After the Socios fan token platform joined with UEFA to deliver NFTs and other redeemable rewards to European football fans, ASR, BAR, and ACM all saw double-digit gains.
Fan token initiatives, protocols that allow their holders to engage in the governance of their favorite sports companies and get specific NFTs and other unique redeemables, are one subsector of this market that saw a surge in popularity on February 28.
FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR), and Atletico De Madrid Fan Token (ATM), all of which are part of the Chilliz (CHZ) protocol, were the 3 gainers over the last 24 hours, according to data from CoinMarketCap.
A partnership between Socios and the Union of European Football Associations (UEFA), increased attention on football as World Cup qualifying matches continue, and the popularity of NFTs being combined with the most-watched sport on the planet are three reasons for the increase in the price of these fan tokens.
One of the drivers of the current rally could be a newly announced relationship between UEFA, the governing body for European football, and Socios, a protocol that concentrates on the development of fan tokens.
Socios becomes the regional sponsor for the Champions League, UEFA's most well-known competition, which is currently committed through 2024.
Fan Tokens will be made available for free to Fan Token holders of clubs competing in the Champions League, Europa League, and Europa Conference League as a result of this agreement.
As long as they keep their Fan Tokens on the Socios app, club supporters with Fan Tokens can win VIP experiences or free NFTs that drop during live gameplay.