Legia Warsaw, the most successful club in Polish football history, announced that it would launch the $LEG fan token on blockchain-based fan engagement platform Socios.com.
“Pioneering solutions and new technologies, which additionally give our fans unique opportunities to actively participate in the life of our club, are the exact direction in which we want to develop,” said Legia Warsaw CEO Dariusz Mioduski.
$LEG on Socios.com
Socios.com is powered by the utility token Chiliz ($CHZ). Meanwhile, $LEG will have a maximum supply of five million tokens. Fan tokens generated revenue in excess of $30 million for clubs and partners in 2020, said the release.
The total market cap for fan tokens is $160 million on Socios.com. The application was downloaded by sports fans over 500,000 times last year.
Prominent fan tokens can be found on exchanges but are also available through Socios.com. On exchanges, fan tokens can be exchanged against the platform’s native token $CHZ.
Prominent Italian football club Juventus was among the first teams to partner with Socios.com. It adopted a fan token back in 2019. This likely helped facilitate cryptocurrency acceptance in the mainstream sports consciousness.
Last year (2020), iconic Spanish football club Barcelona also climbed on board with a fan token release in June. This was the first instance of a fan token offering (FTO) on the Chiliz Exchange.
FC Barcelona’s Head of Commercial Area Josep Pont said of the arrangement at the time:
“This agreement will give us the chance to set up innovative marketing and partnership activations with a clear focus on the digital realm to take the Club closer to our fans around the world.”
Other high-profile football clubs that have issued fan tokens on the Chiliz exchange include Paris Saint-Germain ($PSG), Galatasaray ($GAL), and the E-sports club, OG ($OG). This month AC Milan has become the latest club to launch its own coin.