Manchester City, the giant English Premier League soccer club, is debuting a blockchain-based fan token that promises free tokens for registered Cityzen fans. The new token will power new tools for digital fan engagement.
Based on an official announcement on March 19, Manchester City has now partnered with fan engagement platform Socios.com to launch the CITY fan token on the Chiliz blockchain. Similar to the other European clubs like Juventus and FC Barcelona, Manchester City will now have an option to offer VIP rewards, games, club promotions, polls, and AR-enabled features using its fan tokens.
The senior vice president of global partnerships sales at City Football Group, Stephan Cieplik, said that participants of the club’s Cityzens membership will qualify to get a free CITY fan token. Cieplik said:
“Every existing registered Cityzen will also be eligible for a free token so they can access the full range of benefits and rewards.”
The CEO of Chiliz and Socios, Alexandre Dreyfus, stated that the newly launched fan token will offer the fans unique digital and real-life rewards and experiences after COVID-19 restrictions are lifted.
Competing in the English Premier League, Manchester City is allegedly the fifth most valuable football club globally, with an estimated valuation of $2.7 billion as of 2019. Manchester City faced intense criticism after the club was given a two-year ban from European club competitions for breaching Financial Fair Play rules in 2021, which was eventually overturned on appeal.
Based on previous reports, Chiliz (CHZ) token has experienced a parabolic surge in the last several months, reaching a $1 billion market cap. Chiliz is the native token of the blockchain platform that was developed by Socios.
At the time of writing, CHZ market cap stands at $3.8 billion, according to data acquired from CoinMarketCap. In early March, Chiliz completed a $50 million funding round as a part of its expansion plan into the US.