Argentina’s most popular football team, Boca Juniors, is looking to score a goal in the digital token space.
Boca Juniors appear to be exploring ways to capitalize on the NFT fever and are talking to multiple companies to research their proposals for creating a virtual community powered by NFT.
Decentralization of Boca Juniors
There are many ways to leverage NFT technology in the sports business world, and fan tokens are perhaps one of the most popular ways for football clubs to do so.
This type of token allows the holder to enjoy certain benefits such as access to some decision making meetings, interaction with players, and a number of other advantages without the need to own corporate rights.
According to information provided to Bloomberg by anonymous sources, Socios.com, a fan token development company with more than 50 high-level sports clubs licensed to it, is proposing to issue a fan token that could generate about $10 million in revenue for Boca Juniors.
Another company, Decentral Games, is proposing to create a token and develop a virtual stadium in which fans and players would have the opportunity to interact. The idea would follow a development concept they previously did for the Amnesia Ibiza nightclub in Spain.
In addition to these two big companies, sources mentioned two other unidentified bidders interested in issuing fan tokens, one of which aspires to become an official sponsor of the club, paying for advertising on the team’s official jerseys.
NFT technology is changing the business of sports
Boca Juniors have not made any decisions at this stage, but the companies have already started their engines. The team has over 16 million fans worldwide, which is no small number, and Socios.com has ensured that Argentina is a strategic market for the company.
But it’s all a win-win situation and Boca Juniors could also benefit hugely from the successful launch of a fan token or NFT series. As a backdrop, FC Barcelona’s fan token $BAR sold out in 2 hours, netting the company $1.3 million in revenue.
Similarly, in basketball, NBA Top Shot reached a record-breaking $231 million in sales in just one month.
And interestingly enough, other teams have used their tokens as a way to negotiate player compensation. For example, when PSG acquired Lionel Messi, the contract included payments related to club tokens in addition to the agreed amount in fiat currency.