Fenerbahçe S.K., one of the biggest sports clubs in Turkey, launched its fan token on the Ethereum blockchain.
According to reports, the club issued the token through a partnership with local crypto exchange Paribu.
The team said that the initial presale of 500,000 unlocked tokens was completed on Monday, bringing the club 15 million Turkish lira ($1.75 million) in 30 seconds.
Based on the project’s whitepaper, a total of 117 million tokens will be issued on smart contracts over the next 25 years on a yearly basis.
However, Fenerbahçe stressed that the Fenerbahçe Token would have a max supply of 190,700,000 tokens. This is in reference to 1907, the year Fenerbahçe was created.
In addition, Fenerbahçe also has a roadmap for the token burn. More so, the token burn will be triggered by the club’s achievements in some sports, including football, basketball and volleyball. And also in case of victory, championship or achievement in Europe. Talking about sports during the Covid-19, Fenerbahçe president Ali Koç said,
"The sports industry has to seek new revenue streams. He stated that being active in the crypto assets business is an important item in the club’s agenda."
In addition, Koç emphasized that Fenerbahçe met with 12 companies, both local and international, before issuing the fan token. This is after evaluating many criterias, including the potential of a token listing, user base and technical infrastructure.