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Fan Tokens Are More Utility-Focused Than NFTs, Says Socios CEO CryptoGlobe

Alexandre Dreyfus is not a sports fanatic, nor does he play sports. The self-proclaimed “geek tech guy” is nevertheless committed to improving the experience of sports fans with Web3.

The CEO of sports fan token platform Socios spoke with Decrypt at the WebSummit in Lisbon to discuss the progress of their three-month-old strategic technology partnership with FC Barcelona, ​​the nuances and potentials of fan tokensas well as the FIFA Men’s World Cup next month in Qatar.

Socios x Barca

Socios signed a $100 million deal with European soccer giant FC Barcelona in August, to acquire a 24.5% stake in their recently created content creation center, Barça Studios, and to become their strategic technology partner in furthering Web3 efforts.

Legally, Barcelona were required to retain a 51% stake in Barca Studios – now renamed Barca Digital Entertainment (BDE) – after selling the remaining 49% in a split deal to Socios and Catalan media company Orpheus. Media.

“This deal was the consequence of a two-and-a-half-year relationship since we signed our first deal with Barca in February 2020,” Dreyfus revealed. “They were looking for a partner who would not only invest, but co-lead their Web3 initiative.”

Socios’ strategic technology partnership with Barcelona is expected to encompass the full spectrum of Web3 experiences, from fan tokens and NFTs to metaverse integrations.

“We are working behind the scenes,” Dreyfus said, adding “nothing significant will happen until the end of the year. After the World Cup, we will focus on launching new features.

“It’s going to be about trying to give more to fan token holders, but also connecting players, seeing what assets we can use from an NFT and metaverse perspective over the next decade.”

Prioritize fan tokens

“We didn’t catch the NFT hype train because we stuck to our product,” Dreyfus said. “We believe that Fan Tokens are a much more scalable and useful product from a Web3 perspective for the sports industry than NFTs as we know them today.”

NFTs are blockchain-based tokens that are used to demonstrate ownership of digital or physical assets.

Shortly after our conversation, Dreyfus was to talk center stage with Socios Global Brand Ambassador and iconic Italian former footballer Alessandro Del Piero on growing international fandom through blockchain technology.

Previewing their conversation, Dreyfus said the role of sports fans has evolved from the days when supporters exclusively watched their teams in stadiums. Today’s experience involves a multifaceted digital landscape of additional social and entertainment content in which fan status has become more dynamic and abstract, he explained.

“The reason fan tokens exist isn’t just for home/home fans, it’s really to try to go after non-home fans, the 99% of fans who aren’t in a stadium “, said Dreyfus. “But in 2022, what is the definition of a fan?”

He ventured a definition: “It’s a range of different tribes who consume the same brand as you and me, but just in a different way. And so you need different products for these different fans.

watch the world cup

As for the Qatar World Cup, Dreyfus displayed his enthusiasm for the convergence of fans around the world for the quadrennial sporting celebration. “I’m excited for this. I’m sure this will generate a lot of traction…and trigger exposure [for the Socios brand],” he said.

FIFA’s decision to grant Qatar host country status for this year’s tournament has drawn palpable backlash over many issues, including Qatar’s appalling human rights record and limited freedoms for women and LGBTQ+ people, as well as the weather-imposed interruption to all European domestic competitions. .

Dreyfus respectfully declined to share his thoughts on the debate, stating, “I have no thoughts. I’m a crypto guy so I have no idea anything else.

He shared that he hopes ‘it will be Portugal against Argentina in the final because they are two teams we work with’. It may be Messi versus Ronaldo for the ultimate GOAT showdown.

“Of course I wouldn’t mind having France somewhere along the way too,” he said. Not England?

He’s laughing. “Absolutely not!”

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#Fan #Tokens #UtilityFocused #NFTs #Socios #CEO #CryptoGlobe #crypto strategy

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