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Kalkine Media ASX Share Market News & Research

Tottenham Hotspur’s $1M Fan Token Offering sells out in record time

October 05, 2023 08:07 PM IST | By Invezz
Tottenham Hotspur’s $1M Fan Token Offering sells out in record time
Image source: Invezz

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Tottenham Hotspur Football Club achieved a significant milestone after completing its Fan Token Offering (FTO) in a mere four hours. The FTO raised an impressive $1 million through the sale of the $SPURS tokens built on the Chiliz blockchain.

This achievement underscores the club’s global appeal and the fervour of its fanbase.

Hotspur’s global fan base

In an astounding display of fan support, Tottenham Hotspur’s FTO attracted participants from a staggering 79 countries worldwide.

This international participation solidifies the club’s position as a top-tier football entity with a massive global following.

The FTO offered a total of 500,000 $SPURS tokens through the Socios.com app in two rounds.

Socios.com, is a platform that specializes in Fan Tokens and, envisions a future where passive sports fans become active participants. It boasts an ever-expanding roster of major sports organizations, including football clubs, Formula One teams, esports teams, and the UFC, with plans to onboard more in the future.

Priced at just $2 each, the SPURS tokens were in high demand. The initial round of 200,000 tokens was snapped up quickly, with the remaining 300,000 tokens finding eager buyers within the same four-hour timeframe.

Tottenham Hotspur’s Fan Tokens

Tottenham Hotspur’s Fan Tokens are at the heart of the club’s innovative digital engagement strategy. The fan tokens are built on the Chiliz Chain, a blockchain platform that specializes in providing infrastructure for the sports industry.

Since 2018, Chiliz Chain has facilitated transactions exceeding $400 million for various teams and leagues, showcasing the robustness of its blockchain technology.

Beyond being a symbol of fan support, $SPURS tokens empower fans to interact with their beloved club in entirely new ways. Holders of these tokens gain access to exclusive rewards and experiences, fostering a deeper connection between the club and its supporters.

The Fan Tokens are set to play a pivotal role in enhancing the club’s membership scheme. Existing One Hotspur+ Members and season ticket holders were offered five free Fan Tokens, while One Hotspur and One Hotspur Connect Members received one Fan Token each. This initiative aims to reward loyal fans and build a stronger sense of community among supporters.

The post Tottenham Hotspur’s $1M Fan Token Offering sells out in record time appeared first on Invezz.

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