区块链进入主流运动的首次决定性并非来自票务或收藏品，而是来自参与

尤文图斯（Juventus）的支持者以新发行的$ juv粉丝令牌持发式投票，挑选了俱乐部的进球歌曲。民意调查成为头条新闻，并提出了一个简单的想法

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).

在不断发展的加密货币景观中，新的部门和趋势不断出现，引起了投资者的注意并塑造了市场动态。 Sportfi是体育狂热和分散的金融（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.

随着区块链技术继续渗透到社会的各个方面，它也进入了主流运动领域。但是，区块链的首次决定性举动不是在票务或收藏品中，而是参与粉丝。早在2019年，配备了新发行的$ JUV粉丝令牌的尤文图斯支持者就有机会对俱乐部的进球歌曲进行了投票。这项民意调查成为头条新闻，并引入了一个简单而有效的想法：为粉丝提供可交易的数字资产，可作为影响力，参与俱乐部决策并获得俱乐部社区中特殊奖励和地位的通行证。

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.

该实验的核心是Chiliz，Chiliz是一家区块链初创公司，致力于为粉丝开发引人入胜的互动体验。该平台的本地硬币是$ 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.

快进五年，从巴塞罗那足球俱乐部和曼城到AC米兰的70多个俱乐部都在Chiliz的消费者Gateway上推出了粉丝令牌。该平台于2024年开始于2021年，到2024年底，该平台已超过200万，俱乐部民意调查，VIP体验和商品赎回的目录仍在不断扩大。

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.

该行业现在被认为是Sportfi，该术语封装了体育狂热和Defi的融合。然而，尽管认识到这种认可，但与较长的加密垂直行业相比，SportFI的市值仍然相对较小。

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.

所有粉丝代币总和的总价值约为2.4亿美元，而$ CHZ本身，即使在2024年后期的牛市中翻了一番以上，但仍低于其2021年峰值0.95美元的95％左右，或者仅为3.7亿美元的市值。

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

换句话说，操场很小，但是建筑是建造的。如果投资者的注意力转向SportFI，那么价格弹性可能会非常极端。

A Token with Utility, Trust and Identity

具有实用性，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.

粉丝令牌比大多数叙事硬币更坚固。每个人都是由数十年来的现实世界特许经营（通常是一个多世纪）发行的历史和现成的全球社区。与尤文图斯文化的数字成员相比，持有$ juv在一个匿名项目上的投机性平底锅少，而较小的投票权，忠诚度，折扣以及宣传端的见面会的机会。

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.

声誉还建立了该模型：例如，巴黎圣日耳曼（Paris Saint-Germain）在Chiliz链上运行验证者，并将静止奖励直接引入其代币财政部，表达长期一致性，而不是短期筹款。

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会使这些代币免疫投机。稀薄的订单书籍和小浮子意味着令牌可以使现场表现猛烈地将其脱离；尽管俱乐部蓬勃发展，许多人还是比历史最高点的高度低70％至90％。但是，这种波动率都削减了两种方式，因为风扇代币的最独特的特征是它们对体育新闻的敏感性，这是一种催化剂，这很大程度上设置在加密宏观周期之外。

Trading the Pulse of the Stadium

交易体育场的脉搏

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.

历史提供了生动的案例研究。 2022年4月27日，国际米兰（Inter Milan）投降了意甲领先优势，震惊地击败了博洛尼亚。 $ Inter Token在几分钟内下降了约10％。另一方面，AC Milan当晚占领了最高点，其ACM代币在不到八个小时内就增长了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.

离心发展可能同样具有爆炸性。莱昂内尔·梅西（Lionel Messi）于2021年8月转移到巴黎圣日耳曼（Paris Saint-Germain）的谣言在一周内激发了170％的集会，后来俱乐部确认球员在粉丝代币中的签约奖金的一部分。

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

最近的一个示例展示了粉丝令牌市场中出现的短期机会。 4月24日，Tether宣布增加了在尤文图斯的股份，现在持有俱乐部股本的10.12％以上（授予6.18％的投票权）。该新闻在Tether的博客上发表于12:46左右（以下图表上的红点标记），在15分钟内，$ juv上涨了45％以上，交易量的峰值达到了20段平均值的14.5倍。对于很快做出反应的新闻交易者，这是紧随其后的教科书势头机会