What are fan tokens? Everything you need to know about them

If you are a football fan, you might have noticed that some of the biggest teams in the world are increasingly launching fan tokens. The more notable ones are AC Milan and PSG, which have increased engagement through fan tokens. So, what exactly are fan tokens?

A fan token is a cryptocurrency issued by a sports team, or pretty much any social club, to give fans a chance to connect with the team better. Fans can participate in their favorite team’s decisions through the fan token. Though they don’t get to influence the big decisions, they have a role to play and feel involved.

This is a big deal as it gives fans an even bigger reason to follow their favorite team while also benefitting from the speculative value appreciation of the tokens they hold. The best part is that the team gets to build deep loyalty, which can be unlocked for value through merchandise sales. Besides, the sports team also benefits from the token’s value appreciation. It’s a win-win scenario for the sports team and its fans. 

How to create a fan token

Up to this point, we have looked at the benefits of fan tokens and how they can benefit big sports teams. However, it is not just the big teams that can reap big from fan tokens. No matter how small, any entertainment facility can build a loyal fan base using fan tokens. 

The best part is that creating a fan token is pretty easy. If you are interested in making one, below are a few easy-to-follow steps to create a fan token. 

Build one yourself

If you are a developer, especially one proficient in Python and Solidity, you should be able to create your fan token easily. You can do so on Ethereum or other platform blockchains that support smart contracts. 

The challenge with building a token yourself is the time aspect of it. It will take you a lot of time to create a viable token from scratch. You may also encounter other technical challenges that may create security risks for your tokens. That’s why it is always best to create a fan token with the help of a professional. 

Engage a professional token development company

When you engage a professional token development company to create a token for you, you can leverage the power of teamwork to give you the best token possible. You also save time because the company can leverage its experience and teamwork to build the token for you. 

One of the best companies you can use to build a fan token for you is PTPWallet. The PTPWallet has loads of experience building not just fan tokens but many different types of tokens. The best thing about the PTPWallet token development team is that they give you a free consultation before they start the job.

This means even before they develop a token for you; you already have a good idea of what to expect. They also have a reputation for delivering fast, which is essential when you want to get a token out to market as quickly as possible.

How to buy fan tokens

Once you have created a fan token, the next step is finding a way for your fans to access it. Putting the token on an exchange is not enough; there needs to be a way for the token to be widely visible to investors and make them feel like they are part of the token-building process. 

To help you out with this process, here is a step-by-step guide on building your tokenized fan community for investors to feel a real connection to your sports club or whatever community you want to engage in using a fan token. 

Incorporate fan ideas when building the token

Before you start building a fan token:

  1. Make sure that your fans know about your inspirations.
  2. Let your fans be as involved as possible in the token-building process. For instance, let them give ideas on the scope of what token holders can do, the tokenomics, and even which blockchain to deploy the token.

This will give your token users a connection to the whole endeavor, a factor that could be important in determining token adoption. The more community members feel involved with the token, the higher the chances of a massive uptake upon rollout. 

Once the views of your community have been considered, and the token is ready to go to market, there are several ways to give your team an even bigger presence in the market. Below are some techniques you can use to drive user engagement in the market further.

Make use of social media

Social media is powerful and is one of the best ways to drive traffic to your fan token. Research the social media platforms your fans use and spread the message to reach as many people as possible.

Also, don’t just focus on creating awareness of the token; make sure your community participates by sharing the message to create a viral effect. For this to happen, you need to go back to the previous stage, where you get the community involved in the token development. 

For instance, if the community members know that they can vote on the direction that your club will continue in the future, there is an incentive to help push for the token’s success, as it also contributes to their monetary success.

Recap

Fan tokens are a new way for clubs and organizations to raise funds and develop more profound engagement with fans. While one can quickly launch a token by doing it alone, it is always best to engage the services of a professional. One of the best professional fan token developers you can try is PTPWallet. They have experience developing all kinds of tokens and ensure that you, the token owner, are fully involved in the development process.

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