Tokens have already been implemented in many respected sports clubs in the world. Juventus F.C., FC Barcelona, Galatasaray S.K., or A.S. Roma – that’s just a few global names that decided to make this move.
In the case of sports clubs, the use of Tokens is best when combined with loyalty programs (and SSO-based tools). We discuss it in our blog post Tokenization – a Game Changer for Loyalty Programs in Sports Clubs.
However, to be fully aware of the obligations, rights and privileges associated with the implementation of the tokenization process, you need to understand how Utility Tokens differ from Security Tokens (and when you should focus on the latter!).
Get to know:
- What Utility and Security Tokens are;
- How they work;
- How you can use them in sports industry;
- Their influence on Gen Y&Z.
WHAT IS A UTILITY TOKEN
Utility Token, as the name suggests, is used to provide purchasers with a product or service they can utilise. These Tokens work as a gateway that allows users to access the network or have their voices heard through voting.
Therefore, we already know that there are three possible functions of Utility Tokens:
- Access to the network,
- Access to the product or service,
- Power to decide where the company (or sports club) goes by possessing the right of influencing the decision-making process.
You can compare Utility Token to the “improved ticket” to the movie theatre. What does this improvement stand for?
Imagine you bought a ticket and already entered the cinema hall. However, not only can you watch a movie, but you also have a chance to influence what the actors in the film do.
Nonetheless, remember that all the other spectators have a similar right. Those who possess a greater value of tickets make the decision happen. That’s just one of the possibilities that Utility Tokens give to your supporters!