OG Fan Token ($OG) launches on Socios.com | The first ever esports team cryptocurrency
Nearly eight months after Dota 2 powerhouse OG announced their partnership with Chiliz, the team announces the launch of their own cryptocurrency-powered $OG token earlier today. Back in July 2019, OG became the first esports team to be launched on the Socios.com.
Back then, Johan “n0tail” Sundstein, CEO of OG stated:
“Socios.com is an exciting and innovative way for us to offer our fans new experiences, a means to engage with the team they love, and a part to play in the decision-making process of the club. We are proud to be the first esports partner of Socios.com in shaping the future of entertainment, alongside big sports names such as Juventus, West Ham United and Paris Saint-Germain.”
Fast forward to today and the OG Fan Token is finally a reality.
What are OG Fan Tokens?
Fan Tokens are utility tokens based on an existing blockchain. In most cases, Ethereum is the basis of most fan tokens currently in use. The value of tokens can be determined largely by their popularity since most tokens have fixed or limited supplies and their value varies by the supply and demand curve.
$OG Fan Tokens are exclusively available on Socios.com in the $OG Fan Token Offering. In the very near future, $OG Fan Tokens, as well as Fan Tokens for all other Socios.com partners will be available on Chiliz.net – the world’s first crypto exchange for sports & entertainment.
It gives fans the ability to participate in fan-led decisions and attain additional perks available only to token holders. Currently, OG opened up their token season with a poll to determine which In-Game Banner will be used by OG’s DOTA 2 Roster this season and during The International 2020.
Further down the line, OG might go the way of the traditional football teams partnered with Socios and offer exclusive discounts or match tickets through their fan token membership.
What the future holds
Nearly a year ago we wrote about cryptocurrencies and esports and how there wasn’t enough avenues for the duo to flourish. Apparently, Chiliz and Socios strongly disagree as the platforms are garnering massive attention by both traditional and esports organizations alike. There are currently seven large football clubs and one esport organizations partnered with Socios. This number is expected to swell to at least 50 this year.
On top the increased popularity, Chiliz and Enjin just recently announced their partnership which further diversifies the potential offering for fans. The latest partnership will give Chiliz the ability to create non-fungible tokens (NFTs) for all Socios partners. This in turn gives the ability to create even more limited-edition licensed collectibles and tokenizing club-specific rewards. The new tokens will be using ERC-1155 Ethereum token standard.
For OG fans and any future esports partners this means they will become a part of a cutting edge fandom ecosystem that rewards the most loyal fans with the most exclusive rewards out there. Finally, we wish OG a successful Fan Token Offering and another dominating season on the Dota circuit.