Key Takeaways
- The price of Manchester United Fan Token (MUFC) dropped over 60% after setting up a record high last week.
- The token is the creation of the iconic club’s fans and rose 600% days after its drop 10 days ago.
- Most top European clubs have signed cryptocurrency deals with companies to offer fan tokens.
YEREVAN (CoinChapter.com) – The price of Manchester United Fan Token (MUFC) dipped massively after rally by more than 600% just over a week ago, paring about 600% of those gains to trade near $0.00029, data on CoinMarketCap shows.
In detail, MUFC has come into existence due to efforts from random programmers that claim to be the fans of the Manchester United football club. Dosed with aggressive online marketing, which includes an airdrop, the creators have grown their community in a short period.
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Meanwhile, users have flocked to enter the MUFC community on a promise that holding the token would grant them voting rights on its governance, the same as how the leading decentralized finance models operate.
Besides having a say in the token allocation modifications, holders of the token will also have the right to register for the fan rewards and incentives. The MUFC token also allows the fans to purchase upcoming NFTs from some of the most iconic moments of the club’s history.
To give fans broader accessibility, more functionalities, and lower transaction costs, the group has issued the MUFC token on the Binance Smart Chain (BSC) as a native BEP-20 token.
However, despite the massive dip, the project seems undeterred. The team has now applied to CoinGecko to list the Manchester United Fan Token (MUFC) on their platform.
While one can find the token on CoinMarketCap, the listing comes with the following warning,
“This Project is not affiliated with Manchester United. Please do your own due diligence.”
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Commercial crypto deals rampant in the Premier League
As the cryptocurrency craze grapes the world of sports, soccer has seen a parabolic rise in crypto involvement. Other than individual stars charting deals with organizations, football clubs have started going down that path as well. Major European soccer clubs have already signed partnership deals to offer fan tokens in their club’s name.
One particular company, Socios, has dominated the fan-token market. Several big names in European football have partnered with Socios, including Manchester City, Arsenal, Everton, Juventus, Aston Villa, AS Roma, Paris Saint-Germain, Leeds, etc.
The Socios platform’s in-house economy functions using the native Chiliz (CHZ) tokens.
But crypto partnerships are most visible in the English Premier League.
Seventeen of England’s twenty Premier League clubs have signed a variety of crypto-partnerships. These partnerships have now monetized most fan-oriented policies of the club. For example, fans would traditionally have the right to participate in minor club decisions through online votes. Now, however, such decisions will be exclusively available to those holding fan club tokens.
This has drawn the ire of club supporters who disapprove of the complete monetization of fan involvement.
With the Manchester United Fan Token nosediving, the project will look to recover from its IDO scheduled on Dec 3.
