Soccer teams turning to virtual ‘fan tokens’ to raise money

MADRID (AP) — Soccer clubs around Europe are increasingly turning to virtual “fan tokens” to raise money and enhance fan engagement. And the money can pile up fast. Barcelona is the latest club to enter the world of blockchain and generated $1.3 million in less than two hours on Monday. The Spanish club quickly sold all 600,000 cryptocurrency-based tokens at a price of $2.20. Barcelona joined Paris Saint-Germain, Juventus, Roma, Atlético Madrid and others in using the technology. The tokens give fans exclusive voting rights in club-specific polls and can give them the chance to win rewards that could include watching games as VIP guests or meeting with players.