According to Fenerbahçe S.K. President Ali Koç, cryptocurrency gives a chance for sports teams all around the world to generate a considerable cash stream.
With the help of a new cooperation with the local cryptocurrency exchange Paribu, Fenerbahçe S.K., one of Turkey’s three most important sports clubs, has launched its own fan token on the Ethereum blockchain, which can be used to purchase merchandise.
It took just 30 seconds for the club to earn 15 million lira ($1.75 million) from the inaugural presale of 500,000 unlocked tokens, which was finished on August 9.
The club declared that the Fenerbahçe Token would have a maximum supply of 190,700,000 tokens, a number that refers to the year 1907, the year in which Fenerbahçe FC was founded.
Each year for the next 25 years, according to the project’s white paper, a total of 117 million treasure tokens will be created through smart contracts and distributed throughout the world’s blockchains.
Also included was a roadmap for the token burn, which would be activated if Fenerbahçe achieved success in soccer, basketball, or volleyball during the current season. As stated in the white paper, there will be token burns in the case of a triumph, championship, or other significant success in Europe.
Noting that soccer is in a bad situation due to the coronavirus outbreak, Fenerbahce president Ali Koç stated that the sports business must look for new revenue streams to sustain its operations. He mentioned that being involved in the cryptocurrency assets business is a key item on the club’s to-do list for the future.
After meeting with 12 companies, both domestic and international, Fenerbahçe came up with the idea of producing a fan token, according to Koç.
Following an evaluation of numerous parameters, including the potential for a token listing, user base, and technological infrastructure, the club selected Paribu as the technoCompass Mining Joins Oklo To Utilize Advanced Fission Technology In Bitcoin Mining Operationslogy partner for the Fenerbahçe Token project.
Ali Koç, when asked about the agreement between the two parties, stated, “It is not a sponsorship agreement.” This partnership has existed for more than 25 years.” Paribu CEO Yasin Oral stated that because Fenerbahçe Token was issued as an ERC-20 token on the Ethereum blockchain, it would be possible to list it on global exchanges in the future.
Fenerbahçe is a relatively latecomer to the fan token craze that has swept the country of Turkey. Several sports clubs across the country have already begun issuing fan tokens to their supporters.
Recent collaborations include the Turkish Union of Clubs, a group of clubs that compete in Turkey’s premier soccer league, Süper Lig, and Socios.com, which is investigating other digital business methods.
