Demonstrating that blockchain technology has the ability to affect even the most unlikely of industries, the London Football Exchange (LFE) is an ICO that will be launching on the 12th February.
Focused on revolutionising the way that football fans purchase their tickets as well as rewarding them for loyalty and engagement, the LFE is sure to turn heads in this multi-billion dollar soccer industry.
Describing itself as a “global movement to create the ultimate sports community, where fans partake in exclusive club and fan experiences”, the LFE’s goal is to enable football clubs to raise funds by selling tokens to their fans. Their fans in turn will be able to use these tokens to purchase merchandise, tickets and other soccer merchandise.
As the first “stock exchange” for football clubs, the LFE hopes to offer clubs a new and innovative way to raise capital. To even further disrupt the current ticket sales model, the LTE will accommodate ticket sales with zero fees. This will make a significant differences to the current 5 percent most clubs pay to outsource their ticket sales.
With benefits promised to token holders such as VIP access to exclusive events, travel packages, special seating as well as venue, club and player access; this is a product guaranteed to get tech-savvy football enthusiasts excited.
50 clubs from throughout Europe, the USA and Australia are currently taking part in discussions regarding potential implementation of the technology.
Scott Smith, CEO of LFE says, “The LFE aims to become a ‘one-stop-shop’ for clubs of all sizes to raise capital via equity sales and also offer LFE contributors a wealth of fan experiences and social interaction. Clubs will be encouraged to offer some equity through the LFE and required to offer a minimum number of unique experiences or special offers so that the real fans can take part in their favorite clubs.”
There are various other companies, such as Aventus and Blocktix, aiming to disrupt the ticket sales industry with blockchain technology; however neither are focused on the sporting industry alone and provide the unique rewards aspect that LFE offers for fan loyalty. It will be interesting to see if this ICO gains fans from the industry it is hoping to disrupt.