A Full Guide In Juventus Fan Token
The attitude of regulators and users towards cryptocurrencies remains mixed, but blockchain technology has taken over the world and continues to spread to new industries, such as sports games. Large clubs like Juventus already use blockchain to produce their own fan tokens. What is it, for what it needs and where can you buy Juventus Fan Token?
What is Fan Token?
Fan tokens are one of the latest trends in the cryptocurrency market and new tools for sports teams and clubs to help unite fans and change the format of big sports. Fun tokens became popular with the deployment of the Socios platform, which is intended to unite fans with players. The key objectives of the fan tokens are:
- Uniting of the fan community;
- Moving fans from passive to active roles;
- Confirmation of the fan’s rights to the benefits.
The fan token is a digital confirmation of the membership of a particular sports club or team. This community is becoming more organized, and thanks to tokens, every fan can expect fair treatment and encouragement from the club.
Socios releases Juventus fan tokens via FTO (fan token offer), providing primary distribution among fans, and then the coin enters the free market. It is the first FTO platform, previously similar coins were distributed through airdrops, private sales, and other traditional cryptocurrency distribution methods.
NFT and fan tokens
The NFT (Non-Fungible Tokens) is a new technology and trend on the market and the NFT concept is organically combined with fan tokens. The fan tokens are not NFT and are no different from any other third-party blockchain tokens, but they do provide NFT confirming the right to:
- Virtual objects
- Symbolic clothing
- Real collectible items.
For example, a football sports club can gags between the holders of its fan tokens NFT, giving the right to a ball with the autographs of all players. Or sell this NFT for the same fan tokens at an auction that all holders can participate in.
The Socios’ fan tokens, including Juventus Fan Token, interact with the NFT, for which the platform is responsible for issuing and servicing, fulfilling a contract with the football club. This means that “tokenized” fans can do everything that “real” fans can do – buy merch, symbols, and even more – pay for tickets and unique offers using blockchain transactions.
What is JUV?
Now about Juventus Fan Token (JUV) – is a fan token launched from Socios and including to the ecosystem of another coin – CHZ. Fan tokens were first announced by Juventus in September 2018, but distribution via FTO started in November 2019. By the way, Juventus was the first club to issue its tokens on Socios.
The JUV offers a total of 20,000,000 coins. 1,315,907 were distributed to fans through fan-token offerings in November 2019. Juventus will issue 2.5 million coins annually starting in April 2020, and plans to distribute the entire amount over the next 8 years.
The token runs on the Chiliz Chain, which in turn is an Ethereum sidechain and uses a PoA algorithm (Proof of Authority). The Socios, backed by the offshore startup Chiliz is fully responsible for the emission, transaction processing and overall performance of the token. However, the rules of this issue and distribution, as well as the services and goods available to JUV holders, are actually set by Juventus in the contract. JUV provides the following opportunities for fans:
- Vote for proposals published on Socios;
- Participation in the drawing of free tickets;
- Buy a ticket for the tour of the Allianz Stadium (Juventus base);
- Buy official merchandise;
- Receive invitations to events from Juventus and be the first to learn the club’s news;
- Participate in tokenhunting to earn more JUV.
One of the key functions is voting – it moves fans from the role of passive donators of the club to its full community, which can influence the direction of movement of the team. By contract, Juventus is committed to implementing all decisions made by Socios token holders. So far, these are small solutions (for example, music played with goal scoring), but the situation may change in the future.
Also, according to Socios plans, a JUV staking and other fan tokens are about to appear, with which fans can earn CHZ tokens. So far, the staking is not available, and you can earn JUV through tokenhunting – this is collecting tokens in the format of Pokemon Go, when you can only find the coin in a certain location.
Where to buy a token
Under FTO Juventus Fan Token was an exclusive offer by Socios and could only be bought on this site and only for the native cryptocurrency CHZ. However, JUV was later released on the open market and now Juventus is interested in expanding the trading ecosystem for its fan token.
Binaryx monitors the fan market and the customer demand for such coins, so JUV is included in the list of coins to be listed along with other popular clubs. The exact date will depend on the market situation and the actions of Socios, beacose JUV is a highly centralized asset vulnerable to insider trading and other price manipulation.
When the coin is traded on Binaryx, you will be able to buy and sell it for popular cryptocurrencies (not using the CHZ token) and in pairs with a fiat. We will provide a complete set of tools that will make JUV a full and profitable market asset, which will increase its value in the eyes of traders and investors.
Storage for JUV
Juventus Fan Token is compatible with the BEP-20 technical standard and all Binance Smart Chain wallets are suitable for storage. However, the native coin chain is Chiliz Chain and it is possible to discover all the functional features of token, including voting and tokenhunting, only through the official app of Socios with integrated wallet.
Listing on Binaryx will provide you with another convenient way to store the coin – a built-in exchange wallet with full exchange functionality. It will not allow voting and a JUV stake, but you can sell and buy a coin with high liquidity. It is worth considering if you are preparing to purchase JUV as an investment asset for medium or long term storage.
If you would like to know about any football club tokens or about the platform Chiliz read more in our blog.
Juventus Fan Token is the first and now one of the many representatives of the new fan token niche. It is a coin that should unite all fans of the Juventus football club into one community and provide them with unique opportunities and access to club awards through blockchain. JUV will allow:
- Vote for decisions relating to the activities of the club;
- Receive free tickets, excursions and things;
- Receive collector’s items and NFT tokens;
- Earn JUV through stake and tokenhunting.
JUV is available on the open market, but is primarily of interest to team fans because for them it is the most functional value. The coin can also be considered as an investment asset, but it is highly centralized (Juventus sets the rules for issuing and distributing), as well as dependent on a single site, Socios, which is responsible for the production and processing of transactions.