Athlete Social Tokens on Blockasset — everything you need to know
For the longest time, sports fans have felt a connection to their favourite athletes. Watching them on TV soon became following their personal lives on social media platforms. Fans are now looking for new ways to interact with the athletes that they love and support. Blockasset is about to spin the sports world on its axis, taking athlete-fan engagement to a whole new level.
Here’s what you can find in this article:
- First look at the athlete token economy and mechanics
- How BLOCK token powers all athlete tokens
- Athlete token rewards for NFT holders
- Athlete token utility
- A sneak peek at the athlete token platform interface
- How fans and athletes mutually benefit from the fan token economy
Please note that the below is a work in progress, and some of the details may change as we build out the athlete token economy with feedback from our community and user base.
Introducing Athlete Social Tokens
For the first time, sports fans will be able to purchase tokens corresponding to their favourite athletes, investing in their individual careers while simultaneously gaining unparalleled access to the athletes’ lives.
Web2 was a world dominated by centralised social media companies, where the user was the product. Blockasset is creating a Web3 social platform where fans and athletes can interact and benefit from one another via the power of athlete tokens and NFTs, and access DeFi in a way not currently available to mainstream sports fans.
Social tokens are not a new concept. Socios has embraced social tokens that allow football fans to have a say on their football club, and have recently signed a huge deal with UEFA. Social tokens will dominate 2022 and beyond, and Blockasset is poised to lead the space for the tokenisation of athletes.
Blockasset is taking the concept of fan tokens one step further by allowing fans to interact with athletes directly, without including organisations, and with the possibilities and benefits decided only by the athletes and the fans.
Each athlete on the Blockasset platform will have their own athlete token. For example, Liverpool star Trent-Alexander Arnold may release a token, $TRENT, that his fans can access via the Blockasset platform.
How does it works: Athlete token mechanics and economy
Blockasset is using Strata Protocol to do permissionless launches of their athlete tokens so they are immediately tradable. No need for market makers or liquidity providers. Strata seamlessly handles the supply and the liquidity.
While this sounds complex, from a fan perspective it’s as easy as clicking “buy”.
tl;dr: The price of the token goes up as tokens are purchased and down as tokens are sold, following a mathematical curve
This is accomplished using an Automated Market Maker (AMM) called a bonding curve.
The best way to visualize this process is with poker chips. Imagine there is a cash register. When you put dollars into the register, the cashier gives you chips (tokens). When you return the tokens, the cashier gives you dollars back. When you give Strata Protocol
$BLOCK, it gives you Athlete tokens. When you sell them back to the protocol, it gives you
$BLOCK. The more of the athlete token in circulation, the more
$BLOCK it costs to purchase a token and the more
$BLOCK you receive by selling tokens.
Athlete tokens are currently priced on a square root curve. This means the price is related to the square root of the total supply of athlete tokens. Here’s a visualization:
The launch day prices may differ, but the curve will have the same shape.
🔥 Sponsored Burn 🔥
If the price of a token is related to the number of tokens in circulation, how does burning tokens raise the price?
In a typical
sell operation, your athlete tokens are burned in exchange for
$BLOCK tokens. This means that both the supply goes down and the amount of
$BLOCK in the cash register. What happens if you don't take any block from the cash register? This should make all existing athlete tokens worth more
When athlete tokens are burned for experiences, all circulating athlete tokens are backed by more
$BLOCK. This leads to several innovative tokenomics models.
Put simply, when fans purchase athlete experiences with their tokens, a percentage of those tokens will be burned. Burning has a direct effect on the price of the athlete token. This encourages the athlete and the fans to take part in experiences; the more experiences and the more fans that purchase, the higher the token price will rise. Additionally, athletes are rewarded with a percentage of the experience store revenue.
Athlete tokens have real utilities that have a positive effect on the price thanks to the sophisticated token economy Blockasset has created in partnership with Strata Protocol.
Royalties and NFT Holders
When an athlete token is purchased, a percentage of the sale is taken in royalties. This functions similar to NFTs, where a percentage of each sale is sent to the creator. The Blockasset team will be routing a portion of these royalties to the athlete and a portion of the royalties to NFT holders based on NFT rarity. This means that NFT holders will accumulate athlete tokens that they can exchange for experiences. The exact split of these royalties will be announced at a later date.
The Fair Launch Window
When an athlete token launches, the price will be fixed for 30 minutes. After 30 minutes, the athlete token will gradually transform from a fixed price to a square root curve. This results in upward price pressure with increased price sensitivity.
If you would like to learn more about this process, you can read on here.
For now, there is no gated access to athlete token launches, however, in the coming months we will move to a token launchpad model where access to the Fair Launch window is prioritised for $BLOCK token stakers, further information on how to access athlete token launches, including $BORZ and $TILL will be released soon.
Real token utility: Fan experience stores
Fans will be able to use their fan tokens in a number of different ways, all aimed at connecting the athletes and fans to each other. Tokens can be spent in the athlete’s own ‘experience store’ where fans have the opportunity to purchase priceless items and opportunities with their athlete tokens, including:
- One-to-one meetups with athletes
- Athlete AMA’s
- Online sporting event watch parties with athletes
- Signed merchandise
- And much more
Additional token utility
Additionally, fans will be able to stake (lock-up) their tokens, which will entitle them to a number of benefits, including:
- Fan governance: Fans decide on future experience store listings
- Content governance: Fans will also vote on the content they want to see from the athlete, a worlds-first (check out our recent athlete content here, with UFC star Khamzat Chimaev, which has amassed over 5million views in 5 weeks!) This is the level of content fans can expect to govern.
- Superfan communities: Chat with other fans and the athletes themselves in gated fan community groups.
- Athlete Social Media: News and aggregated social media feeds for each athlete; including Twitter, Instagram and latest news content, all in one place.
- Exclusive video content: Content and access not available anywhere else, whether it’s behind the scenes of fight night or filming a practice session on the pitch, the footage will be available to token holders on the athlete hubs.
- Bonus rewards: Celebrating athlete milestones by rewarding token holders. When the athlete wins, the fans win!
The experiences added to each experience store will be chosen by the very members of the athlete’s token community. As such, Blockasset is enabling fan governance, which will allow fans with tokens to vote on the experiences they want from the athlete, thereby giving athletes greater insights that can help them better connect to their fanbase directly.
The power of athlete tokens
Blockasset will work with the athletes to provide fans with exclusive content and media, produced and governed by the fans. Fans are used to seeing athlete content produced by brands and corporations with the goal of selling a product. Now, however, fans can truly see the athlete content they’ve always wanted.
The governance portal will also ensure we can improve the platform by regularly asking the fans how we can improve all aspects of the Blockasset ecosystem. Blockasset puts an athlete’s brand back in control of the two most interested parties — the athlete and their fans.
Each athlete will have their own hub, a place where fans will go for a one-stop-shop of social feeds and news on their favourite athlete; with Instagram, Twitter, YouTube, and news feeds for the athlete all in one place. These hubs will also include the latest BlockAccess exclusive content, voted for and available to token holders.
Fans and athletes: a unique relationship
We want token holders to be with their favourite athletes every step of their careers. To that end, we’ll celebrate athlete achievements by rewarding token holders when an athlete celebrates a milestone in their career, be it winning a fight or lifting a trophy. Of course, sport isn’t just about the highs; athletes will be able to chat with their fans through their athlete hub in gated chat rooms, allowing fans to directly show their support at all times.
Now sports fans can have a direct stake in top tier athletes and their careers with tokenization. Whether the athlete is already a well-established star in their sport or an up and coming prospect, fans can ride the wave of their athlete’s careers, while being rewarded for doing so in the process.
Not only do the fans benefit from tokenization, but athletes are also beginning to see the value for themselves in this new model of financial engagement. Athlete social tokens give the athlete back control; without intermediaries controlling their actions and brand monetization ability, the athlete now has the power to add value to their own name, image, and likeness.
Our first tokenised athletes have now been revealed as the Smesh Bros, the UFC’s biggest duo Khamzat Chimaev and Darren Till who are releasing their official $BORZ and $TILL tokens via Blockasst. To be the first to access these tokens be sure to mint a Smesh Bros NFT at smesh.blockasset.co.
Further details on athlete tokenisation, athlete hubs, and initial token offerings, all included in an updated whitepaper will be revealed soon.
If you have any questions at all on the above, please do get in touch, as this helps us form our initial FAQ for our community and new users. Thank you.
Stay up to date on all on Blockasset socials.
Telegram chat: https://t.me/blockassetofficial/