Two Formula One (F1) teams, Alfa Romeo and Aston Martin, confirmed yesterday that they would release crypto fan tokens on the platform Socios.com. This makes them the first F1 teams to release crypto fan tokens.
The tokens became available yesterday, and they will offer people the chance of being part of the team in one way or another, as they offer the opportunity to vote on decisions, earn VIP rewards, or get access to exclusive promotions. Obviously, the tokens can be traded.
The tokens will also offer those teams an extra revenue stream as they will receive a commission from each token that is sold. A part of the fees will also go toward funding the racing teams.
“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,” declared Alexandre Dreyfus, the CEO of Socios.