The Ukrainian soccer team Dynamo Kiev launches its own fan token and a digital market driven by blockchain technology.
Dynamo Kiev token
According to Monday’s announcement, the team established cooperation with Moonwalk, a company that specializes in creating digital economies for brands. Together, they will launch a set of loyalty programs for club fans.
Dynamo Kiev fans will be able to earn digital tokens through “social action” such as match prediction or engaging in social media. Tokens can be issued to access club item drops, participate in VIP events or receive a discount when purchasing at the stadium. The tokens will also enable fans to purchase digital collections on the digital market.
The tokens will be integrated with the mobile application, thanks to which their holders will be able to use them both online and offline.
The soccer club says the partnership will help mitigate some of the damage done to the sports industry from the coronavirus pandemic. As the stadiums are largely empty, more and more football clubs are looking for alternative sources of monetization.
Blockchain and sport
Dynamo Kiev joins the relatively long list of football clubs that are releasing digital loyalty tokens for their fans. FC Barcelona, Atletico de Madrid, Paris Saint-Germain and Juventus are some of the biggest clubs to have launched similar programs in recent months. However, these teams did so with the help of Chilliz and Socios.
Ukraine openly supports blockchain technology at the government level, and its Ministry of Digital Transformation is working on creating clear and friendly regulations for companies in the digital asset industry. It even recently launched an educational training course on cryptocurrencies in partnership with Binance. The project consists of eight episodes ranging from 6 to 12 minutes that explain the basic concepts of cryptocurrencies and blockchain.
Dynamo Kiev is part of the Ukrainian duopoly of football clubs, often fighting for the first place in the national league with long-term rival FC Shakhtar Donetsk. This club won the Premier League 2020, although it failed to move beyond the Europa League group stage and did not qualify for the Champions League.