Leeds United has launched a crypto-based fans token

16 Oct 2021 08:37 am, by YorkshireSquare


English professional football club Leeds United is set to roll out a fans token program known as the $LUFC Fan token. In this setup, fans may use customized digital currency known as the $LUFC token to purchase digital assets on the Socios.com platform. The arrangement is a collaboration with the blockchain titan Chiliz through the rewards app known as Socios.com. The move will see Leed’s supporters gain a richer digital gaming and bonding experience as they can safely and securely collect digital assets through Chiliz blockchain technology.

Once the system is completely rolled out, the Club will have joined ranks on the digital platform with other industry heavyweights such as AC Milan, Barcelona, Juventus, and PSG. It is a welcome arrangement that opens up various gaming opportunities on the Socios network for fans. One of the most attractive elements is that subsisting season ticket holders will be eligible for some free $LUFC Fan tokens.

For gamers, this collaboration is an innovative and revolutionary step. They shall now be able to engage in a vast array of activities regardless of their global location. Players will engage in international tournaments, games, quizzes and have access to exclusive Club related content. More than that, participants will enjoy access to exclusive discounts and promotions as well as a chance to win exciting exclusive rewards. Also, the adoption of cryptocurrency as a mode of payment will cut down on the transaction time, as gamers can transact in real-time and with fewer intermediaries.

More importantly, fans can now be a part of the Club's decision-making as they can access and exercise their voting rights on the platform. Leveraging blockchain technology allows fans to be more actively engaged and enjoy the gaming experience thanks to premium technology such as augmented reality and geolocation features. The Chiliz platform has massive reach so far as digital gaming is concerned and has indicated its intention to expand even further by the close of 2021.

Undoubtedly, sports fans worldwide will welcome more Fan Token launches under the Leeds and Chiliz collaborative network. However, the benefits notwithstanding, the proposed setup has also come under criticism, with some individuals condemning it as an attempt at monetizing fan engagement.

The Leeds United Supporter's Trust is at the forefront of the critic's movement and has expressed alarm when clubs require fans to pay money to engage with their clubs. Also, critics argue that allowing only those with access to the tokens to have a voting right is tantamount to sidelining loyal fans. It has been contended that some fans though loyal, may not be able to onboard the platform. Critics further argue that these voting rights may wind up in the hands of non-Leeds United fans, thereby effectively giving non-fans a disproportionate voice in club affairs.

Others have also expressed concern over the adoption of cryptocurrency on the platform, citing fears over its non-regulated nature and its propensity to fluctuate in value. Critics also argue that allowing non-Leeds United fans to invest in the $LUFC Fan token gives them an unfair financial advantage over loyal Leeds fans who may not be on the platform. According to the Trust, the non- Leeds fans who purchase these Tokens stand to reap financial rewards from the system even as the loyal fans miss out on these opportunities.

Regardless, the Club's management maintains that there is nothing to worry about, as the engagement and voting rights will mainly revolve around inconsequential and non-sensitive subjects. Only time can tell whether these concerns and claims are valid or not. For now, the roll-out remains on course, with fans of the collaboration eagerly awaiting to jump on board the new platform.