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One of Argentina’s most famous football clubs is considering joining the crypto movement. Boca Juniors FC is in dialogue with several cryptocurrency firms to plan its entry into the crypto bandwagon.
Boca Juniors’ Financial Constraints
The legendary Argentinian football club is currently facing a challenging financial moment. Also, the tough times seem to lean on the weak Argentine peso. For instance, the weak currency somewhat forces players to leave the team searching for dollar contracts.
Also, the Covid-19 pandemic measures struck it hard enough to force it cancel matches. Also, several games with no fans in the stands harshly reduced the income from tickets. So, unfortunately, the team will not be playing any international tournaments this year.
Issuing Fan Tokens as a Source of Income
The football club envisions the endowment of fan tokens as a supplementary form of revenue. The club is where Diego Maradona made his name as one of the greatest all-time players in history. So they are analyzing whether to offer the tokens via its foundation instead of the club itself.
According to sources who asked to remain anonymous, top club officials met privately with four global crypto companies. The crypto companies offered various proposals. For instance, leading sports token creator Socios.com proposed issuing a fan token. The coin would enable the club to increase up to $10 million in revenue. Socios.com sells tokens for over 50 teams, including Chicago Bulls and FC Barcelona.
Additionally, two more companies have suggested issuing tokens. Stakeholders would apply these tokens in making club decisions and access discounts on stadium tickets or the club’s merchandise. One of the firms even offered sponsorship to the team and branded its name on its official tee-shirts. Currently, the club’s current Qatar Airways sponsorship is worth $6.5 million per annum.
Another firm, Decentral Games, offered to create a VR stadium for Boca Juniors. Decentral games specialize in blockchain and metaverse-focused gaming.
Cryptocurrency and Sports
Among many global industries, the sports world has also joined in on crypto-related ventures. From individual players to football clubs, this industry has numerous options for crypto integration.
Popular NFT and fan token news rotated around Messi and his new career in Paris Saint-Germain. The international superstar gave his NFT collection through the Ethernity Chain during the transfer period. During this time, PSG’s’ tokens experienced a significant spike in value. Other fan tokens from famous clubs include Manchester City and Legia Warsaw.
Moreover, other than tokens, some crypto platforms are working with teams on player NFTs. However, some fans still haven’t decided about the hype around crypto-collectibles, claiming that “it makes being a fan expensive.” Still, it’s’ again on the team’s side because they generate more revenue.