Crypto Academy / Season 4 /Week 1 - Homework Post for Professor [@wahyunarul] || Exploring Socios.com, Chiliz (CHZ), and Barcelona Fan Token (BAR)
1). Explain in detail what is the Socios.com Platform?
Socios.com refers to a platform whose major engagement is the launching of fan tokens which is always associated with the world of sport with their most works on the world of football (soccer). It was created by the developers of the Chiliz token and it is currently the top most and best blockchain when the entertainment industry or global sport is being considered.
Fan Tokens refer to digital assets that can be purchased by anyone and is minted via Chiliz blockchain. These Fan tokens offer it's holders the access to involve in activities of their fan token club such as surveys, chat forums, exclusive promotions, and VIP rewards. The platform socios.com is built in a simple style to enable the easy use of the platform by various fans thereby giving the fans more connection to their favorite club.
Given the uprise in the belief that the move of sport fans from passive to active is a necessary requirement for the future of sports in general, a direct to consumer platform such as socios.com takes advantage of this knowledge to aid top sport organizations with the tools to get their fans to participate more in the decision making of the club.
Because of socios.com, fans can now buy their desired fan token and be able to take part in the decision making process of the club whose fan token they posses. Some decisions which can be accessed by fans using the fan token include the challenges between the players, stadium design, t-shirt templates exclusive, marketing, ai celebratory hymns and so much more. Fan token holders could also get special experiences like an opportunity to spectate live matches of their favorite club, get to meet their favorite athletes or even recieve t- shirts with the autograph of their favorite athlete.
Currently, Socios.com boasts a top international network of more than 35 sports teams that are popularly known in the world as the best. These teams include Juventus, Atletico Madrid, Manchester City, Barcelona, Atletico Mineiro, Paris Saint Germain, The Argentine National team and Milan. Some other sporting organizations like UFC and MMA. Also, some NBA teams have also partnered with socios.com making the platform a more reliable one for creating Fan Tokens.
2). What are the effects when blockchain has entered the realm of the sports industry?
• Since it is an already established fact that the Blockchain features entails decentralisation, trust, equity of network participants as well as transparency, then with the involvement of blockchain in sports will come with a gradual fading of intermediaries. This way, there will be a reduction in cost on both the club and fan sides and also it will tend to get the fans more actively involved in the activities of their desired club thereby increasing the trust the fans have upon the club.
• Blockchain involvement in the world of sports will always open up new investment opportunities for willing investors and this time, the investors could be sport lovers. Hence, they will gain gain decision making access and also gain from an appreciation in the coin in the future.
• Blockchain involvement with the world of sporta will influence the sport world via fair and equal ticket access along side fair ticket prices. Since a decentralised system is no respecter of social or political status, then everyone who hold a fan token will gain equal access to even tickets.
• Through the Blockchain, sport athletes Salaries can now be paid in cryptocurrency. For example, Russell Okong, an NFL star is now the first American footballer to be paid a fraction of his salary in Cryptocurrency.
3). Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
Socios in my own view is a good investment vehicle.
Firstly, socios creates a platform where fans can feel like they really bring to their desired teams thereby bringing sports nearer to the fans. This fact is likeable and also coupled with the fact that these fans will gain profitable values from their investment on different fan tokens.
Secondly, sports is loved by many people. In fact, I believe that their is no one person who doesn't have atleast one sport which they love to watch or enjoy. With the continuous expansion and exposure of socios.com to the world, their will tend to be more investors on fan tokens in the future thereby causing an increase in the market price and equally bring about increase in the profit of the initial investors. A proof of this can be seen in the prices of some of the tokens such as Milan FanToken, Paris Saint Germain Fan Token or even Barcelona Fan Token whose tokens where just released in a year interval but already trading above $5 mark.
Investing in any of these Fan tokens is a good idea and an excellent plan although, you may need to investigate the desired team activities before investing
4). Explain the steps to install the Socios application in full and explore the various features in the application. (Screenshot Required)
• Firstly, I downloaded the socios.com app from the app store on my phone and after download, I clicked on open. Next thing I see is a startpage as in the screenshot below.
• Next, my mobile phone number is requested for verification of the accowhich I wish to open. After inputting my mobile number, I was sent a confirmation code via text and I quickly input it into the given space.
• On the next page, I am required to setup a username and also input my active email for further verification. Afterwards, I thick the terms and Policy box and then click on register now.
• A mail has been sent to my registered email and so i go to confirm the accout via email.
• I read up 4 simple steps that displayed and then I click on Finish.
• Next, I am notified to select a favorite team from a list of teams. I select Inter Milan.
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)• I have successfully created my socios.com account.
5). Choose a Fan Token in the Socios application and do a detailed fundamental analysis. (Screenshot Required)
Barcelona Fan Token (BAR)
BAR token which represents FC Barcelona's Fan Token can be said to be a influence/utility token which bestows upon it's holders some of Barcelona's decision making via the services of Socios. The token acts as a card of membership to its users and via this token, they stand a chance to earn exclusive rewards such as ganified utility, CHZ in app bonuses, matchday tickets, digital badges, BAR staking, exclusive experiences and more. On the Chiliz chian which runs upon the Ethereum blockchain, BAR can be found on it as a utility token and it's core functions include:
• Governance: the holders of Bar with their vote through smart contract can influence the fan decision polls which Barcelona FC publishes.
• • Reward: Via involvements on the Socios platform, holders of BAR can earn rewards.
• Staking: this is a feature that will be later unvieled where by holders can stake their BAR and earn reward in the form of NFTs.
The total supply of BAR is pegged at 40,000,000 BAR. At the kick off of it's Fan initial Offering (FTO), about 600,000 BAR tokens were distributed. Barcelona FC hold every other BAR that remains and thse BAR can be earned by direct purchase on various exchanges or by involving in community activities.
The price of BAR is $18.21 (at the time of writing) with a market cap of $60,928,365 and a coin rank of # 502 and a circulating supply of 3,350,981 BAR.
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6). Conclusion.
The fan token has been achieved by socios.com. The major aim of the fan token is to bring the fans closer to their desired teams/sport. That is, to make them have the feeling of being more involved in the activities of their desired team other than being mere spectators.
With the look of things, I believe that in the near future, almost everything in the world of sports will be brought to the Blockchain to recieve conscent from the fans who hold their various fan tokens. Activities like signing a player or realeasing a player is likely to become decisions that would be left to the fans to make via fan tokens.
Regards to professor @wahyunarul