The Fan-Club of the future: Blockchain-Based Community Tokens
This report reviews Blockchain and its technical aspects to create a Fan-Token. In this report, tokens, their different variants, protocols, NFTs and communities are explained. The report will culminate in a Use Case about the potential implementation for the football club FC Basel.
Alex Herzog & Lennart Caroli & Luca Weisskopf & Nico Joos & Kaan Yildiz, 2021
Projektarbeit/Praxisprojekt, Qudits AG
Betreuende Dozierende: Pascal Moriggl
Keywords: Blockchain, Tokens, Community, NFT
Qudits AG is an IT consulting company interested in blockchain technology. They see cryptocurrencies as a big part of the finance sectors future. The company is experimenting with creating a Community Token to pay their business partners rather than paying them using regular shares. They do not yet know if implementing a Community Token is beneficial to them and are therefore looking to explore it further. Qudits AG has assigned us to research the possibilities and restrictions of Community Tokens to acquire missing Know-How about the current landscape.
The report is divided into four subsections: Tokens, technicalities, communities and a use case.
In the token part, general characteristics of tokens were elaborated and Fan- and Community Tokens and NFTs. The technicalities part covered protocols, standards and platforms of tokens. This was followed by an analysis of communities, including their respective incentives, opportunities and risks. The report culminated in the use case focusing on implementing a Fan Token for FC Basel.
Community tokens deserve a rightful place in the digitalization landscape. In our opinion, there are numerous application possibilities for these kinds of tokens to create added value for communities.
We feel that the advantages and opportunities of these token communities outweigh the drawbacks. Among the advantages of Community Tokens is the possibility to create an environment for like-minded people, the financial incentives for all parties involved and the decentralized nature of the blockchain foundation. The most dangerous drawback of Community Tokens is trustworthiness.
We can imagine a successful FC Basel Fan Token implementation, but a private company may face more obstacles. A football club can advertise and attract people with more incentives, not only of financial nature, and profit from a significantly closer relationship with their fans. It is possible and of high interest for a football club like FC Basel to create a Fan Token. The future will certainly offer many opportunities to evolve the Community Token sector and make it even more appealing to the mainstream.
Studiengang: Business Information Technology (Bachelor)
Fachbereich der Arbeit: Business Information System & IT-Management