| Abstract: |
This paper investigates the potential of blockchain-based fan tokens, a class
of crypto asset that grants holders access to voting on club decisions and
other perks, as a mechanism for stimulating democratized decision-making and
fan engagement in the sports and esports sectors. By utilizing an extensive
dataset of 3, 576 fan token polls, we reveal that fan tokens engage an average
of 4, 003 participants per poll, representing around 50% of token holders,
underscoring their relative effectiveness in boosting fan engagement. The
analyses identify significant determinants of fan token poll participation,
including levels of voter (dis-)agreement, poll type, sports sectors,
demographics, and club-level factors. This study provides valuable stakeholder
insights into the current state of adoption and voting trends for fan token
polls. It also suggests strategies for increasing fan engagement, thereby
optimizing the utility of fan tokens in sports. Moreover, we highlight the
broader applicability of fan token principles to any community, brand, or
organization focused on customer engagement, suggesting a wider potential for
this digital innovation. |