Blockchain's First Decisive Move into Mainstream Sport Came Not from Ticketing or Collectibles but from Participation

Juventus supporters, armed with the newly issued $JUV Fan Token, voted to pick the club's goal-celebration song. The poll made headlines and introduced a simple idea

In the ever-evolving landscape of cryptocurrencies, new sectors and trends are continually emerging, capturing the attention of investors and shaping the market dynamics. Among the sectors that have gained significant interest in recent times is SportFi, a convergence of sports fandom and decentralized finance (DeFi).

As blockchain technology continues to permeate various aspects of society, it has also made inroads into the realm of mainstream sport. However, the first decisive move by blockchain was not in ticketing or collectibles, but rather in fan participation. Back in 2019, Juventus supporters, equipped with the newly issued $JUV Fan Token, had the opportunity to vote on the club’s goal-celebration song. This poll made headlines and introduced a simple yet effective idea: provide fans with a tradeable digital asset that serves as a pass to influence, engage in club decisions, and gain access to special rewards and status within the club community.

At the heart of this experiment was Chiliz, a blockchain startup focused on developing engaging and interactive experiences for fans. The platform’s native coin is $CHZ.

Fast-forward five years, and more than 70 clubs—from FC Barcelona and Manchester City to AC Milan—have launched Fan Tokens on Socios.com, Chiliz’s consumer gateway. Commencing in 2021 with 1 million users, the platform had reached over 2 million by the end of 2024, and the catalogue of club polls, VIP experiences, and merchandise redemptions continues to expand.

The sector is now recognized as SportFi, a term that encapsulates the convergence of sports fandom and DeFi. However, despite this recognition, the market cap of SportFi remains relatively small compared to longer-established crypto verticals.

The total value of all Fan Tokens combined is approximately $240 million, while $CHZ itself, even after more than doubling during the late-2024 bull market, still trades around 95% below its 2021 peak of $0.95, or at just a $370 million market cap.

In other words, the playground is small, but the architecture is built; if investor attention shifts toward SportFi, price elasticity could be extreme.

A Token with Utility, Trust and Identity

Fan Tokens are founded on a sturdier basis than most narrative coins. Each one is issued by a real-world franchise with decades—often more than a century—of history and a ready-made global community. Holding $JUV is less a speculative punt on an anonymous project than a digital membership in Juventus culture, complete with minor voting rights, loyalty points, discounts, and the chance of a pitch-side meet-and-greet.

Reputation also builds the model: Paris Saint-Germain, for example, runs a validator on Chiliz Chain and channels the staking rewards straight back to its token treasury, signaling long-term alignment rather than short-term fund-raising.

The presence of genuine utility does not render these tokens immune to speculation. Thin order books and small floats mean tokens can decouple violently from on-field performance; many sit 70% to 90% below their all-time highs despite thriving clubs. However, that volatility cuts both ways, because the single most distinctive feature of Fan Tokens is their sensitivity to sports news, a catalyst set largely outside the crypto macro cycle.

Trading the Pulse of the Stadium

History offers vivid case studies. On April 27, 2022, Inter Milan surrendered the Serie A lead with a shock defeat to Bologna; the $INTER token fell about 10% within minutes. AC Milan, on the other hand, seized the top spot that night and its $ACM token increased more than 60% in less than eight hours.

Off-pitch developments can be equally explosive. Rumors of Lionel Messi’s transfer to Paris Saint-Germain in August 2021 sparked a 170% rally in $PSG within a week, later amplified when the club confirmed part of the player’s signing bonus in Fan Tokens.

A recent example showcases the short-term opportunities that arise in the Fan Token market. On April 24, Tether announced it had increased its stake in Juventus, now holding over 10.12% of the club’s share capital (granting 6.18% of voting rights). The news was published around 12:46 UTC on Tether’s blog (marked by the red dot on the chart below), and within 15 minutes, $JUV rose more than 45%, with trading volume spiking to 14.5 times the 20-period average. For news traders who reacted quickly, this was a textbook momentum opportunity immediately following