Altcoins: FC Barcelona Fan Token (BAR) - What Is It? - A Deeper Look Into the FC Barcelona Fan Token (BAR) Platform
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Summary:
- What is The FC Barcelona Fan Token and how does it work?
- What makes the FC Barcelona Fan T exchange unique?
- FC Barcelona Fan Token’s past, present and future price positions.
The FC Barcelona Fan Token (BAR)
The FC Barcelona Fan Token (BAR) is a utility token developed in association with Chiliz, a leading global provider of blockchain financial solutions for the sports and entertainment sector. Fan tokens are digital assets with no expiration date that enable their owners to take part in quizzes, contests, and polls that are posted on the Socios.com app, a sports fan interaction platform created by Chiliz and built on Chiliz Chain.
The one and only official Barça fan token, $BAR, gives supporters a tokenized say in the direction of their preferred team. The token was developed with the intention of uniting the neighborhood and drawing a large audience by facilitating communication with the soccer club.
When the BAR token was introduced in June 2020, it gave its users the option to do surveys on FC Barcelona's activities and the chance to win special prizes. Token owners vote through a smart contract, and FC Barcelona is required to consider the results and put them into practice.
Users can participate in competitions for special benefits and team recognition using Fan Tokens as a membership. Tickets to games, special fan events, Socios.com bonuses, club NFTs, and digital badges are among the rewards. Members can also acquire VIP products and services, VIP access to stadiums and match tickets, and exclusive collectibles through BAR. Users have access to the gamified utility and can stake BAR for NFT payouts.
The Uniqueness of FC Barcelona Fan token
You must have at least one $BAR in order to join the community, start influencing club decisions, and take part in Fan Rewards competitions. However, the quantity of tokens you have determines how much influence you have, and some actions might call for more than one token.
Token holders get exclusive benefits like VIP admission to Camp Nou's home stadium, the chance to meet legendary football players, the ability to attend autograph signings, and the ability to purchase team merchandise.
Barça uses Socios.com to engage with fans and collect feedback by publishing polls. BAR holders are only permitted to cast one vote, but if a user casts 10 votes, those 10 votes will be counted. Polls are restricted to a fixed number of tokens, decided upon by the club itself, in order to maintain fair results.
BAR holders receive VIP access to all home league, cup, and European matches through to the bonus system in the Socios platform.
Between a football team and its devoted followers, the Socios.com platform acts as a mediator and offers digital, safe, and transparent revenue streams. Because Socios is built on smart contract technology, the Ethereum blockchain, and a custom crowd control system, users are immune from manipulation and can only cast votes in openly verified polls.
The Chiliz Chain is used to create all fan tokens, and Chiliz is also used to power all voting on the platform. Chiliz Chain enables users to securely share data because it uses a public ledger of information that is transmitted through a peer-to-peer (P2P) network, difficult mathematics, and cutting-edge programming codes to store data.
The current market capitalisation for this crypto is currently $22,924,240. There is a maximum of 40,000,000 BAR tokens, 3,951,907 (10%) of these are currently in circulation.
Past, present and future prices of The FC Barcelona Fan Token network (BAR)
The price of BAR token took awhile to take off, BAR hit its first price peak in early March 2021 at a price of $46.77. Thereafter the price has shown volatility and has been on an overall downward trend to date.
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, BAR does fall under this category.
According to some analysts, the future price of The FC Barcelona Fan Token network (BAR) could reach up to $17.57 by 2025 and could see a price of more than $108.38 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
BAR Crypto Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, technewsleader.com
