Blockchain-based sports participation platform IQONIQ sees its native token IQQ soar as demand for fan tokens continues to increase.
Sports Fans Meet Bittrex Fans
Up-and-coming sports blockchain platform IQONIQ has seen its newly launched native token IQQ nearly double after listing on Bittrex.
After ending its first day’s trading at $0.265, IQQ surged to just under $0.60 in the early hours of March 27. At press time, IQQ trades at $0.49.
The listing is the first for IQQ as it ramps up efforts to propel blockchain-based sports participation into the mainstream.
IQQ is a utility token that supports IQONIQ’s FanEcosystem and is set to include the much anticipated IQONIQ application. The app will allow IQQ holders to access merchandise, tickets, memorabilia, and prizes associated with their favorite sporting teams.
Indeed, the beta version of the app boasts a stellar list of sporting partners from football, rugby, and cricket, to Formula One.
Fan Tokens Are in Demand
The fan token industry is soaring in popularity, after several blockchain-based sports platforms announced collaborations with major sporting teams.
IQONIQ rival Chiliz is currently the most popular in the space. Last year, Chiliz launched the first official fan tokens for Paris-St-Germain (PSG) and Juventus (JUV) on Binance Launchpool.
Both tokens – PSG and JUV – trippled in value within the first 48 hours of listing on Binance. Their success inspired several more major world-champion football teams to jump on the bandwagon.
These include AC Milan, Barcelona, and Manchester City, among many more. As a result, Chiliz’ own utility token hit a market capitalization of $1.3 billion in less than a year after launch.
What Next for the Space?
With the evident growth in demand for blockchain-based fan participation, IQONIQ is positioning itself to capitalize on said growth.
Indeed, its plans are ambitious, as they need to be to rival industry leader Chiliz. Not only will IQQ become available elsewhere, with more benefits and incentives added, but the IQONIQ team has major plans for the ecosystem.
IQONIQ plans to mint and release sports-themed non-fungible tokens (NFTs) into the market in bid to ride the NFT hype that currently permeates the cryptocurrency space.
Moreover, users will be able to mint their own NFTs. They can memorialize forever iconic events, teams and individuals in the sporting industry.
The Olympic Games and FIFA World Cup are not too far off. IQONIC, and the wider fan token industry, will be poised to run with it.
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