IDEAS home Printed from https://ideas.repec.org/a/spr/elmark/v34y2024i1d10.1007_s12525-024-00709-z.html
   My bibliography  Save this article

Voting participation and engagement in blockchain-based fan tokens

Author

Listed:
  • Lennart Ante

    (Blockchain Research Lab)

  • Aman Saggu

    (Blockchain Research Lab
    Mahidol University International College)

  • Benjamin Schellinger

    (Blockchain Research Lab)

  • Friedrich-Philipp Wazinski

    (Blockchain Research Lab
    Católica Lisbon School of Business & Economics)

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 3576 fan token polls, we reveal that fan tokens engage an average of 4003 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.

Suggested Citation

  • Lennart Ante & Aman Saggu & Benjamin Schellinger & Friedrich-Philipp Wazinski, 2024. "Voting participation and engagement in blockchain-based fan tokens," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-23, December.
    • Handle: RePEc:spr:elmark:v:34:y:2024:i:1:d:10.1007_s12525-024-00709-z
    DOI: 10.1007/s12525-024-00709-z
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s12525-024-00709-z
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s12525-024-00709-z?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Bastian Popp & Herbert Woratschek, 2016. "Introducing branded communities in sport for building strong brand relations in social media," Sport Management Review, Taylor & Francis Journals, vol. 19(2), pages 183-197, April.
    2. David Vidal-Tomás, 2023. "Blockchain, sport and fan tokens," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 51(1), pages 24-38, April.
    3. Funk, Daniel C. & James, Jeff, 2001. "The Psychological Continuum Model: A Conceptual Framework for Understanding an Individual's Psychological Connection to Sport," Sport Management Review, Elsevier, vol. 4(2), pages 119-150, November.
    4. Demir, Ender & Ersan, Oguz & Popesko, Boris, 2022. "Are Fan Tokens Fan Tokens?," Finance Research Letters, Elsevier, vol. 47(PB).
    5. Daniel C. Funk & Jeff James, 2001. "The Psychological Continuum Model: A Conceptual Framework for Understanding an Individual's Psychological Connection to Sport," Sport Management Review, Taylor & Francis Journals, vol. 4(2), pages 119-150, July.
    6. Assaf, Ata & Demir, Ender & Ersan, Oguz, 2024. "Detecting and date-stamping bubbles in fan tokens," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 98-113.
    7. Kevin Filo & Daniel Lock & Adam Karg, 2015. "Sport and social media research: A review," Sport Management Review, Taylor & Francis Journals, vol. 18(2), pages 166-181, April.
    8. Popp, Bastian & Woratschek, Herbert, 2016. "Introducing branded communities in sport for building strong brand relations in social media," Sport Management Review, Elsevier, vol. 19(2), pages 183-197.
    9. Ricardo Cayolla & Sandra Maria Correia Loureiro, 2014. "Fans club brand relationship: football passion," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 12(1), pages 82-97.
    10. Lennart Ante & Benjamin Schellinger & Ender Demir, 2024. "The impact of football games and sporting performance on intra-day fan token returns," Journal of Business Economics, Springer, vol. 94(5), pages 813-850, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Saggu, Aman & Ante, Lennart & Demir, Ender, 2024. "Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup," Research in International Business and Finance, Elsevier, vol. 70(PA).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Saggu, Aman & Ante, Lennart & Demir, Ender, 2024. "Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup," Research in International Business and Finance, Elsevier, vol. 70(PA).
    2. Željka Marčinko Trkulja & Jasmina Dlačić & Dinko Primorac, 2022. "Social Identity Dimensions as Drivers of Consumer Engagement in Social Media Sports Club," JRFM, MDPI, vol. 15(10), pages 1-15, October.
    3. Tu, Rungting & Hsieh, Peishan & Feng, Wenting, 2019. "Walking for fun or for “likes”? The impacts of different gamification orientations of fitness apps on consumers’ physical activities," Sport Management Review, Elsevier, vol. 22(5), pages 682-693.
    4. Shakeel ul Rehman & Rafia Gulzar & Wajeeha Aslam, 2022. "Developing the Integrated Marketing Communication (IMC) through Social Media (SM): The Modern Marketing Communication Approach," SAGE Open, , vol. 12(2), pages 21582440221, May.
    5. Wakefield, Lane T. & Bennett, Gregg, 2018. "Sports fan experience: Electronic word-of-mouth in ephemeral social media," Sport Management Review, Elsevier, vol. 21(2), pages 147-159.
    6. Alonso-Dos-Santos, Manuel & Rejón Guardia, Francisco & Pérez Campos, Carlos & Calabuig-Moreno, Ferran & Ko, Yong Jae, 2018. "Engagement in sports virtual brand communities," Journal of Business Research, Elsevier, vol. 89(C), pages 273-279.
    7. Yoshida, Masayuki & James, Jeffrey D. & Cronin, J. Joseph, 2013. "Sport event innovativeness: Conceptualization, measurement, and its impact on consumer behavior," Sport Management Review, Elsevier, vol. 16(1), pages 68-84.
    8. Havard, Cody T., 2014. "Glory Out of Reflected Failure: The examination of how rivalry affects sport fans," Sport Management Review, Elsevier, vol. 17(3), pages 243-253.
    9. Assaf, Ata & Demir, Ender & Ersan, Oguz, 2024. "Detecting and date-stamping bubbles in fan tokens," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 98-113.
    10. Oja, Brent D. & Bass, Jordan R. & Gordon, Brian S., 2015. "Conceptualizing employee identification with sport organizations: Sport Employee Identification (SEI)," Sport Management Review, Elsevier, vol. 18(4), pages 583-595.
    11. Mario Pepur & Goran Dediæ & Bepo Žura, 2023. "Segmentation of football fans based on evangelistic behaviour: Empirical evidence from Croatia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 41(1), pages 249-269.
    12. Yoshida, Masayuki, 2017. "Consumer experience quality: A review and extension of the sport management literature," Sport Management Review, Elsevier, vol. 20(5), pages 427-442.
    13. Lock, Daniel & Filo, Kevin, 2012. "The downside of being irrelevant and aloof: Exploring why individuals do not attend sport," Sport Management Review, Elsevier, vol. 15(2), pages 187-199.
    14. Chris Cohen & Warren Whisenant & Patrick Walsh, 2011. "The Relationship Between Sustained Success and Donations for an Athletic Department with a Premier Football Program," Public Organization Review, Springer, vol. 11(3), pages 255-263, September.
    15. Martin, David S. & Bourdeau, Brian L. & Stephan, John, 2020. "Measuring the effectiveness of facility naming rights sponsorships," Journal of Business Research, Elsevier, vol. 110(C), pages 51-64.
    16. Brandon Mastromartino & Tyreal Y. Qian & Jerred J. Wang & James J. Zhang, 2020. "Developing a Fanbase in Niche Sport Markets: An Examination of NHL Fandom and Social Sustainability in the Sunbelt," Sustainability, MDPI, vol. 12(3), pages 1-15, February.
    17. Kai Guo & Zhigang Wang & Lei Zhang & Chenya Li, 2023. "Self-Transcendence Values Influence Meaningful Sports Consumption Behavior: The Chain Mediator of Team Identification and Eudaimonic Motivation," Sustainability, MDPI, vol. 15(14), pages 1-30, July.
    18. Lock, Daniel & Darcy, Simon & Taylor, Tracy, 2009. "Starting with a clean slate: An analysis of member identification with a new sports team," Sport Management Review, Elsevier, vol. 12(1), pages 15-25, February.
    19. Wang, Ryan T. & Zhang, James J. & Tsuji, Yosuke, 2011. "Examining fan motives and loyalty for the Chinese Professional Baseball League of Taiwan," Sport Management Review, Elsevier, vol. 14(4), pages 347-360.
    20. Yoo-Yeong Seonwoo & Yun-Duk Jeong, 2021. "Exploring Factors That Influence Taekwondo Student Athletes’ Intentions to Pursue Careers Contributing to the Sustainability of the Korean Taekwondo Industry Using the Theory of Planned Behavior," Sustainability, MDPI, vol. 13(17), pages 1-16, September.

    More about this item

    Keywords

    Fan tokens; Blockchain; Cryptocurrency; Sports; Social identity; Governance;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:elmark:v:34:y:2024:i:1:d:10.1007_s12525-024-00709-z. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.