Fan tokens: Could they help crypto’s image revival?

For years, the crypto world has wrestled with a reputation problem. From extreme market volatility and “rug pulls” to regulatory scrutiny and memecoin mania, it’s not hard to see why many outsiders still view the space with skepticism. But one corner of Web3 might just be what the crypto industry needs to polish its public image: sports tokens.

Once dismissed as gimmicks or glorified loyalty programmes, fan tokens are rapidly evolving into powerful tools that bring Web3 utility into the real world – connecting fans and clubs, reshaping engagement, and building online communities in ways that traditional platforms struggle to replicate.

Sports tokens, particularly those launched through platforms like Chiliz and Socios.com, have seen impressive adoption in the last few years. Clubs like Paris Saint-Germain (PSG), Barcelona (BAR), and Manchester City (CITY) were among the first to jump into the blockchain pool, releasing tokens that offered voting rights, rewards, and access to exclusive content. More than 20 European clubs now have their own tokens, and even national teams such as Italy, Brazil, Argentina, and Spain have gotten in on the act. 

Initially, these tokens felt like fluff – vote on the jersey colour, get a discount on merch. But over time, teams have layered in deeper functionality: VIP access to games, meet-and-greets, behind-the-scenes media, and even influence over strategic decisions like selecting pre-season opponents. These aren’t just tokens anymore; they’re digital access to a community-driven sports experience.

And they’re gaining traction. According to recent research, over 50% of fan token holders actively participate in polls and club decisions. In an age of passive fandom, this level of interaction is a seismic shift. Crypto and community are coming together.

Real-world passion

One of the most exciting features of fan tokens is that they tap into real-world emotion. Fans aren’t just speculating – they’re investing in their passions. A lifelong Barça supporter doesn’t buy a token looking to make a quick profit; they buy it because it enhances their connection to something they already care about – their club. The same for any football or sports fan.

This emotional investment is a stark contrast to much of crypto’s speculation-driven culture. Fan tokens create online micro-economies rooted in passion, not just profit. That’s a narrative crypto desperately needs. Even more compelling is the structure: the most successful tokens don’t promise outsized returns – they offer access, influence, and exclusivity. And for once, these promises are being kept. Through apps like Socios, users can trade tokens, climb fan leaderboards, and unlock experiences no amount of fiat can buy.

Community: the killer app

Fan tokens are proving that a tokenized community, with the right incentives and feedback loops, can thrive without speculative mania. Take Atlético Madrid, which recently celebrated five years of fan token integration. Over that time, its token evolved from a basic interaction tool into an essential part of the fan ecosystem – used to unlock exclusive digital collectibles, influence game-day experiences, and connect fans across geographies on one shared platform. The club has built something social media never could: a shared sense of purpose with real stakes. Now imagine this replicated across not just football, but basketball, Formula 1, MMA, and extreme sports.

Crypto’s new wildcard

This brings me to Tigershark, a newly launched fan token aimed at the extreme sports community. Think BMX, skateboarding, BASE jumping, wingsuit flying – sports that already thrive in tight-knit online ecosystems. Tigershark is betting big on the idea that adrenaline junkies will pay for more than GoPro footage; they want governance, exclusive access, and up-close excitement.

When an athlete completes a high-stakes challenge, rewards are unlocked for users holding what Tigershark calls “the world’s first extreme sports token”.  “We’re not rewarding attention. We’re rewarding courage,” said Tigershark CEO and co-founder Rami Ajami. “In crypto, people talk about community. We’re putting it on the line — literally.”

According to its whitepaper, Tigershark will allow fans to vote on athlete sponsorships, help decide course designs for competitions, and even propose new formats for livestreamed events. Its creators are working with streaming platforms and merch brands to integrate token-gated content and early-access gear drops.

It’s raw, risky, and undeniably Web3 – and that’s the point. Tigershark could become a case study for how niche communities can use tokens to decentralize decision-making and monetize engagement without turning their culture into a cash grab.

From tokens to trust

Of course, fan tokens still face hurdles. Prices remain volatile, and speculation hasn’t disappeared. But that’s true of every crypto asset. The difference here is intent. Fan tokens don’t promise get-rich-quick schemes – they ask you to participate in something you already love, in the hope you will hold your tokens over the very long term.

And in doing so, they humanize crypto. They show what it can look like when blockchain stops being a buzzword and starts solving real emotional and social problems.

As more teams, athletes, and fan bases join in, expect to see this corner of Web3 grow into a full-fledged ecosystem. The next wave of adoption might not be from some new technology or change in regulations. Instead, it could come from the simple human urge to belong, vote, and cheer – together. Sports tokens make crypto more relatable and could help in the drive towards mass adoption.

Justin Harper is a freelance business, finance and crypto writer and editor who has worked for the BBC, FT Business, Daily Mail and Campaign Middle East during a career spanning more than 25 years.