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What is Socios and why are Crystal Palace fans opposing it

What is Socios and why are Crystal Palace fans opposing it

Crystal Palace recently became the latest entrant into a partnership involving a blockchain-based platform already endorsed by five Premier League teams., owned by Chiliz who are one of the world’s leading blockchain providers, has partnered with the Glaziers which entails the launch of $CPFC Fan Token via the fan-engagement platform.

However, widespread criticism has been levelled at the move ever since it came into fruition, and Palace supporters made their disapproval known in their recent outing at Selhurst Park.

Holmesdale Fanatics, the ultras group associated with Crystal Palace, were seen with a banner during the game against Everton in protest at the partnership.

The banner read the following: “Morally bankrupt parasites Socios not welcome.“  

What is Socios

For the uninitiated, seeks to monetize supporters of the team by providing them fan tokens for purchase, which in turn gives them voting rights and allow supporters to vote on ancillary matters regarding the club.

Incentives for teams include revenues generated via the sale and trade of such fan tokens.

Why are Crystal Palace fans opposing it

Critics are of the opinion that such financial barriers to engagement with teams should be non-existent, considering that leagues and clubs should be committed to doing this for free.

The recent display of objection by the Holmesdale Fanatics can be likened to that of the campaign launched by West Ham supporters in 2019 when it became the first Premier League team to partner with Socios. In the face of mounting objections, the partnership was eventually annulled.

Since then, clubs such as Arsenal, Manchester City, Everton, Aston Villa, and Leeds United have launched fan tokens via Socios, exemplifying cryptocurrency’s rapid incursion into the sport.