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FC Barcelona has joined teh wor of sports clubs that launched their own tokens. It has managed to beat its own expectations, concluding its $BAR token sale in under 2 hours from the initial 48 hours planned.
Popular Spanish soccer team FC Barcelona has completed a token sale. Called $BAR, the tokens were sold out in less than two hours of the sale launch, pulling in $1.3 million for FC Barcelona. The Spanish soccer behemoth initially planned to run the token sale for 48 hours. However, it took less than 120 minutes, with the sale peaking at $777,000 over a time span of two minutes. The token sale took place on sports crypto platform Chiliz.net, an exchange Socios.com operates.
In a recent tweet, Socios.com CEO Alexandre Dreyfus announced the development. Dreyfus revealed that the $1.3 million came in from fans and supporters in 106 different countries. Dreyfus added in the tweet that there were five times more demand on the platform than the $1.3 million sold. This represents a further potential sale of at least $6 million.
Sold out. @socios The $BAR @FCBarcelona token flash sale sold more than $1.3m in less than 2 hours, with $777k in less than 2 minutes on our crypto exchange @chiliz. Fans & crypto enthusiasts bought from 106 countries!!! There was 5x more demand ($6m++) on our platforms. pic.twitter.com/OKxmsbVAte
— Alexandre Dreyfus (@alex_dreyfus) June 22, 2020
According to an official FC Barcelona announcement, supporters had the opportunity to buy from a total of 600,000 $BAR, at 2 euros each. At the moment, $BAR is unavailable for sale. However, FC Barcelona says that sales will resume on Wednesday, 24 June, at 1.00 pm CEST. FC Barcelona will not set the price at resumption. Fans and supporters will have to purchase the token at a price directly influenced by demand and supply. For now, $BAR tokens are only available for direct purchase, or tradable against CHZ, Chiliz’s native token.
Benefits of Barcelona Token
Ownership of $BAR tokens will give fans the chance to participate in several surveys and polls, every season. Depending on participation, the fans may also win varying rewards for their efforts in the surveys. Some of these rewards may include watching live games at FC Barcelona’s Camp Nou stadium, a VIP experience during the games, or the possibility of meeting famous FC Barcelona players like Lionel Messi and Luis Suarez.
Before now, FC Barcelona allowed fans to participate in a design survey. The exercise was to allow fans to design the team’s locker room mural. The soccer club has selected the best four, and will now allow token holders to vote for a winning design.
Barcelona Joins Juventus and Others
The Barcelona token is not the first of its kind. In December 2019, Socios.com partnered with Italian soccer club Juventus FC, to issue its own tokens. The Juventus Fan Tokens ($JUV), is a product of the world’s First Token Offering (FTO), and encourages participation from fans and supporters. Just like the $BAR tokens, $JUV holders can also vote on club decisions and earn rewards for their participation. For example, Juventus allowed $JUV holders to vote for the song that will play whenever the team scores a goal.
French club Paris Saint-Germain (PSG) also announced a partnership with Socios.com for its own tokens. The football club noted at the time that its decision to issue a token was to take advantage of opportunities cryptocurrency would offer.