Soccer clubs have made hundreds of millions of pounds selling controversial crypto “tokens.” Analysis commissioned by BBC News estimates that more than £ 262 million has been spent on virtual currencies.
Some of the tokens are traded to offer real world benefits to the buyer. But critics say these benefits are negligible – one offered a chance to vote for songs to be played in stadiums – and clubs don’t have enough protection for fans.
So far, in the five main European leagues, 24 different clubs have launched or are considering fan tokens, including eight Premier League teams. Most offer tokens similar to a club-specific cryptocurrency: virtual currencies can be bought and sold and its value increases and decreases according to supply and demand.
Some clubs, like Manchester City, they also sell digital collectibles known as NFT (non-fungible tokens). Most of the clubs that offer fan tokens have signed up with a company called Socios that organizes the initial sale.