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The fan token market: reason or passion?

Author

Listed:
  • Luc Arrondel

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

Finance is more and more present in football. In particular, investment funds are now investing in football in large numbers, whether at club or league. Football has not escaped the development of new technologies in the finance sector either. Beyond simple sponsorship, blockchains have enabled the development of certain "crypto assets" specific to football. Many of the best-known clubs now offer their fans "fan tokens" (fungibles), listed on a marketplace, and which allow them to participate in minor decisions about the team's activities. The aim of this article is to better understand how these new markets function, particularly the demand factors and price determination. Are fan token holders mainly supporter-investors or speculators? Is the market efficient? Is the fan token market just a passing trend?

Suggested Citation

  • Luc Arrondel, 2025. "The fan token market: reason or passion?," PSE Working Papers halshs-05030457, HAL.
    • Handle: RePEc:hal:psewpa:halshs-05030457
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-05030457v1
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