employees now exceeding 300. Why are projects like Chiliz able to survive—and even expand—through such harsh winters? R3PO attempts to shed some light.
Chiliz is a survivor of the last crypto winter. In the view of Siyi, head of its Chinese community, “Chiliz is more like an internet company.” They primarily serve the sports and entertainment industries, offering customized fan engagement designs and economic solutions for sports enterprises. In 2019, Chiliz launched Socios.com, an app targeting mainstream consumers, partnering with world-famous teams such as Barcelona, Juventus, and Paris Saint-Germain to launch fan tokens.
Through Socios.com and fan tokens, fans can participate in day-to-day decision-making of their favorite football clubs by voting. The platform uses Chiliz’s native token (CHZ) and supports both ERC20 and BEP-2 formats.
Data already proves the high enthusiasm of fans toward club governance participation.
The game FIFA, dubbed the "football simulator," has generated over $20 billion in sales. Football Manager, another football management simulation game, has iterated nearly 20 versions and remained popular for 30 years. Now, through fan tokens, fans can truly participate in real-world club decisions—such as designing new uniforms, choosing celebration songs, or even selecting starting lineups—which is undoubtedly “fatally” attractive to supporters.
Moreover, on the Socios.com platform, fans can communicate with fellow supporters globally via chat rooms, access exclusive promotions from club sponsors, and top contributors may even attend club events and receive rewards—including autographed merchandise, VIP box seats at home games, and meet-and-greets with players and team members—experiences that games cannot offer but which fans deeply desire.
According to Crunchbase, Chiliz raised two funding rounds in 2018 and 2021, totaling $66 million, with investors including Binance, OK Blockchain Capital, and Ceyuan Ventures, among other cryptocurrency exchanges and Asian crypto funds.
From an ecosystem perspective, Chiliz is indeed vibrant. Its user base ensures strong scalability, sustainability, and stability, while the core of fan economy aligns naturally with economic principles and commercial mechanisms. Beyond the aforementioned famous football clubs, it has also expanded into esports teams such as OG and Team Heretics. Currently, 54 sports clubs/esports teams have partnered with Chiliz to issue fan tokens, with dozens more soon to launch, bringing the total number of partner organizations beyond 100.
Chiliz is exploring how to build genuine digital fan communities, using Web3.0 methods to digitize fan economy assets.
Image caption: Overview of the Chiliz platform Image source: Chiliz
Chiliz’s exploration includes launching its own token CHZ.
CHZ can be used to exchange for fan tokens on its platform, with a fixed total supply.
Blockchain explorers show that the total transaction volume has exceeded 26 million, involving 1.71 million wallet addresses. According to Kriptomat, the current circulating supply of CHZ is 5,344,064,580, with a market cap exceeding $1 billion. At its peak, CHZ’s market cap approached $4 billion.
Image caption: Chiliz Token distribution chart Image source: Chiliz
On infrastructure development, Chiliz continues to move forward. In March this year, Chiliz Chain 2.0 (CC2) launched its testnet, aiming to build a scalable, semi-distributed blockchain suitable for startups and established companies in sports and media. The full release of CC2 is expected in Q4 2022.
Below is a list compiled by R3PO of 10 football clubs’ attempts to enter the crypto world—not limited to those partnering with Chiliz. All information in this article is provided solely for readers' understanding of products and markets and does not constitute any investment advice (all data below is accurate as of the time of writing).
Santos FC
Santos FC was founded in 1912 and ranked 10th in Brazil’s Serie A during 2021–22. It holds the record for most goals scored in football history and has featured legendary players such as Pelé, Carlos Alberto, and Neymar. One of Brazil’s most successful clubs, Santos has won eight Brazilian league titles, one Copa do Brasil, three Copa Libertadores, and one CONMEBOL Cup. In 2013, it ranked second among the most valuable clubs in Brazil and South America. The club’s Twitter account @SantosFC has 3 million followers.
Santos FC Fan Token (SANTOS) was jointly launched by Santos FC and Binance Launchpool in November 2021 as the official fan token of the club, aiming to boost fan engagement and strengthen the relationship between the club and its supporters. SANTOS token holders can participate in promotional campaigns and voting, and earn fan rewards, digital collectibles, and loyalty points. Using SANTOS, users can access exclusive merchandise, match tickets, and club membership benefits. Holding a certain amount of SANTOS unlocks gamified features on the platform. Additionally, fans can donate SANTOS directly to earn badges certifying their loyalty.
As of October 25, 2022, SANTOS ranked #340 on CoinMarketCap with a market cap of $53 million and a circulating supply of approximately 15.2%.
Image caption: Santos FC Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: Santos Of The World (santosdomundo.com.br)
FC Porto
FC Porto was founded in 1893 and finished first in Portugal’s Primeira Liga during 2021–22. It is the only Portuguese club to become a member of G-14. Notable players include Deco, Ricardo Carvalho, and Pepe. The club has won two UEFA Champions League titles. FC Porto’s Twitter account has 1.5 million followers.
FC Porto Fan Token (PORTO) was launched in November 2021 as a BEP-20-based fan token designed to incentivize FC Porto supporters. PORTO token holders can interact with players, qualify for meet-and-greets and signed merchandise, and vote on club activities such as jersey design. Holders may also donate any amount of PORTO tokens to the club and use them to purchase official merchandise and match tickets.
As of October 25, 2022, PORTO ranked #454 on CoinMarketCap with a market cap of $32 million and a circulating supply of approximately 19.5%.
Image caption: FC Porto Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: FC Porto (https://www.fcporto.pt/en/)
S.S. Lazio
S.S. Lazio was founded in 1900 and ranked 5th in Italy’s Serie A during 2021–22. Famous players include Nesta, Nedvěd, and Signori. The club has won two Serie A titles, six Coppa Italia trophies, and three Supercoppa Italiana titles. The club’s Twitter account @SSLazio has 660,000 followers.
S.S. Lazio Fan Token (LAZIO) was launched in December 2020, representing voting rights, allowing holders to receive unique club-specific rewards and experiences. LAZIO holders can influence club decisions—for example, determining messages on the captain’s armband. They may also get the chance to visit players’ areas inside the stadium, watch matches from VIP sections, and receive discounts on club merchandise.
As of October 25, 2022, LAZIO ranked #424 on CoinMarketCap with a market cap of $37 million and a circulating supply of approximately 21.5%.
Image caption: S.S. Lazio Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: S.S. LAZIO sito ufficiale (https://www.sslazio.it/en)
Paris Saint-Germain F.C.
Paris Saint-Germain F.C. was founded in 1970 and ranked first in France’s Ligue 1 during 2021–22. Star players include Messi, Neymar, and Weah. The club has won ten Ligue 1 titles, 14 Coupe de France trophies, nine Coupe de la Ligue titles, eleven Trophée des Champions, one European Cup Winners’ Cup, and one UEFA Super Cup. PSG’s Twitter account has 13 million followers.
Paris Saint-Germain Fan Token (PSG) was launched in January 2020, enabling users to purchase fan tokens via the Socios platform and participate in club governance. Holders gain access to club NFTs, digital badges, and VIP tickets. They can stake tokens to earn additional rewards, including gamified NFTs from blockchain-based games and aesthetically valuable NFT collectibles. Furthermore, the club plans to elevate the token’s status by launching promotional campaigns for signed jerseys, organizing crypto-themed events, and conducting extensive marketing campaigns across Latin America and Asia.
As of October 25, 2022, PSG ranked #504 on CoinMarketCap with a market cap of $26 million and a circulating supply of approximately 19.2%.
Image caption: Paris Saint-Germain Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: PSG.FR – Paris Saint-Germain official website (https://en.psg.fr/)
FC Barcelona
FC Barcelona was founded in 1899 and ranked second in Spain’s La Liga during 2021–22. Legendary players include Alcántara, Samitier, and Cruyff. The club has won 26 La Liga titles, 31 Copa del Rey trophies, and five UEFA Champions League titles. In the IFFHS Club World Rankings, Barcelona topped the list in 1997, 2009, 2011, 2012, and 2015. FC Barcelona’s Twitter account has 44.5 million followers.
FC Barcelona Fan Token (BAR) was launched in June 2020, giving holders the right to participate in surveys related to club activities and opportunities to win exclusive prizes. Token holders vote via smart contracts, and the club must consider and implement the results. As a form of membership, BAR provides access to exclusive rewards and recognition, including match tickets, unique fan experiences, bonuses on Socios.com, club NFTs, and digital badges. More importantly, BAR members can purchase VIP goods/services, secure VIP match tickets, and acquire rare collectibles. Holders can also stake BAR to earn NFT rewards and access gamified programs.
As of October 25, 2022, BAR ranked #574 on CoinMarketCap with a market cap of $20 million and a circulating supply of approximately 11.5%.
Image caption: FC Barcelona Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: FC BARCELONA (https://www.fcbarcelona.com/en/)
Manchester City
Manchester City traces its roots back to St. Mark’s Church, founded in 1880, adopting its current name in 1894. It ranked first in England’s Premier League during 2021–22. Notable players include Sterling, De Bruyne, and Phil Foden. The club has won eight English top-flight league titles, six FA Cups, and eight League Cups. Manchester City’s Twitter account has 13.9 million followers.
Manchester City Fan Token (CITY) was launched in March 2021, representing ownership of voting rights and granting holders specific club rewards and experiences. For instance, holders can influence what message appears on the captain’s armband, tour the players’ area at the stadium, enjoy VIP match viewing rights with merchandise discounts, and potentially gain shares in club governance. Every fan also qualifies for free Manchester City tokens.
As of October 25, 2022, CITY ranked #513 on CoinMarketCap with a market cap of $25 million and a circulating supply of approximately 21.6%.
Image caption: Manchester City Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: Manchester City F.C. – Official Website of Man City F.C.
A.C. Milan
A.C. Milan originated as Milan Cricket and Football Club, founded on December 16, 1899. It ranked first in Italy’s Serie A during 2021–22. Notable players include Baresi, Tassotti, and Abbiati. The club has won seven UEFA Champions League titles, 19 Serie A championships, five Coppa Italia trophies, seven Supercoppa Italiana titles, one FIFA Club World Cup, and five UEFA Super Cups. A.C. Milan’s Twitter account has 8.2 million followers.
A.C. Milan Fan Token (ACM) was launched in January 2021, allowing holders to vote in various fan-driven decision polls offered by AC Milan. Fans can earn rewards by taking quizzes, playing games, and voting on club matters. Rewards include VIP access to all home league, cup, and European matches, watching games alongside favorite players, and even traveling with the team to away games.
As of October 25, 2022, ACM ranked #683 on CoinMarketCap with a market cap of $13 million and a circulating supply of 4,147,212 tokens.
Image caption: A.C. Milan Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: AC Milan (https://www.acmilan.com/cn)
Club Atlético de Madrid
Club Atlético de Madrid was founded in 1903 and ranked third in Spain’s La Liga during 2021–22. Notable players include Félix and Griezmann. The club has won 11 La Liga titles, finished runner-up in the UEFA Champions League three times, won three UEFA Europa League titles, three UEFA Super Cups, and one Intercontinental Cup. Atlético de Madrid’s Twitter account has 5.4 million followers.
Atletico De Madrid Fan Token (ATM) was launched in January 2020, granting holders voting rights within the club. Collectively, token holders can determine the club’s direction through the Socios app. For example, the club’s first poll asked which player should manage the team’s official Instagram account for a day—a way for fans to feel more closely connected to the team.
As of October 25, 2022, ATM ranked #762 on CoinMarketCap with a market cap of $9.2 million and a circulating supply of 2,783,939 tokens.
Image caption: Atletico De Madrid Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: Atletico De Madrid (https://cn.atleticodemadrid.com/)
AS Roma
AS Roma was founded in 1927 and ranked sixth in Italy’s Serie A during 2021–22. Notable players include Falcao and Mexès. The club has won three Serie A titles. AS Roma’s Twitter account has 2.2 million followers.
AS Roma Fan Token (ASR) grants holders influence over club decisions, including renaming the training ground, choosing which player manages the Instagram account, leaving messages on tunnel walls, selecting gifts for players, picking celebration songs, and designing the new season’s team bus. Additionally, holders may win access to the stadium and receive merchandise discounts.
As of October 25, 2022, ASR ranked #837 on CoinMarketCap with a market cap of $7 million and a circulating supply of 2,275,923 tokens.
Image caption: AS Roma Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: Official AS Roma Website (https://www.asroma.com/)
Juventus
Juventus was founded in 1897 and ranked fourth in Italy’s Serie A during 2021–22. Notable players include Cristiano Ronaldo, Pirlo, and Platini. The club has won 36 Serie A titles—the most in Italian history—and was the first club to achieve a “treble” across Europe’s three major competitions (European Cup, UEFA Cup, and UEFA Cup Winners’ Cup). JuventusFC’s Twitter account has 9.9 million followers.
Juventus Fan Token (JUV) was launched at the end of 2019, allowing holders to vote on numerous fan-decision polls issued by Juventus via smart contracts. Fans can earn rewards by completing quizzes, playing games, and voting on club decisions on the Socios.com app. The Socios platform enables fans to connect with like-minded supporters, elevating the community experience.
As of October 25, 2022, JUV ranked #690 on CoinMarketCap with a market cap of $12.8 million and a circulating supply of approximately 17.0%.
Image caption: Juventus Fan Token price trend (last 3 months)
Image source: https://coinmarketcap.com
Official website: Juventus Football Club (https://www.juventus.com/en)
Conclusion
From the above information, we can see that these tokens experience significant value fluctuations, influenced not only by team performance and player transfers but also by broader market conditions.
Therefore, here R3PO reiterates the words of Chiliz CEO Alexandre Dreyfus: “Fan tokens are not investments; their mission is to deliver service value to fans.”
In R3PO’s view, token holders primarily value the digital services, voting rights, and emotional connection behind the tokens. While in practice, liquidity-driven gains inevitably lead some fans to sell their “rights,” R3PO believes that along the path of profit-seeking, loyalty and liquidity both empower and constrain each other. Besides supporters, many fans believe these tokens commodify their emotional attachment to the team, fiercely resisting clubs’ digital initiatives.
Ultimately, the original intent of sports-based crypto projects is to enable people to enjoy the joy of sports and competition in richer, more direct, and more convenient ways through technology.
R3PO observes that many sports crypto projects are leveraging the “World Cup” hype to go public.
Recently, SoccerCrypto released a football game and NFTs; sports fan experience startup Mercury raised $7.5 million in seed funding; FIFA will collaborate with Algorand to launch an NFT series showcasing iconic moments in World Cup history… However, all of this rests on temporary hype. When the spectacle ends and attention fades, it remains unclear how many players and fans will stay. R3PO believes that sports projects have得天独厚 advantages in exploring asset digitization—they possess rich commercial operations experience, mature professional frameworks, loyal and massive fan bases, and open-minded attitudes toward innovation. It seems the only barrier between them and Web3.0 is “digitization,” with “play mechanics” becoming the key to success.
Major players have already entered the arena. After this World Cup exam, who will claim the first victory may soon become clear.
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