Boca Juniors, Argentina’s most popular soccer team, is looking to score a goal in the field of digital tokens.
Boca Juniors seems to be exploring ways to take advantage of the NFT fever and is talking to multiple companies to study their proposals for creating virtual communities powered by NFTs.
Decentralizing the Boca Juniors
There are many ways to take advantage of NFT technology in the sports business world, and fan tokens are perhaps one of the most popular approaches for soccer clubs.
This type of token allows holders to enjoy certain benefits like taking part in some decision-making sessions, interactions with players, and some other advantages, without the need to have corporate rights.
According to information provided to Bloomberg by anonymous sources, Socios.com, the fan token development company with licenses for more than 50 high-level sports clubs, is proposing the issuance of a fan token that could generate revenues of around $10 million for Boca Juniors.
Another company, Decentral Games, offered to create a token and develop a virtual stadium in which fans and players have the opportunity to interact. The idea would follow the concept of a previous development they did for the Amnesia Ibiza nightclub in Spain.
In addition to these two large companies, sources mention two other unidentified bidders interested in issuing fan tokens, with one of them aspiring to become an official sponsor of the club, paying for advertising on the team’s official jersey.
NFT Technology Is Changing The Sports Business
Boca Juniors has not made any decisions at this stage, but companies are already starting their engines. With more than 16 million fans worldwide, the team is no mean feat, and Socios.com has already ensured that Argentina is a strategic market for the company.
But it’s all about a win-win situation, and Boca Juniors could also profit greatly from the successful launch of a fan token or an NFT collection. For context, FC Barcelona’s fan token, the $BAR, sold out in 2 hours, netting the company $1.3 million.
Similarly, in the basketball world, NBA Top Shot, reached a record-breaking $231 million in sales in just one month.
And interestingly, other teams have used their tokens as a way to negotiate player compensation. For example, when PSG acquired Lionel Messi, the contract had an associated payment in the club’s tokens in addition to the agreed amount in fiat money.