Fenerbahçe S.K., which happens to be among the three most prominent sports clubs in Turkey, recently released its very own fan token on the ETH blockchain via a new joint venture with a local cryptocurrency exchange called Paribu.
The first presale of the 500K unlocked tokens was concluded this Monday, and it netted the club a total of 15 million worth of Turkish Lira (or 1.75 USD) in a mere 30 seconds.
The club revealed that the Fenerbahçe Token would have a peak amount of 190,700,000 tokens in total with reference to the year the sports club was established, i.e., 1907.
As reported by the project’s white paper, 117 million treasure tokens in total are set to be established on smart contracts over the next twenty-five years on an annual basis.
Fenerbahçe also added a roadmap for the token burn which is going to be set off by the club’s achievements in volleyball, basketball, and soccer. The white paper also mentioned that there are going to be token burns every time there is a win, tournament, or even an achievement in Europe.
Acknowledging the bleak state of soccer amidst the COVID-29 pandemic, Ali Koç, the president of Fenerbahçe stated that the sports is in dire need of seeking out new streams of revenue. He added that being active in virtual currency assets is but a crucial item in the sports club’s agenda
Koç elaborated that Fenerbahçe held meetings with twelve companies, both international and local, before going ahead and issuing a fan token. The club ended up picking Paribu as the tech partner for the Fenerbahçe Token after assessing numerous criteria i.e., user base, technical infrastructure, and the possibility of a token listing.
Discussing the contract between two parties, Koç stated that this is not a sponsorship deal, rather it is a 25-year long joint venture.
The Fenerbahçe Token was published as an ERC-20 token on the Ethereum blockchain according to Yasin Oral, the CEO of Paribu. This makes it feasible to market it on worldwide platforms in the future.
Fenerbahçe is a late entry into the Turkish fan token crazy. That being said, many fan tokens have already been distributed by a significant number of sporting teams around the nation. The Turkish Union of Clubs, which happens to represent clubs in the country’s top soccer team Süper Lig, has recently collaborated with Socios.com to discover digital income options.
