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West Ham United have ended their deal with Socios.com – a digital platform that uses blockchain to provide paid-for supporter engagement, after significant fan opposition to the deal.
No fan tokens were ever issued despite the partnership lasting a year.
Socios CEO, Alexandre Dreyfus insists that the contract with West ham was not terminated because of their supporter backlash. He claims they ended it due to Covid-19 and also recently signed a deal with Barcelona which made them want focus on bigger clubs instead.
Socios told BBC News that it had sold $270m-300M worth of coins through its app, with no information given as to how much money goes directly to the football clubs.
The value of many fan tokens had decreased since they were initially sold by the clubs.
Generally, small crypto-currencies like these fan tokens can be incredibly volatile due to the small amount of people who want to trade them.
Protos director of news David Canellis
The FSA has worked closely with the Premier League, Football Association, EFL and the Department for Digital, Culture, Media and Sport to create guidelines that state clubs should engage with fans in an open, democratic way and provide fan engagement for free. The FSA believes the “fan token” system – in which tokens can be bought and sold – runs counter to that.
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Information is provided for educational purposes only and isn't investment advice. This article does not provide a recommendation to buy or sell any digital asset, nor is it an endorsement of particular coins/tokens by the author(s).
