AC Milan, in partnership with fintech blockchain company Chiliz, launched the $ACM Fan Token on the world’s biggest cryptocurrency exchange Binance yesterday (February 24th) at 12:00 CET.
The listing resulted in trading volumes of $50M USD in the opening 30 minutes and the generation of $6M in new digital revenue.
AC Milan initially launched their $ACM Fan Token on Chiliz blockchain-based fan engagement platform Socios.com earlier this month and are part of a network of 23 major sporting and esports organisations who have teamed up with Chiliz to launch Fan Tokens.
Fan Tokens are digital assets that allow users to access a range of benefits, including the right to vote in club polls, VIP rewards, exclusive club & sponsor promotions, games, chat and ‘super-fan’ recognition.
Casper Stylsvig, Chief Revenue Officer of AC Milan said: “The listing of the $ACM Fan Token on Binance, made possible by our partnership with Chiliz, has proved to be a remarkably successful strategic move.
“Very early into our partnership we fully understand just what a powerful fan engagement tool Fan Tokens can be for us and how they can play a major role in our long-term digital and commercial strategy.”
Fan Tokens generated over $30M USD in revenue in 2020 that was shared with Chiliz clubs and partners, creating a new digital revenue stream and helping clubs overcome the shortfalls caused by the impact of the pandemic. The Fan Token Market cap currently stands at $194M. Many more leading organisations from football, other sports, esports and entertainment are primed to launch Fan Tokens in 2021.
Additional Chiliz Fan Token partners include the likes of FC Barcelona, Galatasaray and Trabzonspor. Leading esports organizations Team Heretics, NAVI, OG and Alliance have all launched Fan Tokens, while UFC have signed a global fan engagement agreement and fellow MMA organisation the Professional Fighters League will launch a Fan Token in the coming months.
Founded in 2018 Chiliz ($CHZ) is a fintech blockchain company that provides sports & entertainment entities with tools to help them engage & monetize their global audiences. The company has multiple office locations around the world, including Malta, France, Turkey, Korea, Switzerland and South America and employs nearly 100 staff. In 2021 the company will open new offices in Madrid and New York.
Alexandre Dreyfus, CEO & Founder of Chiliz and Socios.com said: “The $ACM Binance listing provides more concrete evidence of the revenue generating potential of Fan Tokens.
“In just a few short hours the club generated revenues to help account for the millions lost due to the impact of the pandemic.
“Fan Tokens are a powerful engagement and monetization tool, providing our partners with a high potential new revenue stream that can help clubs make up for the shortfalls of the last 12 months.
“The current Fan Token market cap stands at $194M, but I’m looking forward to watching this evolve into a $1 billion dollar ecosystem, where the world’s leading sporting and entertainment properties will have their proprietary digital assets listed on the biggest global exchange.”
More details on the evolution of $ACM since launch can be found here: ACM CoinMarketCap.
Fan Token transactions can be viewed on the Chiliz Blockchain Explorer.
