Crypto presents an opportunity to create a significant revenue stream
for sports clubs around the world, Fenerbahçe S.K. President Ali Koç
said.
Fenerbahçe S.K., one of the three biggest sports clubs in Turkey,
issued its own fan token on the Ethereum blockchain through a new
partnership with local crypto exchange Paribu. The initial presale of
500,000 unlocked tokens was completed on Monday, netting the club 15
million Turkish lira ($1.75 million) in 30 seconds.
The club
announced that the Fenerbahçe Token would have a maximum supply of
190,700,000 tokens in reference to 1907, the year Fenerbahçe was
established. According to the project’s white paper, a total of 117
million treasure tokens wil be created on smart contracts over the next
25 years on a yearly basis.
Fenerbahçe also included a roadmap for
the token burn that will be triggered by the club’s achievements in
soccer, basketball or volleyball. The white paper also noted that there
will be token burns in the event of a victory, championship or
achievement in Europe.
Noting the dismal state of soccer amid the
coronavirus pandemic, Fenerbahçe president Ali Koç said that the sports
industry has to seek new revenue streams. He stated that being active in
the crypto assets business is an important item in the club’s agenda.
Koç
explained that Fenerbahçe met with 12 companies, both local and
international, before issuing a fan token. After evaluating several
criteria such as the potential of a token listing, user base and
technical infrastructure, the club picked Paribu as the technology
partner for Fenerbahçe Token.
Speaking about the deal between two parties, Koç said, “It’s not a sponsorship deal. It’s a 25-year-long business partnership.”
Related: Premier League's Wolverhampton Wanderers soccer club to launch fan token
Paribu
CEO Yasin Oral said that due to Fenerbahçe Token being issued as an
ERC-20 token on the Ethereum blockchain, it would be possible to list it
on global platforms in the future.
Fenerbahçe is a rather late
addition to the fan token hype in Turkey. Several sports clubs in the
country have already issued fan tokens. More recently, the Turkish Union
of Clubs, an association of clubs playing in Turkey’s primary soccer
league Süper Lig, has partnered with Socios.com to explore digital revenue models.
source link: https://cointelegraph.com/news/major-turkish-sports-club-fenerbahce-issues-fan-token-on-ethereum
