[Beginner Course] Steemit Crypto Academy Season 4 Week 1 | Socios.com - Blockchain Based Platform For Sports Industry
Assalamualailum,
Today I am going to discuss about the homework task given by Professor @wahyunahrul which is about Socios.com in which we look upon the fundamentals of blockchain based platform for sports industry. So let's get started,
1). Explain in detail what is the Socios.com Platform?
Socios is a platform created by Chiliz and Chiliz itself a token based on Ethereum blockchain and is available as one of ERC-20 token.
The objectives of this platform is very clear and straight, which is to bring the crypto currencies in the sports sector. For this purpose Socios.com is created and right now there is not any real competitor of Socios platform in this sector. This means that Socios will widespread in sports and right now they partnered with big football clubs, wrestling organizations and cricket teams around the world and with them they produce different Fan Token through which fans of their respective teams can gain more of their loyalty by buying their fan tokens and through them they can access to the official polls and rewards .
Polls, Rewards and Fan Tokens are the three main features of this platform.
POLLS:
In polls, fans can vote by using their respective teams fan tokens. These polls are officially post by the clubs and teams and many examples are there in which these polls effect the official steps of different clubs and teams.
FAN TOKEN:
We can get these fan tokens by trading on Chiliz exchange. These tokens are pair with chiliz and chiliz is based on Ethereum block chain so there are many other exchanges like Binance, Upbit, ZT, HitBTC etc.
Through fan token you can participate in polls and have a chance to win rewards.
REWARDS:
The rewards can be of many types for example clubs invite fan token holders for club tours and they can also meet with players and free tickets of matches etc.
2). What are the effects when blockchain has entered the realm of the sports industry?
Ever since Blockchain indulges in different industries of food, science and business it effects and revolutionize the structure of these fields and now since it enters in sports sector it has already started to impact the sports world through sponsorships and another main feature is the volatility of this market as the clubs and leagues made big profits when the values of tokens hikes.
If we look at the nearest ventures happened in sports sector which had highly effected the market of these clubs and teams.
- The news of Lionel Messi leaving Barcelona highly affects the Barcelona coin it was at $20 in the first week of August but on 9 and 10 August it increases to $29.
- Similarly on same date when Messi arrives in Paris to join PSG the value of PSG coin sky rocketed from $21 to $61 this shows that crypto can earn you more in sports sectors much easily.
- In the last week of august Cristiano Ronaldo leaves Juventus which results in the significant drop in the value of Token.
The one of the important project of DeFi is NFT which is now very popular not only among the leagues and clubs but players are personally taking interest in this project.
- Lionel Messi has its own NFT's collections as "Messiverse" on blockchain platform Ethernity.
- Spanish LaLiga enters in NFT and blockchain system by introducing Fantasy Football Cards.
3). Is Socios.com a good prospect as an investment vehicle? Explain your personal opinion along with strong evidence.
As I discuss in 2nd answer that how blockchain is changing the sports sector and taking Socios as its interim branch in this field it is obvious that in the future it will strongly and positively attract and interact the sports and fans and provides many advantageous features through it.
Having partnership with some clubs having biggest fanbase automatically enables the success because in this way the success is imminent.
Although from a fan perspective, he always wants his club to be on top in every sector due to which millions on fans buying tokens of their favorite clubs not only increased the clubs revenue but Socios also get immense benefit from it and after all when the price of token increase the fans can automatically get profited.
This system is able to change the relation of fans and teams to a whole new level and with little investment fans have a chance to meet their idols and to have a tour of their favorite club.
All this makes Socios an ideal place to invest as it has not any even rival currently.
4). Explain the steps to install the Socios application in full and explore the various features in the application. (Screenshot Required)
I have installed Socios app and then I try to open it several times but at first it shows me that it is not available at my location and after that a screen appeared where loading stopped at 23% and then nothing proceed ahead.
I also try the web version of it but it is all same and it isn't responding.
So I took a review of the website and checkout the publications and different sections of Socios.com.
5). Choose a Fan Token in the Socios application and do a detailed fundamental analysis. (Screenshot Required)
Since I am not able to use Socios app as it is not available in my country, so I did fundamental analysis by using Binance App and I chose Barcelona Fan Token as token.
BAR/USDT is the fan token belongs to Barcelona, a European football giant and the token is currently available on Binance and other platforms.
Barcelona and Chiliz announced their partnership on 13 February 2021 and Barcelona coin is released in the start of april.
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Currently Barcelona coin is ranked 485 on binance and has an trading volume of $22,125,329.00 and is currently traded at $19.62
And has a market cap of 65M.
Recently a fan designed mural sits inside the dressing room. The design was voted by culers from all over the world on the Socios.com app.
Socios.com has the immense future due to lack of competition and many clubs are taking interests in these platform and fans can even interact more with their clubs. Its proposal for fans to meet and interact with their clubs catches the eye and having a better trading experience at this platform which means that traders also get immense profit in the future.
That's all from my part I hope that you all like it.
I also wanted to thank @cryptoacademy for these courses and Professor @wahyunahrul for this amazing lecture and their dedication towards it.