Articlegreen2023

Blockchain, sport and fan tokens

44 citations0/0 files storedJournal of Economic Studies

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Financial Markets and Investment Strategies Blockchain Technology Applications and Security Sports Analytics and Performance

Abstract

Purpose This paper provides a thorough examination of Socios.com, a blockchain platform that integrates token sales with the fan experience in the sports industry. The study focuses on three key aspects: the performance, bubble phenomenon and dynamics of fan tokens. The author aims to address important questions that may concern potential supporters and investors. Might sports fans incur financial losses due to their team loyalty? Is the fan token market just a passing trend? Are fan tokens driven by the behaviour of the cryptocurrency market? Design/methodology/approach This analysis aims to involve several methodologies. The author evaluates the short- and long-term performance of fan tokens by computing first-day and buy-and-hold (abnormal) returns. The author also employs the Phillips, Shi, and Yu's (PSY) real-time bubble detection method to investigate the presence of bubble phenomenon in the fan token market segment. Finally, the author examines the potential dependences between fan tokens, Chiliz and the cryptocurrency market (represented by the CCi30 index) using both Pearson/Kendall correlations and the wavelet coherence approach. Findings The study presents three notable contributions to the existing literature. First, the author demonstrates that investing in fan tokens to support one's favourite sports teams can lead to financial losses, whereas traders can potentially outperform the market by investing in Chiliz. Second, the author states that fan tokens were a short-lived trend, as evidenced by their decline in value after the bubble burst in 2021. Third, the findings indicate that the fan token market was influenced by the cryptocurrency market and Chiliz during periods of market downturns. Originality/value To the best of author’s knowledge, this is the first paper to conduct a comprehensive analysis of the performance, bubble phenomenon and dynamics of the token market fan segment, along with the exclusive on-platform currency, Chiliz.

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References

1938A NEW MEASURE OF RANK CORRELATION 2020COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach 2009International comovement of stock market returns: A wavelet analysis 2022Hedging Geopolitical Risks with Different Asset Classes: A Focus on the Russian Invasion of Ukraine 2019The Pricing and Performance of Cryptocurrency 2018Real Time Monitoring of Asset Markets: Bubbles and Crises 2022Which cryptocurrency data sources should scholars use?2019Does Investor Sentiment Drive Stock Market Bubbles? Beware of Excessive Optimism!

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2023FinTech and fan tokens: Understanding the risks spillover of digital asset investment

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