European Football Fans Are Pouring Millions Into Cryptocurrencies

European football fans are pouring millions into cryptocurrencies. The security issue is cause for concern.

Today, big football teams have started to create their own tokens and NFTs by getting involved in the crypto world. It has been found that 24 European teams that have signed with Socios to engage and reward fans have sold more than $300 million in tokens through the app. Socios Chief Strategy Officer Max Rabinovich states that the tokens are designed to be stored and used by fans, rather than trading for profit. In addition, different advantages are offered to the fans, such as voting for the music to be played in the stadium, 5 percent discounts on products in digital stores, and free ticket draws. Concerns about the safety and use of these tokens continue to rise as major football clubs are thought to be changing the market by holding some of the tokens. Researchers state that fan tokens, which can be purchased with cryptocurrencies and are virtual money, are used for monetization purposes like other cryptocurrencies.