What is Socios?
Socios was launched in 2018 by Chiliz founder Alexandre Dreyfus. Since its founding only four years ago, the app has expanded from representing the official cryptocurrencies of various soccer (football) teams to forming partnerships across American football, basketball, hockey, combat sports, esports, and motorsports.
In short, Socios is an app and fan token platform built by fan token technology provider Chiliz. It lets users exchange cryptocurrency tied to various sports teams, engage with said teams, and monetize their fandom through rewards.
Billing itself as a “first of its kind rewards app”, Socios aims to up the fan experience by allowing users to access prizes like meet-and-greets with their favorite sports teams, autographs from their favorite players, and other prizes through a loyalty rewards program powered by fan tokens.
How does Socios work?
Socios was built on the Chiliz Blockchain, and utilizes $CHZ as its official currency.
One of the main value adds to the fan experience that fan tokens give is their ability to influence team decisions and bring fans closer to their favorite clubs and players, so the app is tailored towards providing a convenient place where people can do just that.
There are various features on the app including a marketplace to exchange tokens, and Socios’s Token Hunt- an augmented reality experience where users can collect Chiliz tokens or Socios’s Loyalty Token, $SSU, as well as team-specific fan tokens.
Socios even offers the ability to buy NFTs through their storefront on OpenSea. Currently, various football (soccer) clubs and F1 racing teams are offering team NFTs through the platform’s storefront. Fans also have the chance to win or purchase NFTs through the app.
Socios United Fan Token ($SSU)
Socios’s official fan token besides $CHZ, the Socios United Fan Token, functions much like other fan tokens offered on the platform. That is, according to Chiliz’s announcement on the subject, holders will be able to vote on various polls that impact what happens on the app. In the future, the token may power things like the management of Socios managed organizations. mention of these plans signals the intention for the token to play a much bigger role in the future.
Currently, users can earn the token by engaging with the app and unlocking various features via gamification mechanisms, such as getting XP (experience) and leveling up.
Socios in the future
As the platform is looking to foster adoption, it is focusing on representing more major sports teams, including with various baseball teams and NFL teams, and entering into various partnerships. It has also been successful in receiving regulatory approval in different regions, such as Italy earlier this year, which has in turn improved public confidence in the idea of fan tokens.
In the future, it looks like Socios will be focusing on expanding its partnership network, as well as enhancing its gamification features. Through a partnership with digital fan engagement company Wave, there are plans to offer mobile games in its app.
was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
