Aston Martin, Alfa Romeo to launch cryptocurrency F1 fan token
Aston Martin and Alfa Romeo have become the first Formula 1 teams to launch cryptocurrency fan tokens on the popular Socios platform.
The two F1 teams will join football clubs like FC Barcelona, Manchester City, Paris Saint-Germain, Juventus and AC Milan in offering fan tokens through the Chiliz blockchain.
The fan tokens can be brought by fans, and offer their owners the chance to take part in voting decisions, earn VIP rewards or get involved in exclusive promotions. The tokens can also be traded on the crypto markets.
Aston Martin's commercial director Jefferson Slack said: "We're proud to be joining an exclusive roster of global sporting properties all working in partnership with Socios.com. This really gives us the best possible opportunity to give our fans a seat at the table and help us to tell our story in a new and exciting way."
Alfa Romeo team principal Fred Vasseur added: "The world of fan engagement in F1 is evolving and Alfa Romeo Racing ORLEN is at the forefront of this exciting new realm.
"Launching a fan token is going to provide our growing legion of fans with a new way to interact with the team, which is a key aspect in our quest to bring our followers closer to the team with everything we do."
As well as offering fans a chance to integrate more with their favourite teams, the tokens offer a good revenue streams for those squads that sign up.
Teams get a percentage commission of each token sold, plus a share of trading fees that are generated from the buying and selling of the tokens on either big exchanges like Binance or with the Chiliz crypto platform.
Lance Stroll, Aston Martin AMR21
Photo by: Steven Tee / Motorsport Images
Socios and Chilz CEO Alexandre Dreyfus told Autosport earlier this year: "In 2020, as a company, we sold more than $30 million of tokens for all of our partners. And because more or less we were on a 50/50 basis, it means that the clubs generated more than $15 million in total.
"There are some clubs that got more than $5 million each, which, in the COVID-19 world, is very good fresh money, and very much welcome for them."
In total, fan tokens have generated more than $150 million in revenues for those teams and organisations involved.
Last week, Socios.com announced its first motor racing tie-up with NASCAR's Roush Fenway Racing.
Dreyfus believed the arrival of F1 fan tokens on the back of their growth in other sports, heralded a new digital era.
"In the next few years a generation of passive fans will shift into active fans," he said.
"That transition will take place through transactional fan engagement on our platform.
"The biggest global sporting organisations are joining us en masse. Socios.com and Fan Tokens are here to stay and will become essential tools in the digital transformation of the sports industry."
Previous article
Wolff: F1 risks protests with "half-baked" flexi-wing tweak
Next article
Alpine already in talks with Ocon over new F1 contract
Verstappen v Hamilton: Who was at fault?
Formula 1: Sprint Qualifying analysis
The “heart-breaking” call that led to Ocon’s Hungarian GP triumph
Set to restart the red-flagged Hungarian Grand Prix in second, Esteban Ocon had some doubts when he peeled into the pits to swap his intermediate tyres for slicks. But this "heart-breaking" call was vindicated in spectacular fashion as the Alpine driver staved off race-long pressure from Sebastian Vettel for a memorable maiden Formula 1 victory
The F1 champion who became an Indy king in his second career
Emerson Fittipaldi’s decision to go racing with his brother led to him falling out of F1, but he bloomed again on the IndyCar scene. NIGEL ROEBUCK considers a career of two halves
Why Mercedes is pleased to be in the Hungary hunt at a 'Red Bull track'
Mercedes ended Friday practice at the Hungaroring with a clear gap to Red Bull thanks to Valtteri Bottas’s pace in topping FP2. But there are other reasons why the Black Arrows squad feels satisfied with its progress so far at a track many Formula 1 observers reckon favours Red Bull overall
How Red Bull endured its second car crash in two weeks
OPINION: Red Bull was justified to be upset that Lewis Hamilton survived his British GP clash with Max Verstappen and went on to win. But its attempts to lobby the FIA to reconsider the severity of Hamilton's in-race penalty were always likely to backfire, and have only succeeded in creating a PR disaster that will distract from its on-track efforts
The ‘screaming’ F1 engine future that may not be out of reach
OPINION: It wasn't just the Verstappen/Hamilton clash that had the Red Bull and Mercedes bosses at loggerheads at Silverstone, with the nature of Formula 1's 2025 engines also subject for disagreement. But hopes to have loud, emotive engines that are also environmentally friendly don't have to be opposed
The drivers that need to strike gold before F1's summer break
OPINION: Formula 1 is about to break up for summer 2021, with the title battles finely poised. But it’s not just the latest round of Max Verstappen vs Lewis Hamilton that will be worth watching this weekend in Hungary, as plenty of drivers are eying big results to change the stories of their seasons so far
How Lotus F1 uncovered, then squandered its last ‘unfair advantage’
Cast in the mould of its founder Colin Chapman, Lotus was powerful and daring but flawed – as it proved through further soaring peaks and painful troughs into the 1980s. DAMIEN SMITH examines a game-changing era
The core problems Yas Marina’s long-awaited tweaks won't address
OPINION: Changes to the layout of Abu Dhabi’s circuit aim to reverse the trend of insipid Formula 1 races there - the promoter has even described one of the new corners as “iconic”. And that, argues STUART CODLING, is one of this venue’s abiding failings
