Can a club choose which fans receive the Fanz token offer?
Yes. A club is in control of who is offered a Fanz token. They can offer to a sub group of fans, season ticket holders, members or a wider group. That is their decision.
Do clubs charge for the tokens?
That is up to the club – they can issue them for free, or charge. Or a combination of the two.
Does a club have to use the results of the survey to make decisions?
No. A Fanz vote is just a pulse on the fans opinions related to certain topics. We believe the technology offers a better way to seek and understand fan opinions.
How do I know what clubs have a Fanz token?
When we launch Fanz tokens with a club, they will be listed on Fanz.com and on the club website. We expect to launch the first club at the end of 2022, this will be a club from the National League.
If my club launches a Fanz token, does this mean they are selling some of the club?
No! Fanz tokens are not shares or securities. Their main utility is simply to give you a voice. A Fanz token allows a fan to respond to online surveys from their club, written by their club.
What is the main benefit of owning a Fanz token for my club?
The main benefit being able to respond to surveys from your club, in the form of a vote. Surveys can be as frequent as the club decides. Fanz will have 24, 48 or 72 hours to respond to each questionnaire (this is chosen by the club) and results will be available in real-time on the club website and Fanz website.
Is Fanz part of the government fan-led review?
No. Whilst we did read the government review, we are an independent technology company and specialise in delivering tools to make clubs more fan-led. We are also football fans.
Can I sell the Fanz token after I buy it?
The club decides if these are transferable or not. If they are transferable , they can be sold. If not, they can not be passed on.
Can I see the results of surveys asked of the club to fans?
Yes. All data is transparent on the club website and Fanz website.
Can you describe the platform to us?
There are 3 parts to the Fanz platform.
Club portal – this is where the club creates and submits surveys for token holders to vote on. This can be one or more questions, about any matter in the club. As often as the club wants.
Fanz portal – accessible via your club’s website, where fans are able to buy the club token, vote on surveys. Each Fanz token holder gets 1 vote.
Data Viz – interactive interface that visualises fanz responses in real time. This is available to anyone.
Is this a cryptocurrency investment?
No, if a fan buys a token the utility (benefits and perks) of that token will be clearly outlined on the sale of the token. We do not encourage trading such tokens. Clubs also reserve the right to make tokens non transferable. Clubs can also choose to gift Fanz tokens to fans.
Why does this need to happen on the blockchain?
Whilst we recognise that there are plenty of great online survey tools out there, using blockchain technology presents a lot of flexibility for clubs to engage with their fans. Every club is unique and will have a different strategy that suits their fanbase. For example, some clubs might want to make these tokens free of charge, other clubs may want to charge for these tokens, others may deploy a hybrid approach where some are free and others are not. Another example is that some clubs may permit Fanz tokens to be transferable, other clubs may prefer them to be ‘soulbound’, non transferable. Smart contracts on the blockchain give us the flexibility to meet the needs of each club.
We also see a future where fans may want to own multiple tokens in their account (wallet), for multiple teams or even sports that they care about.
Finally, blockchain technology is also a safer and more efficient mechanism for the digital transfer of data. Data which is owned by clubs and fans, not giant corporations who monetise that data and do not share the profits with the individuals and groups that it relates to.
How does this affect official fan groups?
A club can choose to send the token offer to official fan groups or make it available to only official fan groups or even make it free of charge to official fan groups. We can even see this as an opportunity to involve fan groups exclusively, the aim is to empower fan groups and not replace them.
What is a blockchain?
A blockchain is a publicly available digital database. It confirms movement of coins, ownership through wallets and cannot be re-written.
A blockchain is a type of distributed database that is often decentralised across many different servers. Entries can be added to a blockchain, but typically can’t be changed or erased without enormous difficulty and disruption to the network. There are many different blockchains; some of the best known include Bitcoin and Ethereum.
Blockchain can also be described as a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
What is a smart contract?
Smart contracts are the fundamental building blocks of applications built on a blockchain. They are computer programs stored on the blockchain that allow converting traditional contracts, rules, agreements, etc… into digital parallels.
What exactly is web3 / web 3.0?
Web3/Web3.0 is said to be a new iteration (or next evolution) of the World Wide Web based on the blockchain, which incorporates concepts including decentralisation and token-based economics.
What’s an NFT?
An NFT stands for “Non-fungible token” and is a fancy way of saying it’s a unique, one-of-a-kind digital item that users can buy, own, and trade. A non-interchangeable unit of data stored on a blockchain that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio. Some NFTs can offer additional utility such as representing physical items or act as a smart “members” card which gets you access to members-only perks (a members card which you are free to sell on when you’ve decided you don’t need/want it anymore).
What is a DAO?
A DAO (Decentralised Autonomous Organisation) is an organisation controlled by voting governance that is enforced by code, which is run and stored on the blockchain. This means it is controlled by the organisation members (i.e token holders), and not influenced by any single party. The company is fully controlled by members!
What is a governance token?
Tokens that represent a person’s stake in the governance of a project, usually granting them voting powers which can be used to govern a DAO. NFTs can be used as governance tokens.
What is a wallet/crypto wallet/web3 wallet?
This is a place where the keys to access one’s digital assets(such as cryptocurrencies and NFTs) are stored. These are sometimes physical devices similar to flash drives, or they can also be software-based (mobile apps and websites).
What is an airdrop?
A free distribution or giveaway of a digital asset such as an NFT, cryptocurrency or token, to various wallet addresses. Airdrops have many uses such as rewarding community members and early adopters. Airdrops are also a common way of gaining attention and new followers.
Allowlist / whitelist
An access list that guarantees a person the opportunity to mint a given NFT. This is used for many different reasons that range from marketing to security and infrastructure. This process is used by projects to gather data, boost social following and deter bots or bad actors.
What is burning?
Burning or “to burn” is a term often used to describe the process in which users/projects remove tokens from circulation. This can apply to various digital assets including cryptocurrencies, where it is done to reduce the number of coins in circulation, or to NFTs, where it makes the NFT impossible to ever trade again. The process of burning involves sending the token to a wallet address that is unable to send tokens, permanently locking it there.
What is the difference between a coin and a token?
A Coin is a specific cryptocurrency that uses its own blockchain to keep track of all the data (e.g. Bitcoin, Ethereum, Dogecoin). Tokens are digital assets defined by the token issuer or smart contract and built on a specific blockchain. Tokens can have many uses and can even represent ownership of a physical asset or real life benefits. The benefits of tokens include: increased security and privacy of data, better more efficient transactions and communications, and increased transparency.
What is a metaverse?
There are many definitions out there but most agree that the metaverse is a network of 3D virtual worlds focused on social connection. Some metaverses envision using cryptocurrencies, NFTs, and other blockchain-based technologies both to make exchanges within a given metaverse, and potentially transfer assets between metaverses. If you see us using this word, this is what we mean.
What does 'minting' mean?
In the Web3 space, ‘minting’ is the process of creating new tokens on a blockchain. This is often referring to users creating NFTs, but can also refer to the addition of other tokens, such as increasing the quantity of a token in circulation.
Revealing the identity of pseudonymous cryptocurrency traders, often those running a project. The term “self-doxing” is the process of disclosing one’s own identity. Projects where the developers’ identities are known are often described as “fully-doxed”. Fanz is a “fully-doxed” company based in the UK, you can find us on LinkedIn, you can also find more about us by looking up our publicly traded parent company “OOOOO Group” .
What is KYC?
An acronym for “know your customer/client”. This is a or a series of procedures to verify the identity of a user or client in a business relationship. Within the web3 space, this typically means verifying the real-life identity of a person behind a web3 wallet, or the identities of people running a project.
What is a Memecoin?
A cryptocurrency that originated from an Internet meme or has some other humorous characteristic. Examples include Dogecoin, Shiba Inu, and other dog-themed coins. These typically are synonymous with pump and dump scams. It’s important to note that anybody can create a cryptocurrency, we believe that cryptocurrencies themselves are not bad but the projects and companies behind them can sometimes create cryptocurrencies for illicit purposes.
What is phishing?
A type of social engineering where an attacker sends a fraudulent message designed to appear to be from a legitimate source, such as a trusted company like a bank. Phishing is intended to trick a victim into actions including revealing sensitive information, authorising transactions, or installing malicious software. This is one of the most common ways for people to get hacked or scammed so it’s important that you avoid opening unknown/suspicious links, be sure that whoever is asking you to share sensitive information is who they say they are and if you have a Web3 wallet such as MetaMask, Phantom or Rainbow never ever share your seed phrase with anybody, there is no good reason for why anybody needs this from you.