Steemit Crypto Academy Season 4 Week 1 | socios.com
1) Explain in detail what is the socios.com platform.
Socios.com is a blockchain platform that connects various sports clubs with their fans through its various features like fan tokens where fans get incentives for holding such tokens like having voting rights among other things. Socios.com was launched in 2019 and is owned by the company Chiliz a leader in fin-tech in the sports sector.
Chiliz has it own cryptocurrency $CHZ which is used to purchase the fan tokens on socios.com and is furthermore listed on other exchanges like Binance. Chiliz is an ERC based cryptocurrency that is based on the Ethereum blockchain. Socios.com can be used through using the website socios.com or using it through downloading their app. This platform is not only helpful in bridging the gap between fans and their sports teams but also enables sports clubs to monetize their fanbases as the payout is 50/50.
Socios.com is able to do what it does through collaborating with sports clubs from various sports like Juventus in football, NBA for basketball, Alfa Romeo in Motorsport, cricket and gaming, then fan tokens for those particular sports clubs are then created which fans can then purchase. Some of the examples of fan tokens include; $AFC for Arsenal, $Rouch for Roush Fenway racing, $Vcf for Valencia C.F among others.
The socios.com platform has various features which only holders of the fan tokens can enjoy. These include;
Fan tokens.
Fan tokens are cryptocurrencies created for various sports clubs on the socios.com platform and can be purchased by fans and this can be a nice way to make them feel connected to the sports clubs they support. The holders of these fan tokens get incentives like voting rights in certain decisions to be made by the sports clubs.
Fans are able to access the fan tokens and purchase them through the Chiliz exchange and also other centralized exchanges like Binance and CoinmarketCap.
To get fan tokens, one has to first get Chiliz $CHZ and then use it to purchase fan tokens on the socios.com app or website. An example of fan tokens that sold out really fast were the Barcelona fan tokens that launched in June 2020 and sold out within two hours and generated over €1.2m.
Polling Feature.
This is also another feature that can be accessed by holders of fan tokens. Basically, this feature enables fans to determine some of the decisions the club is to enforce. Some of the examples include; where sports club can allow fan token holders to participate in polls to decide on things like the song to be sung after a goal is scored by the club among others.
These are some of the current polls on socios.com.
Rewards.
Socios.com also offers rewards to token holders for opportunities they would have ordinarily missed as they are normally limited to those with connections. However, with the tokens one can stand a chance to visit a stadium for the fan’s favorite club, they can even get autographed jerseys from their favorite players in the teams they support.
2) What are the effects when blockchain has entered the realm of the sports industry?
Blockchain from its commencement starting with Bitcoin was limited to mostly financial services or to financial related services like purchasing items or paying for services however, socios.com has proved that it is actually be feasible in others areas of our normal lives. Therefore socios.com has opened the gate to thinking out of the box and incorporating blockchain use in our day to day lives. Today it is sports but since we have seen this innovation, never know something similar or totally new may actually come in other sectors like music, voting leaders among others especially sectors that depend on fandom to thrive.
Integration of blockchain in the sports industry has increased sports clubs’ engagement with their fan base. In the past the closest engagement fans have gotten with their clubs has been when they go to the stadiums to watch live matches. However, that is a small percentage of their fan base and furthermore due to the COVID pandemic fans visiting stadiums to watch their clubs play has been stopped or where allowed the numbers have been limited, therefore clubs had to look for better ways to engage with their fans and socios.com has made this possible.
It has made it possible through collaborating with sports clubs in various sports like soccer, basketball etc and fan tokens are created which fans can purchase and these tokens enable them to participate in some decisions to be made by the club through the voting rights gained when the fan tokens are purchased.
Blockchain entering the realm of the sports industry has generated new revenue streams. Ideally most sports clubs depend on sponsorships and ticket sales when people come to watch live matches, however the latter has been affected due to the pandemic thus new income streams have been crucial for any business to survive.
Socios.com has shown sports clubs that they need to monetize their fanbases but in a way that is mutually beneficial to both the sports clubs and the fans themselves. This has been possible because fans are able to buy fan tokens through blockchain platforms like socios.com and those tokens provide revenue to the sports clubs and other stakeholders and they give the fans the ability to vote in some decisions regarding the club and they get an opportunity to fell like they are part of the club.
Socios.com a blockchain platform has pushed the sports industry to look into monetizing the underserved markets as some areas looked like they could not be monetized like choosing a song to be played when the club scores. Areas like memorabilia was also limited to only physical sales however digital collectibles and unique virtual tokens have become popular and profitable like NFT where things digital are sold and this has been done for sports to.
This is also a good investment for both the sports clubs and the fans as the clubs receive a payout depending on what was contracted while fans can also trade their tokens depending on the level of demand and supply to get profits.
This kind of revenue steam is also digital which is good because blockchain is decentralized therefore creates a secure forum for transactions.
It is transparent therefore fans can hold the sports clubs and their fellow fans accountable.
It is also secure therefore can ensure transparent and accurate results for activities like voting as nothing on the blockchain can be erased due to the nature of blockchain. Activities like hacking are limited to because of the secure nature of blockchain.
3) Is socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
Socio.com is a good prospect as an investment vehicle because it leverages intangible things like loyalty of fanbases for their teams to produce outcomes that benefit sports clubs financially and also helps fans to feel apart of the team. Socios.com collaborates with various sports clubs and in various sports.
At the moment, there are over 35+ clubs which have partnered with socios.com and more are in the process therefore one can imagine the number of loyal fans that will come through to support their sports clubs. Normally, investments where all stakeholders gain live on longer or even for infinite time as stakeholders do not see why a mutually benefiting investment should be put to an end.
Socios.com has benefited sports clubs in a way that they feel connected to their fans better more than ever as they can make some decisions with fans and as they do that, they will be gaining financially through sales of the financial tokens. The fans on the other hand feel closer to their teams as they feel they have a say in some matters of the sports clubs they support through voting.
Fans also gain financially in the sense that the value of the fan tokens they are holding can increase or drop and they are to buy or sell their tokens at the right moment to make a profit.
4) Explain the steps to install the socios application in full and explore the various features in the application. (Screenshot required)
The first step is to go to play store for android users and Apple store for iOS users and download the socios application.
The search tab will be brought and one has to type in socios.com.
When the app comes one has to click download.
The app has to show that it has downloaded then one can proceed to open it.
The app should look like this when you open it.
You will be requested to enter your telephone number so that a verification code can be sent to you. This step is to help them confirm the authenticity of the device being used.
Unfortunately, up to now I am still waiting for the code after trying for three days. Therefore, I am going to explain some of the features as researched about through the other sources and the website.
One is able to acquire $CHZ on the app through payment by use credit or debit card and on acquiring $CHZ they have the opportunity to exchange them for the fan token of their preferred choice. There are over 35+ fan tokens e.g Barcelona $BAR, Arsenal $AFC among others.
On the application one is also able to participate in polls relating to certain decisions. For example, if someone had Barcelona fan tokens $BAR then they would be able to participate in the poll to pick the fan-designed message for their locker room.
One is also able to see all the partners socios.com is collaborating with as there are various sports clubs in different sports.
These are the sports from which the various sports clubs are based.
One is able to access the rewards to and they include different things like meet and greets with the athletic stars, autographed jerseys among others.
Below is a fan who received an autographed jersey from his favorite team PSG.
One is able to look up company information like their values, where their offices are based and their countries of operation. One is able to see careers to in case they want to be part of the company.
5) Choose a Fan Token in the socios application and do a detailed fundamental analysis. (Screenshot required).
$AFC is the only official fan token for Arsenal football club. This token was launched for Fan Token Offering on 12th August,2021 at a price of £2 which was compared to the price of coffee. This token is very useful because it creates such good engagement between Arsenal football club and its fans as it gives the fans holding $AFC voting rights on official club decisions though the weight of the vote is determined by how much $AFC one holds. If one has 10 $AFC then their vote will be 10.
There is no limit as to how many times one can use their $AFC tokens to vote and one is able to vote even with just 1 $AFC. The fan token $AFC also enables holders to access both real life and digital related benefits. Fans maybe able to receive prizes like for autographed memorabilia among others and also VIP experiences.
Arsenal members also receive a free $AFC fan token which is free and it’s for the holder for a lifetime however such tokens once redeemed are not traceable. After $AFC was listed more tokens were made available. The price of the $AFC is only determined by the forces of demand and supply.
Conclusion.
Fan tokens are such a genius way for sports clubs to engage with their fans through making some decisions together and Socios.com is the one that has made this possible. It is an absolutely good investment and furthermore this invention is definitely going to spread to other fields of our lives like music among others.