Blockchain-based sports activities participation platform IQONIQ sees its native token IQQ soar as demand for fan tokens continues to extend.
Sports Fans Meet Bittrex Fans
After ending its first day’s buying and selling at $0.265, IQQ surged to only underneath $0.60 within the early hours of March 27. At press time, IQQ trades at $0.49.
The itemizing is the primary for IQQ because it ramps up efforts to propel blockchain-based sports activities participation into the mainstream.
IQQ is a utility token that helps IQONIQ’s FanEcosystem and is ready to incorporate the a lot anticipated IQONIQ utility. The app will permit IQQ holders to entry merchandise, tickets, memorabilia, and prizes related to their favourite sporting groups.
Indeed, the beta model of the app boasts a stellar listing of sporting companions from soccer, rugby, and cricket, to Formula One.
Fan Tokens Are in Demand
The fan token trade is hovering in recognition, after a number of blockchain-based sports activities platforms introduced collaborations with main sporting groups.
IQONIQ rival Chiliz is at present the most well-liked within the area. Last 12 months, Chiliz launched the primary official fan tokens for Paris-St-Germain (PSG) and Juventus (JUV) on Binance Launchpool.
Both tokens – PSG and JUV – trippled in worth throughout the first 48 hours of itemizing on Binance. Their success impressed a number of extra main world-champion soccer groups to leap on the bandwagon.
These embody AC Milan, Barcelona, and Manchester City, amongst many extra. As a outcome, Chiliz’ personal utility token hit a market capitalization of $1.three billion in lower than a 12 months after launch.
What Next for the Space?
With the evident progress in demand for blockchain-based fan participation, IQONIQ is positioning itself to capitalize on stated progress.
Indeed, its plans are formidable, as they must be to rival trade chief Chiliz. Not solely will IQQ grow to be obtainable elsewhere, with extra advantages and incentives added, however the IQONIQ workforce has main plans for the ecosystem.
IQONIQ plans to mint and launch sports-themed non-fungible tokens (NFTs) into the market in bid to trip the NFT hype that at present permeates the cryptocurrency area.
Moreover, customers will be capable of mint their very own NFTs. They can memorialize ceaselessly iconic events, groups and people within the sporting trade.
The Olympic Games and FIFA World Cup are usually not too far off. IQONIC, and the broader fan token trade, will likely be poised to run with it.
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