CoinMarketCap takes a deep dive into FC Porto Fan Token (PORTO), a Portuguese football club’s token that is all set to launch on Binance.
FC Porto Fan Token
(PORTO) has been launched as the 23rd project
on the Binance Launchpad
. Similar to the last project, the LAZIO fan token
, the PORTO token will also provide its holders the freedom to participate in club activities
by voting on decisions and gaining exclusive discounts.
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It is a fact that Binance is the world’s largest cryptocurrency exchange
. Partnering with a platform having such a high status provides any organization or entity, such as FC Porto, a big marketing ground to launch their token. Similar to the LAZIO token
which went to an all-time high of $35.76 after the Italian football club, S.S. Lazio, partnered with Binance, FC Porto plans to do the same as it gears up to launch its token on the Binance Launchpad
In an official press release
, the Marketing Director of Futebol Clube do Porto, Tiago Gouveia said: ‘’This was an important agreement, with a global brand and leader in this new market. It demonstrates the international strength of our brand.’’
He also said: "There are many opportunities to reinforce the emotional relationship with our fans and we could not fail to do so in this new universe of fan tokens. It is important for our brand to always be at the forefront.”
Jorge Nuno Pinto da Costa, President of FC Porto, said: "This is an agreement that values FC Porto and Binance, which is something we seek in every partnership we make and also in our day-to-day work. Anyone who joins FC Porto knows they are partnering with a club that wants to be first in everything."
Similar to sports fan tokens of many teams, the PORTO fan token’s main purpose is to provide governance power to its holders. Benefits like voting on kit colors, getting gifts like fan badges are offered to the holders of PORTO tokens. Some more benefits will be announced after the token launch on November 16th.
FC Porto Token (PORTO) is the 2nd sports fan token that is officially being launched on the Binance Launchpad. Before that, it was the LAZIO fan token which was launched as the 22nd project on the launchpad and enjoyed a lot of traction from the platforms’ user base. As mentioned above, the token surged to an all-time high of $35.76 (because most users end up apeing
whenever a new token is launched on Binance) and currently has over 7,000 holders as per BscScan
. Although the LAZIO token dropped in price significantly and is currently trading around $11, the price surge came due to the accumulation from BNB holders who locked their BNB coins and cashed their investment out with LAZIO tokens as rewards.
Other than LAZIO, there are other successful fan tokens launched in the crypto world that include Paris Saint-Germain Fan Token (PSG) and Manchester City Fan Token
With the growing popularity of sports fan tokens, the PORTO tokens will go through a guaranteed spike phase, however, price stability will be the major challenge.
As more sports fan tokens are being introduced in the world of crypto, it might give a chance to sports fans to have a say in the transfers of their football players as any major player transfer can boost the price of a token significantly, similar to what Lionel Messi’s transfer did to the PSG token
The PORTO token trading is not live on the Binance platform. If you’re interested in getting the PORTO token, you have to lock your BNB coins. Once the BNB coins are committed, they cannot be accessed until the launch of the token, which is on November 16th. During this period of 10 days, the BNB balance of every user will be calculated and the final token allocation will be done. The final token allocation is calculated based on the locked BNB. To learn more about Binance launchpad subscription allocation, click here
The holders of PORTO tokens will enjoy an exclusive experience with the FC Porto football players. The nature of these interactions is not announced yet, however, it can be expected in the near future.
Participation in Club Activities
The Porto Fan Token (PORTO) holders will be able to cast their votes and participate in club activities like selecting kit colors for the next season and club anthems.
Increase in Popularity For FC Porto
The PORTO fan token is a gateway for the Portuguese football club to increase its fan base through crypto. This monetary benefit through token sales may uplift the FC Porto club significantly.
Here are the official tokenomics of the FC Porto Fan Token (PORTO):
- Token name: FC Porto Fan Token (PORTO)
- Launchpad hard cap: 4,000,000 USD
- Hard cap per user: 10,000 USD (10,000 PORTO)
- Total token supply: 40,000,000 PORTO
- Total tokens allocated to Binance Launchpad: 4,000,000 PORTO (10% of total token supply)
More details can be found in the official announcement, here
FC Porto Fan Token (PORTO) initial price is set at $1, however, the final price of the token will be determined on Nov. 16, 2021, when the PORTO tokens will be distributed by Binance.
As mentioned above, the price of the PORTO token will start at $1. When the PORTO fan token is launched, millions of Binance users are expected to start trading and apeing the token which can cause a great spike in the token’s price
. Since FC Porto is a popular club, this price spike can be a major one, maybe even bigger than the last project, LAZIO, as unlike S.S. Lazio, FC Porto is frequently seen in the most prestigious football club tournament in the entire world, which is the UEFA Champions League.
F.C. Porto is not an ordinary club. Its reputation in the football world comes from its great list of victories. The club has seven trophies in international tournaments to its name, making it the most successful Portuguese team. Also, in 1987 and 2004, they claimed the European Cup/UEFA Champions League, UEFA Cup/Europa League in 2003 and 2011, UEFA Super Cup in 1987, and the Intercontinental Cup in 1987 and 2004. Furthermore, Porto has been the only club in Portugal to have won the UEFA Cup/Europa League, the UEFA Super Cup, and the Intercontinental Cup, as well as a continental trifecta of domestic league, domestic cup, and European crowns. All of these accolades can take the price of the PORTO token in the long run to $15, according to crypto analysts.
Another reason why the PORTO fan token’s price can hit the $15 mark is because of the huge popularity of the Binance Launchpad. Being the 23rd token project on the world’s largest cryptocurrency platform has its perks. This is because Binance holds a record in boosting any project that it lays its hands on. AXS, BETA, and recently LAZIO are some of the popular examples.
Now before you get too excited to lock your BNB and get the PORTO fan token once it launches, please keep in mind that the previous fan token LAZIO launched and spiked to an all-time high of $35.76 after dropping down suddenly and is currently trading around $11. The PORTO fan token may emulate the same price behavior, which means that on November 16th the volatility of the token will be extremely high. It is advised by crypto analysts to invest safely in such projects and save your capital for when the PORTO token’s price stabilizes.
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