Bitrue Project Highlight Series #8 — Sportzchain SPN | by Bitrue | Aug, 2022

From the Bitrue blog.

It’s World Cup season! No matter which way the market goes, you can feel that excitement is in the air! In case you haven’t noticed yet, soccer club fan tokens are radiating the color green in a sea of red! Sport tokens or fan tokens, are cryptocurrencies that facilitate a platform to connect the sports team to their fans. For many, holding onto fan tokens are not just means of earning money, but it’s also a hobby and an act of supporting their favorite teams and community. With the introduction of Sportzchain $SPN, fans can now engage in various activities to show their loyalty and appreciation to their sports idol, while at the same time engaging in a tight-knit community with the same ideals and values.

The market in crypto so far has been dominated by Juventus, Paris Saint-Germain, and all the European and Latin sports club fan tokens, but what about Asian sports clubs? Statistics show that Asia is home to 3.5 billion sports fans and many of them are excited about the teams originating from their own homeland. The team behind Sportzchain identified this potential market early on and thus launched a special platform dedicated to the Asian sports clubs and their fans!

Aside from Sportzchain being a market leader in the space, the team has plans to equip their platform with plenty of different features that fans can utilize to enjoy the web3 sports token experience to its fullest. Sportzchain will be the first platform that hosts engage-to-earn activities including watch-to-earn incentives, fan commerce where $SPN tokens can be redeemed for merchandise, an NFT marketplace, and GameFi!

Good news for Bitruers, Spotzchain’s utility token $SPN is coming to Bitrue’s launchpad!

The platform mechanism is simple: whenever fans engage in any of the activities mentioned above, they will receive Sportzchain’s reward token $RWRD (off-chain points), which is redeemable for the platforms native on-chain asset $SPN, which the fans can use to purchase fan tokens of their favorite teams. Now, with $SPN’s initial exchange offering (IEO) on Bitrue, users can directly purchase $SPN and swap them for to be launched fan tokens and various other rewards and benefits.

Although the whole concept of having tokens with your favorite team’s names on it and being a part of a global sports-loving community sounds very exciting, what benefits do fans really get by holding onto these tokens? Well, for starters, buying fan tokens is equivalent to making an investment or a bet on the sports team, fans can gain financial benefits when the team performs or engages with the fanbase through polls and other engagement avenues. As the platform expands and the utility of the fan tokens becomes more abundant, fans will get to reap the rewards from an appreciating token value.

To ensure that $SPN will become a conducive investment vehicle for fellow sports fans, the token has a good tokenomics design complementing it. Token allocations are spread proportionally to participants at different stages, ranging from seed, private sale, up to the IEO, also the advisors and team, and lastly the largest allocation goes to marketing, partnerships, community and treasury expansion. With a majority of the allocation going to community incentives, we believe that Sportzchain has the fans’ best interest in mind. Each of the token holders will be required to adhere to a vesting period before selling their holdings, preventing a sudden dump in price. Prior to the IEO on Bitrue, the first three rounds of $SPN sales were private, the three rounds managed to bring up the price of $SPN to $0.0020 from its original launch price of $0.0006, a staggering 233% rise in price.

As of the moment, Sportzchain has partnered with 5 renowned sports teams and is planning to further expand their partnership network in the future. The 5 teams currently listed on the platform includes the Tamil Thalaivas, Dabang Delhi K.C. ,Gujarat Giants,Bengal Warriors and Iceland Cricket. The former four are Kabbadi teams, Kabbadi being a traditional contact Indian sport with a large fanbase all across India and its neighboring countries. Cricket is also a sport that is widely popular in the region, which is why another important milestone for Sportzchain is to partner with more cricket teams in the future. All five partner teams have over a million fans on their social media platforms combined.

The Sportzchain team’s main target for this second half of 2022 is to partner with more teams and finally launch their long awaited GameFi feature, which is expected to bring even more enthusiastic Asian sports fans onto the platform. Despite the project’s strong standing in Asian sports, the team has stated their interest to expand to the Americas and Europe as well. This creates an enormous growth opportunity for Sportzchain.

For all the good reasons, Bitrue is excited about the future prospects of Sportzchain, and we wish to support the project by providing them with more exposure to the crypto community. $SPN is now available to trade on Bitrue.

This article came directly from the Bitrue blog, found on——2

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