Fan tokens of Corinthians soccer club sell out in two hours and earn US$1.7 million
RIO DE JANEIRO, BRAZIL – One day after announcing a sponsorship deal with crypto broker Mercado Bitcoin, Corinthians promoted this Thursday, September 2, the initial offering of its fan tokens, called SCCP. The offer of the crypto tokens sold out in about two hours.
In all, the fan token platform Socios.com and Corinthians put 850,000 tokens into circulation for US$2 each – which were to be purchased with the platform’s native cryptocurrency, called chiliz (CHZ), and which currently equals US$0.38.
This means that the sale generated revenue of US$1.7 million or about R$8.8 million. The Club and the platform do not disclose details of the deal, but sources say that the revenue is split equally between the parties – that is, Corinthians receives R$4.4 million.
According to Socios.com, this was the second most successful initial offering of fan tokens – which the platform calls FTO – in the platform’s history and a record in Brazil, which also saw the FTO of GALO tokens from the Atlético Mineiro soccer club last month. Also, according to the company, the SCCP tokens were bought by fans from 150 countries, and more than 50% of them were from outside Brazil.
The platform also advised that it reached the mark and 1.5 million registered users after the offer. On September 9, the tokens will be listed for trading on other platforms, allowing their owners to buy or sell them on the secondary market. Corinthians’ new sponsor, the exchange Mercado Bitcoin, has exclusivity for listing the assets issued by Socios.com in Brazil.
Fan tokens are a type of crypto asset that, besides being used as a form of investment, guarantee their owner’s participation in engagement activities with the club or brand it represents. Socios.com is the leading platform of its kind globally, but it is not the only one.
CBF, the Brazilian national soccer federation, launched Brazilian national team fan tokens on Bitci, a platform based in Turkey. Fan tokens are not only soccer-related. There are already crypto tokens from NBA teams, Formula 1 teams, MMA events, and others.
Among the possible uses for tokens are purchasing official club merchandising, experiences such as visits and special events, and voting. In the case of Corinthians, for example, the first action made available to the owners of SCCP tokens is to choose the next idol who will have his name placed in the club’s “hall of fame” – the candidates are former stars Ronaldo “Phenomenon”, Basílio, and Gilmar dos Santos Neves.
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