Ukrainian football team Dynamo Kyiv is launching its own fan token and digital marketplace powered by blockchain technology.
According to a January 4 Announcementthe team has partnered with Moonwalk, a company that specializes in creating digital economies for brands, to release a range of loyalty initiatives for its fans.
Dynamo Kyiv fans will be able to earn digital tokens for “social actions”, such as playing prediction games or connecting with the club on social media. The tokens can then be spent as reward points for access to merchandise drops, participation in VIP events, or discounts when purchasing goods at the stadium. The tokens also allow fans to purchase digital collectibles from Dynamo Kyiv’s marketplace.
The tokens are integrated into a mobile app so that holders can use them both online and offline.
The football club says the partnership will help mitigate some of the damage the coronavirus pandemic has caused to the sports industry. As stadiums remain largely empty, more and more football clubs are looking for alternative sources of income generation.
Dynamo Kyiv joins a relatively long list of football clubs releasing digital tokens and fan loyalty programs. FC Barcelona, Atlético de Madrid, Paris Saint-Germain and Juventus are some of the biggest names who have launched similar programs in recent months, while other clubs such as Zenit St. Petersburg and Bayern Munich launched digital collection platforms. Dynamo Kiev also joins fellow Ukrainian esports organization Na’Vi when launching digital fan tokens.
Ukraine has been openly advocates government-level blockchain technology, while the Department of Digital Transformation is working to create clear and welcoming regulations for digital asset companies. Recently it is launched an educational course on cryptocurrencies in partnership with Binance.
Dynamo Kiev is part of the Ukrainian duopoly of football clubs, which often compete for the first place in the national league with longtime rival FC Shakhtar Donetsk. It won the Ukrainian Premier League 2020, although it did not progress past the Europa League group stage and did not qualify for the Champions League.