Boca Juniors, an Argentine soccer team, plans to create its own club using non-fungible tokens. According to the leading South American soccer club, its NFT will be created in collaboration with various companies. This initiative will allow the club to reach beyond soccer and tap into the latest NFT trends.
Boca Juniors NFT venture was not the first to be launched in sports. Tom Brady, a decorated American football quarterback, recently launched his own NFT.
Fan tokens are the most common NFTs in sports. This allows fans to take part in team activities such as jersey selection or interacting with players. These activities are key to increasing engagement.
According to a Bloomberg publication, Boca Juniors is collaborating with Socios.com in order to issue fan tokens. The tokens are expected to bring in around $10 million to the club. Boca Juniors has also partnered with Decentral Games in order to create a virtual field that encourages interaction between players and fans.
Spanish giant FC Barcelona is another popular soccer team that launched its own NFTs. The $BAR fan token tokens were sold in just two hours and generated $1.3million in revenue.