$ 29,399.00 2.68%
$ 1,987.53 2.20%
$ 50.04 3.86%
$ 0.084364 2.54%
$ 7.74 2.54%
$ 1.41 0.57%
$ 0.000169 12.71%

Fan tokens records 60% jump in market cap since June

Fan token

TL; DR Breakdown

  • Fan tokens have surged 60% since June
  • CITY and PSG fan tokens are leading the surge
  • Socios CEO predicts a rise in the market in five years

The crypto market has been faltering in the last few weeks as Bitcoin has continued to lead the market in a bearish direction. Although most of the assets are witnessing losses, the token holders are still in profit. This is because tokens have seen a massive uptick to register massive profits over the last few months before the bearish run. One such is the Fan token, where the market cap of the tokens in the ecosystem has pushed above $150 million since the start of June.

CITY and PSG fan tokens are leading the surge

Going by a recent data culled from FanMarketCap, an analysis website of the Fan token, their estimated cumulative market cap is around $417 million. This figure shows a massive 60% rise from the previous $260 million that the tokens boasted in June. The Fan token also witnessed a spike in market capitalization, which is presently pegged at $270 million.

Taking a wide look at the tokens taking the lead in the ecosystem, the Manchester City and the Paris Saint Germain tokens are the top two tokens. These tokens were built on the Chillz network and are issued by the leading producer in the market, Socios. Taking the lead regarding market cap is PSG token boasting of $49 million, with the CITY token coming in second place at $38 million.

Socios CEO predicts a rise in the market in five years

Binance is also a major player in the fan token scene, with the crypto exchange debuting its token in the market around October. The LAZIO token is also another token up there with a market fap of around $51 million in market cap. According to a recent recap on sales, the CEO of the Socios platform, Alexandre Dreyfus, recently mentioned that they had registered sales of about $250 million on all tokens since inception.

In his market review, Dreyfus mentioned that he sees the market hitting $10 billion in about five years. Holding fan tokens open the holders to several benefits and advantages across the company. In terms of football clubs, the members have a higher ranking among members and have a say regarding certain decisions at the club.

Dreyfus talked about the differences between digits assets and fan tokens in his statement. He mentioned that the holders of fan tokens could not sell or exchange them, whereas holders of digital assets can do that. The CEO also said that coin aggregator websites such as CoinMarketCap and CoinGecko have, over the few months, reflected a wrong price of the social and fan token. A typical example is the Manchester City token which goes for $10 but is listed as $2 on both platforms.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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