Mass adoption and scalability seem to be the only things holding back the blockchain industry moving into Q3 of 2019. The recent Beta launch of Bakkt will bring some traditional investors to the table, but what about the everyday person, what about the fans? Specifically, sports fans are the next targeted group of crypto adopters without even knowing it.
A new project that recently partnered with Binance Dex, Chiliz, is looking to bridge this gap and bring forth a new use case for digital assets. The native token, Chiliz, rests on the Socios platform and aims to bring sports into the blockchain industry. The platform works by each team having their own Fan token which users will purchase and utilize by voting on polls. On top of that, football clubs and other sports teams that join will become a nodes to help decentralize the network.
Football Clubs are Joining the Network
The first line of users for the Socios platform will be none other than Juventus, West Ham United, AS Roma, and many other on the way. The platform works by users purchasing the team focused Fan Tokens and using the tokens to vote on polls put on by the respective sports team. Each poll will decide something for the team like uniform selections, ticket sales, or other cool features. This platform is a real fans dream which means you will finally be able to contribute and become apart of the team’s decision based processes.
Each team will have an independent Fan token from the other teams, and in order to liquidate your token you will take it to the internal exchange and trade the Fan token for the native Chiliz token. Then a user can trade the Chiliz token for whatever digital currency they desire like Bitcoin, Ethereum, or another crypto-to-fiat trading pair. Teams that do not have a Fan token or are not on the platform can have users pledge ahead of time to purchase team specific fan tokens if the team decides to join the platform.
Therefore, people can pledge to purchase their team’s Fan token regardless if the team is on the platform or not and essentially persuade their team to join the blockchain revolution through popular vote. While this use case is still in development, the first iterations of this platform are right around the corner.
Mark Cuban Dives Into Crypto
Another popular figure in the sports industry utilizing digital assets is the Shark tank celebrity and entrepreneur, Mark Cuban. The popular TV star was skeptical of Bitcoin in 2017 calling it a bubble, and rightfully so after the market collapsed. Although, Cuban has not dismissed the digital asset scene by any means.
Mark has always been a person with an eye for talent, and it seems that extends into his portfolio. Cuban himself has played around in the crypto scene investing in at least one ICO, Unkoin, and also investing into at least one company entering the blockchain industry. In particular, Cuban invested in a local Dallas company, 5Miles, which now offers tickets for sale to his sports team, the Dallas Mavericks.
Slowly but surely the big names around the world are hedging into the crypto scene. It starts slow, but soon everyone will want a piece of the pie when they realize the value of ownership, credibility, and utility surrounding this new market.