Post Tokenizing, Barcelona (BAR) Raises Whopping $1.3 M In Two Hours

Barcelona BAR Socios
Image Courtesy of Flickr

Post Tokenizing, Barcelona (BAR) Raises Whopping $1.3 M In Two Hours

The Barcelona ($BAR) Fan Tokens which were available for sale on Chilliz and Socios earlier today were grabbed in two hours helping the club raise a whopping $1.3 million. Specifically, $777k worth of BAR tokens were moved through the Chillz exchanges in the first two minutes as over 4,000 crypto enthusiasts and Barcelona fans from 106 countries raced to buy the ERC-20 utility token.

Barcelona (BAR) Token Details

The flash sale on the Socios.com platform allowed fans to purchase the 600,000 BAR tokens within a 48-hour window on a first-come, first-serve basis.

The amount availed to each fan or enthusiast was capped at 2,000 BAR tokens each sold at €2 and the total supply was set at 40 million BAR tokens.

Ownership of these tokens doesn’t confer owning a share of the popular football club. Instead, fans with BAR tokens can participate in polls and other club-specific surveys. There are also opportunities for BAR token holders to win real-life awards like visiting the Nou Camp.

“As well as giving fans the right to vote on different topics during the season, fans can also earn rewards linked to the club, including innovative digital experiences and real-life activations, such as the chance to meet players before a game, or to watch a match live as a VIP guest at the Camp Nou.”

A Two Hour Fan Token Offering On Socios

Once the purchase window elapsed, BAR tokens will be availed to those who missed out. However, instead of €2, tokens will be priced and sold depending on market forces.

The BAR tokens will be available for trading at Chillz.net and Socios.com. Eventually, by June 24, 2020, the circulating supply of BAR fan tokens will be raised to 1 million.

Barcelona is one of the most popular clubs in the world with estimates placing their fan base to around 360 million.

The main drawer is their trophy chest and a wide support base not only in Spain—where they are champions but across Europe where they have repeatedly won several tournaments.

Fans have taken to twitter complaining that despite the idea being novel and attractive, the Socios.com app simply couldn’t handle the high demand. As such, some fans weren’t lucky to own even “1 BAR.”

“The Buy button at 14:00 on Chilliz Net did not open! And gave page error! Will this victimization be compensated? I was embarrassed to the people I was directing from the beginning.”

Barcelona becomes the latest club to work with Socios. Others include Juventus, AS Roma, West Ham, and Atletico Madrid.

Summary
Post Tokenizing, Barcelona (BAR) Raises Whopping $1.3 M In Two Hours
Article Name
Post Tokenizing, Barcelona (BAR) Raises Whopping $1.3 M In Two Hours
Description
Barcelona (BAR) tokens flash sale was successful as over 4,000 fans from all over the world participated raising $1.3 million for the club in two hours.
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
Post your comment...
Dalmas Ngetich 335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
Follow Dalmas @