區塊鏈進入主流運動的首次決定性並非來自票務或收藏品，而是來自參與

尤文圖斯（Juventus）的支持者以新發行的$ juv粉絲令牌持發式投票，挑選了俱樂部的進球歌曲。民意調查成為頭條新聞，並提出了一個簡單的想法

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).

在不斷發展的加密貨幣景觀中，新的部門和趨勢不斷出現，引起了投資者的注意並塑造了市場動態。 Sportfi是體育狂熱和分散的金融（DEFI）的融合。

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.

隨著區塊鏈技術繼續滲透到社會的各個方面，它也進入了主流運動領域。但是，區塊鏈的首次決定性舉動不是在票務或收藏品中，而是參與粉絲。早在2019年，配備了新發行的$ JUV粉絲令牌的尤文圖斯支持者就有機會對俱樂部的進球歌曲進行了投票。這項民意調查成為頭條新聞，並引入了一個簡單而有效的想法：為粉絲提供可交易的數字資產，可作為影響力，參與俱樂部決策並獲得俱樂部社區中特殊獎勵和地位的通行證。

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.

該實驗的核心是Chiliz，Chiliz是一家區塊鏈初創公司，致力於為粉絲開發引人入勝的互動體驗。該平台的本地硬幣是$ 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.

快進五年，從巴塞羅那足球俱樂部和曼城到AC米蘭的70多個俱樂部都在Chiliz的消費者Gateway上推出了粉絲令牌。該平台於2024年開始於2021年，到2024年底，該平台已超過200萬，俱樂部民意調查，VIP體驗和商品贖回的目錄仍在不斷擴大。

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.

該行業現在被認為是Sportfi，該術語封裝了體育狂熱和Defi的融合。然而，儘管認識到這種認可，但與較長的加密垂直行業相比，SportFI的市值仍然相對較小。

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.

所有粉絲代幣總和的總價值約為2.4億美元，而$ CHZ本身，即使在2024年後期的牛市中翻了一番以上，但仍低於其2021年峰值0.95美元的95％左右，或者僅為3.7億美元的市值。

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

換句話說，操場很小，但是建築是建造的。如果投資者的注意力轉向SportFI，那麼價格彈性可能會非常極端。

A Token with Utility, Trust and Identity

具有實用性，信任和身份的令牌

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.

粉絲令牌比大多數敘事硬幣更堅固。每個人都是由數十年來的現實世界特許經營（通常是一個多世紀）發行的歷史和現成的全球社區。與尤文圖斯文化的數字成員相比，持有$ juv在一個匿名項目上的投機性平底鍋少，而較小的投票權，忠誠度，折扣以及宣傳端的見面會的機會。

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.

聲譽還建立了該模型：例如，巴黎圣日耳曼（Paris Saint-Germain）在Chiliz鏈上運行驗證者，並將靜止獎勵直接引入其代幣財政部，表達長期一致性，而不是短期籌款。

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.

真正的效用的存在不會使這些代幣免疫投機。稀薄的訂單書籍和小浮子意味著令牌可以使現場表現猛烈地將其脫離；儘管俱樂部蓬勃發展，許多人還是比歷史最高點的高度低70％至90％。但是，這種波動率都削減了兩種方式，因為風扇代幣的最獨特的特徵是它們對體育新聞的敏感性，這是一種催化劑，這很大程度上設置在加密宏觀週期之外。

Trading the Pulse of the Stadium

交易體育場的脈搏

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.

歷史提供了生動的案例研究。 2022年4月27日，國際米蘭（Inter Milan）投降了意甲領先優勢，震驚地擊敗了博洛尼亞。 $ Inter Token在幾分鐘內下降了約10％。另一方面，AC Milan當晚佔領了最高點，其ACM代幣在不到八個小時內就增長了60％以上。

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.

離心發展可能同樣具有爆炸性。萊昂內爾·梅西（Lionel Messi）於2021年8月轉移到巴黎圣日耳曼（Paris Saint-Germain）的謠言在一周內激發了170％的集會，後來俱樂部確認球員在粉絲代幣中的簽約獎金的一部分。

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

最近的一個示例展示了粉絲令牌市場中出現的短期機會。 4月24日，Tether宣布增加了在尤文圖斯的股份，現在持有俱樂部股本的10.12％以上（授予6.18％的投票權）。該新聞在Tether的博客上發表於12:46左右（以下圖表上的紅點標記），在15分鐘內，$ juv上漲了45％以上，交易量的峰值達到了20段平均值的14.5倍。對於很快做出反應的新聞交易者，這是緊隨其後的教科書勢頭機會