Cryptocurrency news

FC Barcelona Fan Token generates $2.5 million of sales on its first few trading hours



Barcelona fan token shows impressive performance by generating a $2.5 million trade volume in a few hours. Early this week, $1.3 million was raised during the crypto asset’s token sale before rising to almost double the amount. There are 600k tokens that sold out after the sale went live on socios.com and Chiliz exchange. Chiliz is a fintech company committed to sports and entertainment. The sale was on a first-come, first-serve basis.

According to Chiliz trading platform, Barcelona Fan Token is the second most traded asset just after BTC/USDT. When the token paired with the Chiliz’s token, it got five times more than the other pairings on the platform within 24 hours.

Within 24 hours of the Fan token going live, it experienced a surge of about 420% from $2.32 to a high of $12.05, before dropping by 50% to trade at $6.25 currently.

Spike in demand for FC Barcelona Fan Token

On June 22nd, the FC Barcelona Fan token got sold out in two hours. A total of 600,000 BAR tokens were issued through the Chiliz’s platform at $2.25.

During the sale, there is a peak of $777,000 that was sold out in less than two minutes, which is a clear indicator that demand was way higher than supply. According to Chiliz, the demand was five times higher than the supply. The investors for the tokens came from 106 countries.

Through the tokens, fans can be able to vote in any polls concerning the football club, they can get any rewards offered such as VIP seats at matches, and they can have the opportunity to meet one on one with the team’s players. In addition to that, the tokens can be used to vote for fan artwork used in Barcelona’s dressing room at the home stadium.

Chiliz Partnerships

Chiliz is not working with fan tokens for the first time. So far, it has launched tokens for up to seven soccer clubs.

Apart from fan tokens, Chiliz is partnering with UFC, a leading mixed martial arts promotion, to make it possible for tickets to be bought on the Socios platform in exchange for CHZ.

Chiliz is also working on a blockchain-based project dubbed “immunity pass” from April to help facilitate live attendees of soccer matches.

Image by ThaiBitcoin from Flickr



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