September 29 – Tottenham Hotspur Supporters’ Trust (THST) have expressed deep concern over the London club’s multi-year partnership with Socios.com, the cryptocurrency-based providers of club fan tokens who have been widening their digital fan-based marketing and commercial solutions.
In a statement, the Trust wrote: “We understand the club needs to develop its commercial partnerships but this relationship will see engagement passed on to a third-party provider enabling it to monetise fandom.
“The Club says One Hotspur Members and Season Ticket Holders will be provided with one and five free tokens respectively and the arrangement then encourages fans to enter a cryptocurrency ecosystem of which many fans will have little knowledge but will be encouraged to purchase further tokens to ‘win’ things.
“The Club is trusted by fans and we fear many will end up in a system they do not understand that is designed to monetise their support and love for the club. It is important there should be no financial or technological barriers to fan engagement yet this relationship potentially creates both. THST expects the Club to safeguard our supporters against financial loss but this partnership seemingly does the opposite by exposing fans to potential losses.”
THST also expressed their disappointment at not being consulted in the decision-making process of signing the deal with Socios. Football has long mined fans’ cash through fan tokens, but critics argue that it is amoral and misleading in both the benefits and value fan tokens provide.
A Socios spokesperson responded: “Fan Tokens allow clubs to connect with and reward all their fans regardless of where they live. If we and clubs don’t provide a compelling offer, fans will not want Tokens – that’s why we’re working hard to ensure fans are getting the most out of their Token.
“Token holders have met club legends, played on their club’s pitch, and received VIP tickets. All Spurs members and season ticket holder will be offered a Token for free, so they can benefit from the get-go.”
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