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What are Fan tokens? Fan tokens are assets that represent proof of ownership or membership. They are used for various purposes and are supported by specialized blockchains like Ethereum and their ERC standard tokens. Socios.com is an app for football fans where users can acquire club-specific Fan tokens to have voting rights and influence the clubs they support.
How do Fan tokens work? Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that acts as the digital currency for the chiliZ and Socios.com platform. Through the Socios.com platform, club partners conduct Fan Token Offerings (FTOs) where fans can purchase Fan Tokens by using $CHZ acquired from a cryptocurrency exchange. These team-specific tokens provide access to an encrypted ledger of voting and membership rights ownership.
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