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Are you a soccer (football) fan? If so, you may be glad to know that approximately 3.5 billion people across the globe share your love for the sport — on average, that’s one soccer enthusiast for every two people on the planet. Well, what if you were offered a chance to connect with your favorite soccer club, and be rewarded for your support? No, we’re not pulling your socks.
In this article, we’ll discuss everything related to Socios.com, the concept of fan tokens and one fan token in particular — the Galatasaray Fan Token.
Socios.com is a sports fan engagement app powered by the cryptocurrency Chiliz (CHZ). Targeted toward soccer fans, the app allows them to participate in the everyday activities of their favorite club. As a fan, you’re eligible to win rewards for your participation in the form of digital assets called fan tokens. Clubs can issue these fan tokens on the Socios platform, and fans can buy or earn them via the Socios mobile app.
As a supporter and holder of a club’s fan token, you get to vote in their exclusive club polls. These fan tokens give you the power to influence the decisions of your favorite team/club, a first in the world of sports. You can also unlock rewards, gain access to exclusive promotions involving your favorite players, connect with fan communities, and earn VIP rewards.
Fan tokens are club-specific, with each club granted the right to only one such token. Unlike NFTs, fan tokens are fungible and can be traded like regular cryptocurrencies.
A well-known soccer club based on the European side of Istanbul, Turkey, Galatasaray Sports Club (Turkish: Galatasaray Spor Kulübü, or S.K.) has a rich history that spans more than a century. Members of this club are nicknamed “Lions” due to their fiery, yellow-red jerseys and reputedly fearless nature.
Galatasaray is one of the most successful Turkish soccer clubs, with over 22 winning titles in the Turkish Super League (Süper Lig). It’s also the only Turkish club to have claimed the UEFA Super Cup, winning the first such event at their prime in 2000. GAL is the official Fan Token of the Galatasaray Sports Club. The price of one GAL is around $4 at the time of this writing.
Powered by the Chiliz token, CHZ, Socios.com serves as a platform for clubs and sporting teams to launch their official fan tokens. As mentioned, fan tokens are collectible digital assets designed to allow fans to reap rewards for their loyalty to a club.
These fan tokens are minted on the Chiliz blockchain and are circulated in the crypto market. Fans can either buy these tokens or find them in an innovative way, which we’ll discuss in the upcoming section of this article. The Socios.com platform is simple to use, and allows fans to enjoy closer connections with their favorite clubs.
The Socios app is powerful and enables passive fans to become active, providing sports organizations the opportunity to monetize their global fan base in a seamless manner. In 2021 alone, fan tokens have made over $200 million in revenue through Socios.com.
At their core, fan tokens are utility tokens that offer their holders and issuers several benefits.
Clubs use their official fan tokens to carry out regular polls among their fans. If you’re holding a club’s fan tokens, you can have a say in many club-related decisions, such as the design of its official kit, or the color of the jersey for an upcoming charity game.
As a fan token holder, you’ll receive many opportunities, such as a “grant of access” to the stadium during team warm-ups and practice games. Without these tokens, you have to pay to watch practice games, and access is limited when it comes to watching team huddles and warm-up sessions of your favorite players.
Fan tokens allow fans with significant holdings to meet the team members of their favorite club — and even to have online meetings with them. As a holder, you also get a chance to win VIP tickets to watch crucial matches.
Another benefit of owning fan tokens includes the chance to win game tickets and merchandise. However, the main purpose of this token is to enhance the interaction between clubs and their fans.
Club owners can monetize their potential fan base, which is difficult in the absence of fan tokens.
Apart from allowing clubs to launch their official tokens, and fans to buy their preferred fan tokens, the Socios platform offers the following key features.
Typically, you have to purchase CHZ and fan tokens using crypto or fiat money. However, there is a feature embedded within the Socios platform that allows you to earn fan tokens for free. Using its Token Hunt, you can acquire fan tokens and CHZ tokens without spending any additional money.
Once you install the Socios app, its augmented reality (AR) technology allows you to scan your surroundings to collect CHZ, Socios Loyalty Tokens (SSU) and other fan tokens. (Think Pokémon GO, a game which became popular in early 2016.) The best part about this feature is that it’s global — you can participate in the token hunt regardless of where you are physically in the world.
There’s no denying that the crypto market is the most volatile financial market. This is one of the major risks of trading in crypto. However, as the saying goes, ”Where there’s high risk, there’s high reward.” Volatility can be a huge opportunity for those who can tolerate it — and know how to deal with it. FTOs are based on the future volatility of fan tokens.
FTOs take place within a predetermined, limited period. Club owners offer for sale a fixed number of fan tokens at a fixed price. Fans can purchase this token even before it goes live on the Socios marketplace. Once the tokens have been released, fans can profit if the token price appreciates due to volatility. This is in fact the case most of the time, as the price set for fan tokens in an FTO is lower than when they go live on the Socios marketplace.
Apart from these features, the Socios app has many others as well which focus on delivering the best possible experience for fans. Some examples are fun rewards, trading of fan tokens, Socios Predictor and Locker Room.
Note: figures below are accurate as of this writing, and are approximated up to one decimal place.
Total Supply — 10 million GAL
Circulating Supply — 3.5 million GAL
Market Capitalization — $16 million
24-hour Trading Volume — $2.3 million
Investing in any fan token is a great idea at this point, because fan tokens are in their nascent stage and have plenty of room to develop/grow. The GAL token’s limited supply of 10 million makes it an attractive asset to invest in. According to WalletInvestor, the GAL token has the potential to reap double-digit profits in less than a year. The GAL market is currently bearish; therefore, it could be the right time for you to buy the dip if you see potential in the token. Note: please do not consider this as investment advice. As with any asset, invest only if you can withstand the volatility and high level of risk involved.
You can buy the GAL token on popular cryptocurrency exchanges like Bybit. Simply follow the steps below.
#1 Sign up with Bybit: If you already have an account on Bybit’s exchange, kindly ignore this step and proceed to step #2. For those who don’t have an account, you can register with Bybit in about one minute. Click the Sign Up button on Bybit’s main page and enter a few basic details as requested, including your name, email address, etc. Set up your secure password. Complete the quick verification process to start making transactions on the exchange.
#2 Buy USDT: You can access the Bybit Spot Market once verification has been completed. Please note that the GAL token is paired with USDT on the Bybit exchange. Therefore, you need to hold USDT in your Bybit wallet to purchase GAL. As you probably know, USDT is the most used stablecoin globally, and you can buy any crypto asset on Bybit with USDT. USDT can be purchased within a few minutes using fiat currency with your credit/debit card.
#3 Exchange USDT for GAL: Once you have USDT in your Bybit spot wallet, you can visit the Spot Market section and search for the GAL/USDT pair. Click the Trade button, and using a Buy Limit Order, place your trade, entering the price at which you want to buy GAL. Make sure to enter the amount of GAL you want to purchase, and click Buy. When the price of GAL reaches your desired price, the order will execute.
Once done, you should see your GAL tokens in your Bybit wallet. You can hold them there for trading, or transfer your funds to a hardware wallet for secure storage.
Socios.com is a revolutionary platform that allows you to truly live out your fanboy/fangirl dreams. Platforms like Socios.com are essential to the holistic development of cryptocurrency mainstream adoption.
There’s no better way for crypto to enter the sporting world than with fan tokens, as their purpose is to bring fans and their favorite clubs together. The success of Socios.com also proves that the world is ready for crypto adoption in different industries — and it’s just a matter of time before it truly becomes mainstream.