English Soccer Team Manchester City Launches $CITY Fan Tokens

Having no intention to sit idle on the top of the Premier League, Manchester City, the English soccer team, has found a new goal, especially important for the crypto world as we read further in our crypto news.

The English soccer team entered in a partnership with the tokenization platformSocios.com in order to produce a new $CITY token that will give the opportunity to club funs to claim VIP rewards, club promotions, AR-enabled features, and a voting right in future polls of binding and non-binding club polls on the website of Socios.com.

Socios is known for partnering with top-notch soccer clubs like Juventus, AC Milan, Barcelona, and Paris Saint-Germain. All of these soccer teams have launched tokens through the Socios platform, which is run by the crypto firm Chiliz that is based in Malta. Demonstrating the ambition of Manchester City is the partnership with Animoca, the digital entertainment company with the goal of creating blockchain games and collectibles. These present the first digital assets that are related to the sport of soccer and created by Animoca.

The prospect on the cryptocurrency world of Manchester City is split in two ways. The $CITY token is a fungible token. The meaning of this is that this token can be interchanged as any other crypto, and given as a payment for goods and services throughout the cryptocurrency market. As stated on the club’s website, the $CITY token “creates a new layer of digital engagement for Manchester City’s global fanbase, bringing them even closer to the club they love.”

It is an opportunity for a new start for the bookkeepers of the club, which were under tremendous scrutiny after a two-year ban from European soccer competitions because of “disguising equity funds as sponsorship contributions.” The ban was struck down on appeal and Manchester City was cleared by the Court of Arbitration for Sport in 2020.

The goal of partnering with Animoca, Manchester City is ambitiously diving into the crypto fever of the day for digital collectibles. Non-fungible Tokens (NFTs) represent a unique digital collectible, which uniqueness can be proved in code on the Ethereum blockchain’s distributed ledger. In other words, they present a digital good that is verifiable and scarce, which cannot be counterfeited by rewriting or replacing values on Ethereum’s indelible blockchain. Non-fungible Tokens have become speaking in economical characteristics digital equivalent of the art market, that can sell as much as $69.3 million.