Leading European football teams have reportedly made millions selling crypto tokens to fans around the world. The program, which aims to increase fan participation, was approved as an alternative source of revenue during the pandemic, but has also been criticised as a ” gateway to speculative cryptocurrency.”
The 40 football teams in the fans token scheme have been criticised by fan groups
Europe’s top football clubs took £ 150 million (more than $ 204 million) from sales. Socios.com according to the Telegraph, It’s a platform where fans can offer custom tokens. Arsenal, Barcelona, Juventus and PSG are among the more than 40 great football teams of the Old Continent, already operating under the fan influence and rewards program Dec.
Since 2019, nearly a million users have signed up to social media, mostly aimed at young online fans. They can buy tokens issued by their favourite clubs and have a say in making certain club decisions, such as what numbers are added to stadium player lists. Getting more credit entitles them to unique opportunities, such as playing on the team field.
The Program has been criticised by supporter groups, who say it puts fans ‘ participation in “unregulated currency markets” at risk.”The English football fans” association claims to have received complaints from several Premier League supporters groups. Leeds United Support Fund secretary adam Willerton said::
Our concern is that vulnerable or less technologically capable people are entering this cryptocurrency ecosystem.
Lionel Messi’s recent move to PSG, for example, has caused sharp fluctuations in the value of club tokens, leading the gambling clearance team to describe the system as a “gateway to speculative cryptocurrency.””The price of the PSG coin rose a few days before the football star’s transfer was confirmed, but it has since fallen again.
Four Clubs Pocket £ 20m Each While Socios Founder Defends Source Of Income
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