Fan tokens: Sports and speculation on the blockchain

DOI:	https://doi.org/10.1016/j.intfin.2023.101880
URL:	https://www.sciencedirect.com/science/article/abs/...
Document Type:	Article
Year of publication Online:	2023
The title of a journal, publication series:	Journal of International Financial Markets, Institutions & Money
Volume:	89
Issue number:	December, Article 101880
Page range:	tba
Place of publication:	Amsterdam
Publishing house:	Elsevier
ISSN:	1042-4431 , 1873-0612
Publication language:	English
Institution:	Business School > ABWL u. Finanzierung (Theissen 2009-)
Subject:	330 Economics
Classification:	JEL: G12 , G14 , G15 , G41 , Z23,
Keywords (English):	fan tokens , cryptocurrency , soccer , sports , blockchain
Abstract:	This paper provides an economic analysis of fan tokens, which are collectible utility tokens issued by sports clubs. We document that fan token prices are highly volatile and substantially riskier than those of established cryptocurrencies. For a subset of publicly listed clubs, we find that stock and token returns are uncorrelated. Instead, fan tokens tend to closely co-move with each other and the main cryptocurrencies used for buying them. Returns are lower on days when the club unexpectedly loses a game, but higher on days of increased investor attention towards fan tokens. While fan tokens may provide some non-monetary utility, as financial assets they are highly speculative and, in many aspects, resemble cryptocurrencies.

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BASE: Scharnowski, Matthias ; Scharnowski, Stefan ; Zimmermann, Lukas

Google Scholar: Scharnowski, Matthias ; Scharnowski, Stefan ; Zimmermann, Lukas

ORCID: Scharnowski, Matthias, Scharnowski, Stefan

and Zimmermann, Lukas

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