Aofex

Manchester City to Launch Its Own Fan Token on Binance

UTC by Tolu Ajiboye · 3 min read
Manchester City to Launch Its Own Fan Token on Binance
Photo: Unsplash

The Manchester City Fan Token (CITY) is the 24th project to feature on Binance’s Launchpool and will operate on the Chiliz Chain.

Popular English football club Manchester City FC is launching its own fan token on major crypto exchange Binance. Dubbed CITY, the token will become available on the platform from November 11th on the Chiliz Chain. Furthermore, CITY also operates on the Binance Smart Chain blockchain platform using the BEP-20 token standard. The Manchester City Fan Token comes after another football club, Portuguese giants Porto FC, launched theirs last week with Binance.

The CITY token will be available on the Binance Launchpool platform (which will go on for 30 days), along with its technical sheet. These include total supply (20,000,000 CITY), circulating supply (18.54% of total supply at 3,708,172), among others. In addition, the token will be available for trading in BTC, BNB, BUSD, and USDT pairs. BNB stakers will receive the largest allocation at 70% of the CITY rewards. Another 20% will go to CHZ stakers, while BUSD stakers will have the remaining 10%.

Regardless of the initial allocation quota, the number of tokens each staker receives depends on a few factors. These include the length of their stake as well as the relative stake size vis-à-vis the entire staking pool. It is worth noting that the Manchester City Fan Token is the 24th project to feature on Binance’s Launchpool.

CITY affords fans of the football club a tokenized share of influence on club decisions. These include casting votes on polls organized by Manchester City FC and getting discounts on official club merchandise. To achieve this, it uses Socios, a platform that provides immersive fan engagement and rewards for sports and entertainment organizations. In addition to all these, fans in possession of CITY are also privy to practical perks like matchday tickets and VIP experiences at the club’s Etihad Stadium.

Manchester City’s Fan Token Is One of Many Recently-launched tokens by Sports Organizations

Several sporting organizations across the board have launched their own fan tokens in recent times. For example, in May, premier motor racing promotion Formula One (F1) launched tokens for two F1 racing teams Aston Martin and Alfa Romero. AM and SAUBER Fan Tokens became the first racing team tokens launched on Chiliz.

The Argentine national football team, the Albicelestes, became the first national team to launch fan tokens and engage with its global fan base. For this initiative, the Albicelestes also collaborated with Chiliz. The team has joined a number of world-renowned European football clubs that have fan tokens. These include AC Milan, FC Barcelona, and Paris Saint-Germain.

The Ultimate Fighting Championship (UFC), a leading mixed martial arts organization, also launched a limited supply of 20 million fan tokens in June. As with the previously mentioned examples, the UFC joined hands with Chiliz on this project which provides rewards on Socios.com.

Fan tokens and NFTs are two distinct digital asset types on the blockchain. However, both are currently enjoying a surge in popularity. They provide alternative ventures for people who want to venture into the crypto world but would rather not invest in BTC et al.

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Related Articles