What is Socios? What are Chiliz? Everything you need to know about Socios

If you're a fan of elite-level European football, you might have heard the name Socios, or the term 'Chiliz' banded about in the past year or two.

The continuing integration between football clubs and cryptocurrency can be confusing and with a host of crypto-related shirt sponsors popping up in the Premier League and across world football, we're here to help you understand.

Here is all the key information you need about Socios, one of the most prominent fan token providers.

What is Socios?

Put simply, Socios is a fan engagement platform that allows fans to vote in polls that range from choosing next season's shirt to something as trivial as selecting the in-house MVP from a match.

There are also exciting reward opportunities, offering fans the chance to get free match tickets, cash-back on club merchandise and the chance to attend training sessions, among other rewards.

Sounds great right? There's a catch.

To vote in polls and have the opportunity to win the aforementioned rewards, users must purchase a 'fan token' for their desired club or sporting organisation.

What are fan tokens?

Fan tokens are digital assets that, once bought, are yours to keep. Just one token gives you voting rights in every poll and access to each token's community, as long as you choose not to sell it.

They may fluctuate in price drastically over time though, and when bought in bulk, this turns what is marketed as a fan-voting and reward platform into an investment opportunity. This is where the controversy surrounding Socios derives from.

Socios currently offer fan tokens for a host of Europe's biggest clubs, including Manchester City, Barcelona and PSG, as well as for F1 teams Alfa Romeo and Aston Martin. NFL and NBA franchises are reportedly coming in the future.

What are Chiliz?

To buy a fan token, you can't just hook up your PayPal account and get going. You have to use the regular currency to buy Chiliz (CHZ), Ethereum tokens that power the Socios experience.

This can naturally be confusing for football fans who don't understand cryptocurrency but want to get involved with the increased engagement that Socios offer.