Fan Tokens Are Extra Utility Pushed Than NFTs, Says Socios CEO

 Fan Tokens Are Extra Utility Pushed Than NFTs, Says Socios CEO

Alexandre Dreyfus isn’t a sports activities fanatic, nor does he play sports activities. The self-confessed “geeky tech man” is nonetheless dedicated to enhancing the sports activities fan expertise with Web3.

The CEO of sports activities fan token platform Socios sat down with Decrypt at WebSummit in Lisbon to debate the progress of their three-month outdated strategic know-how partnership with FC Barcelona, the nuances and potentials of fan tokens, in addition to subsequent month’s Males’s FIFA World Cup in Qatar. 

Socios x Barca

Socios penned a $100 million cope with European footballing big FC Barcelona in August, acquiring a 24.5% stake of their lately established content material creation hub Barça Studios and turning into their strategic know-how companion in pursuit of Web3 endeavors. 

Legally, Barcelona was required to keep up a 51% stake in Barça Studios—now rebranded to Barca Digital Leisure (BDE)—having bought the remaining 49% share in a split-deal to Socios and Catalan-owned media company Orpheus Media. 

“That deal was the consequence of a two-and-a-half-year relationship as we signed our first cope with Barca in February 2020,” Dreyfus revealed. “They have been on the lookout for a companion that not solely will make investments, however co-lead their Web3 initiative.”

Socios’ strategic tech partnership with Barcelona is anticipated to embody the total spectrum of Web3 experiences, from fan tokens and NFTs to metaverse integrations. 

“We’re working behind the scenes,” Dreyfus said, including that “nothing important goes to occur earlier than the top of the 12 months. After the World Cup, we’ll deal with launching new options.”

“It’s going to be about attempting to offer extra to the fan token holders, but additionally to attach the gamers, see what property we will use from an NFT standpoint, and metaverse over the following decade.” 

Favoring fan tokens

“We didn’t catch the NFT hype prepare as a result of we have been sticking to our product,” Dreyfus said. “We expect that fan tokens are a way more scalable and utility-driven product from a Web3 perspective to the sports activities trade than NFTs as we all know them at present.” 

NFTs are blockchain-based tokens which are used to show possession over digital or bodily property.

Shortly after our dialog, Dreyfus was scheduled to speak on heart stage with Socios World Model Ambassador and iconic Italian ex-footballer Alessandro Del Piero concerning the development of worldwide fandom via blockchain know-how. 

Previewing their dialog, Dreyfus stated that the position of sporting followers has advanced because the days when supporters solely watched their groups within the stadiums. Immediately’s expertise entails a multi-faceted digital panorama of social content material and supplemental leisure during which the standing of being a fan has turn into extra dynamic and summary, he defined. 

“The explanation that fan tokens exist isn’t just for the home/native followers, it is actually to attempt to go after the non-local followers, the 99% of followers that aren’t in a stadium,” stated Dreyfus. “However in 2022, what’s the definition of a fan?”

He ventured a definition: “It’s a variety of various tribes who devour the identical model as you and me, however simply differently. And due to this fact you want totally different merchandise for these totally different followers.” 

Watching the World Cup 

As to the Qatar World Cup, Dreyfus displayed his enthusiasm for the convergence of followers from internationally for the quadrennial sporting celebration. “I’m excited for it. I’m certain it’s going to drive quite a lot of traction… and set off publicity [for the Socios brand],” he stated.

FIFA’s choice to grant Qatar host nation standing for this 12 months’s match has sparked palpable backlash over many points, foremost Qatar’s dreadful human rights file and its restricted freedoms for girls and LGBTQ+ folks—in addition to the weather-inflicted hiatus imposed on all European home competitions. 

Dreyfus respectfully declined to share his ideas on the controversy, stating, “I don’t have any ideas. I’m a crypto man, so I do not know about anything.” 

He did share that he hopes “it will likely be Portugal versus Argentina within the closing as they’re two groups we’re working with.” Maybe it will likely be Messi versus Ronaldo for the last word GOAT showdown. 

“After all, I’d not thoughts having France someplace alongside the way in which too,” he stated. Not England?

He laughs. “Completely not!”

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