News

Fan token market cap surged over 60% since June: Data

The fan token market has been rising in worth this 12 months, surging round $157 million when it comes to complete market capitalization since June.

In accordance with data from main fan token web site FanMarketCap, the market cap of all fan tokens is estimated to quantity to barely over $417 million on the time of writing. That is nearly 60.4% up from the general worth of $260 million recorded in mid-June 2021, as Cointelegraph beforehand reported.

The fan token market’s every day buying and selling quantity quantities to $270.2 million at publishing time.

According to FanTokenStats, among the most-valued fan tokens embrace Paris Saint-Germain (PSG) and Manchester Metropolis (CITY) issued by main fan token supplier Socios and primarily based on the Chiliz blockchain infrastructure. Whereas PSG’s market capitalization is valued at simply over $49 million, CITY’s market cap is at $38 million.

Binance, the world’s largest cryptocurrency alternate, can be a significant fan token participant, launching its personal fan token platform in October 2021. Running on Binance’s token launch platform Binance Launchpad, the Lazio Fan Token (LAZIO) is among the many greatest fan tokens with a market cap of roughly $51 million, based on FanTokenStats.

Socios and Chiliz founder and CEO Alexandre Dreyfus advised Cointelegraph that every one fan tokens throughout Socios and Chiliz’s fan token ecosystem have bought for $250 million to this point. He predicted that the market dimension of fan tokens and social tokens will surge as much as $10 billion within the subsequent 5 years.

Fan tokens are a type of digital foreign money offering holders with entry to a variety of fan-related membership perks together with voting on membership selections, merchandise designs, rewards in addition to different fan engagement experiences inside sports activities golf equipment and music fan golf equipment.

Don\'t Miss THIS ONE !  Nftnews Today Pianity Launches Secondary Market for Music NFTs

Dreyfus emphasised that fan tokens should not cryptocurrencies however quite digital belongings: “You can not spend fan tokens to purchase one thing, you’ll be able to personal fan tokens to get fan advantages.” He nonetheless famous that fan tokens’ use instances are completely different for followers and merchants. “Followers will maintain, merchants will commerce,” Dreyfus mentioned.

Associated: Manchester Metropolis officers signal and droop partnership with mysterious crypto agency inside per week

In accordance with the CEO, sources like CoinMarketCap (CMC) and CoinGecko don’t appropriately replicate the preliminary worth of Socios-issued fan tokens, which is often round $2 per token. As such, CITY was initially priced at $2 per token as an alternative of $10, which is based on CMC and CoinGecko.

“You may’t see it on CoinMarketCap,” Dreyfus famous, including that sources like CMC and CoinGecko don’t get fan token providing worth however quite seize the itemizing worth solely. “Fan tokens are first pre-sold at mounted worth throughout a flash sale earlier than being listed,” he added.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button