Following the kickoff of the Olympic Games, we have introduced some move-to-earn tokens and related DeFi projects. In this article, we will introduce six prominent sports coins and tokens that might benefit from the Games, which are Flow, Chiliz, SWEAT, PSG, BAR, and CITY.
Flow (FLOW)
In 2017, Axiom Zen introduced CryptoKitties on the Ethereum blockchain, which rapidly gained popularity and caused congestion on the Ethereum network. This resulted in increased gas fees and transaction delays, and to solve this problem, Axiom Zen established Dapper Labs, dedicated to developing a blockchain capable of accommodating higher transaction volumes.
Dapper Labs published the white paper for Flow’s blockchain in 2019, and the beta version was launched in 2020. By early 2021, Flow was processing over 500,000 transactions daily, and by July 2023, it had collected over 22 million accounts.
Unlike the traditional blockchains, where each computer stores the entire history and handles all tasks, Flow's computers are divided into four groups: collecting, agreeing, executing, and verifying, so that transactions can be processed with higher efficiency. Right now, there are over 440 computers making up the Flow network.
Flow has its own smart contract programming language called Cadence, developed with support from Meta Platforms developers. Cadence focuses on providing safety, security, enhanced auditability, readability, simplicity, and ease of use for developers.
Their coin, FLOW, is normally used for peer-to-peer exchanges, paying for transactions, and staking to earn yield. It could also be used as a deposit for data storage and as collateral for secondary tokens.
Chiliz (CHZ)
Chiliz was established in 2018 by Alexandre Dreyfus. It operates the first sports-based crypto exchange, allowing fans to trade customized fan tokens and participate in club-based surveys and pools. These tokens give fans voting rights, with more tokens resulting in greater voting power. Fans also benefit from discounts, promotions, limited content, and winning prizes by joining their games.
Socios is the first consumer-facing product of Chiliz, a scalable app that lets fans acquire tokenized voting rights in their favourite clubs. It allows fans to engage with their teams and access unique rewards, including experiences, prediction games, and match-day challenges.
Chiliz’s success can be credited to many factors, for example, its customer-oriented products and services. Products and services are easy to use, even for new cryptocurrency users. Socios and Chiliz Exchange, too, have user-friendly interfaces and a responsive customer support system. Chiliz has not experienced any security hacks so far.
The ticker of Chiliz’s token is CHZ.
Sweat Economy (SWEAT)
Sweat Economy has its own fitness app, Sweatcoin, that rewards physical activity with SWEAT tokens, which can be donated, used for purchases, or exchanged for other cryptocurrencies. Founded in 2016 by Oleg Formenko and Anton Derlyatka, it initially focused on fitness incentives. After six years, they introduced SWEAT tokens, operating on Ethereum and NEAR networks, to add crypto rewards.
The app has over 63 million users and nearly 300,000 of them participate in the crypto rewards system. Unlike other cryptocurrencies, Sweatcoin users earn tokens simply by moving, without needing expensive equipment or staking. The app tracks activity using GPS and motion sensors, verifying legitimate movements with algorithms.
Sweatcoin's features include:
- Earn double rewards for a selected 20-minute daily activity period
- Watch promotional videos for gift boxes (0–1,000 SWEAT) and earn 0.95 SWEAT for every 1,000 steps (up to 10,000 steps)
- SWEAT tokens can be used to buy goods and services like fitness gear, electronics, and gift cards in the app's marketplace. Users can also transfer SWEAT tokens to crypto wallets, trade on exchanges, or stake tokens to earn rewards.
Launched in September 2022, SWEAT tokens are minted based on user activity. Initially, users earned 1 SWEAT for every 1,000 steps. This rate decreases over time to manage the token supply. After one year, it drops to 0.33 SWEAT per 1,000 steps, and after five years, it reduces to 0.02 SWEAT per 1,000 steps. Users can mint a maximum of 5 SWEAT tokens daily to prevent inflation, with the possibility of increasing this limit by staking tokens.
Next, let's have a look at some fan tokens.
What Are Fan Tokens?
A fan token is a type of token that allows sports teams, entertainment franchises, and other organizations to create a digital currency specifically for their fans. These tokens offer fans the opportunity to engage with their favourite teams or brands in new ways, such as by voting on club decisions, participating in exclusive events, and accessing special rewards and merchandise. Unlike traditional cryptocurrencies, fan tokens are typically linked to a specific organization and provide unique benefits and experiences for token holders. They are usually issued on blockchain platforms and can be traded on various crypto exchanges.
Paris Saint-Germain Fan Token (PSG)
Paris Saint-Germain Fan Token (PSG) is a cryptocurrency linked to the PSG football club, often rising in value with significant club events (The token had once doubled its price because the club had signed Lionel Messi as its player.)
In 2020, Socios introduced fan tokens that are fungible and can be redeemed for exclusive merchandise or experiences. Fans purchase Chiliz (CHZ) to acquire PSG tokens, which run on a proof-of-authority sidechain on Ethereum. There is a limited supply of these tokens, which can be traded and used to earn points for VIP prizes.
Holding PSG tokens allows fans to support and influence their club through interactions and decisions, promoting engagement.
Other features are:
- Participate in surveys and polls regarding the team's decisions.
- Earn rewards for participating in activities related to the team.
- Gain exclusive access to VIP experiences such as meet-and-greets with players.
- Receive discounts on merchandise.
FC Barcelona Fan Token (BAR)
FC Barcelona Fan Token (BAR) is a utility token created by FC Barcelona in partnership with Chiliz. Launched in June 2020, the BAR token allows fans to participate in surveys related to the club's activities and earn unique prizes. Votes are conducted using smart contracts, mandating FC Barcelona to consider and implement the poll results.
With BAR, members can obtain exclusive VIP goods and services, gain entry to VIP stadium areas, acquire match tickets, and collect rare items. Users can also choose to stake BAR tokens to earn NFT rewards and access gamified features.
Manchester City Fan Token (CITY)
Manchester City Fan Token (CITY) is a decentralized cryptocurrency aimed at rewarding supporters of the Manchester City football club. Introduced in March 2021, it builds upon the achievements of the Paris Saint-Germain Fan Token on Socios.
CITY allows fans to engage with the club by participating in decisions and exclusive events. Fans can vote on team-related choices, such as uniform colours and the captain's armband design.
Holders of the token can also gain access to exclusive games, apparel, and events, as well as special opportunities like visiting the player’s area in the stadium.
So, that is all for the quick list of the 6 sports coins and tokens you should be aware of. For more insights on the market performance of these coins and tokens, you can visit CoinEx and make efficient and well-calculated investment decisions!
Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.
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