Arsenal fans warned by Maguire amid fan token price crash – Football Insider

This post was originally published on this site

Arsenal fans should be wary of investing in volatile fan tokens at a time of wider “economic crisis”.

That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Gunners’ involvement with cryptocurrency and the blockchain world.

The North London giants announced a partnership with fan token company Socios in July last year.

The tokens offer fan engagement opportunities and can be publicly traded, but critics argue that the scope for real influence over club matters is limited.

Data taken from Coin Market Cap shows that the token has crashed to $1.30 having started at over $6.00 last summer.

This is reflective of a wider trend with fan tokens, which are now common among the sponsor lists of Premier League clubs.

Maguire issued a warning to Arsenal fans considering an investment in the club-branded digital currency.

“Fan tokens are fine if you want to collect digital memorabilia,” he told Football Insider’s Adam Williams.

“But they are very expensive versions of digital trading cards and it’s an unregulated, highly volatile and easily manipulated market.

“At a time of economic crisis, the last thing you want to do is put your money into those kinds of ventures.”

Arsenal generated £136.4million in commercial revenue in 2020-21, with total turnover standing at £487m.

Mikel Arteta’s side will ensure a significant financial boost if they win their remaining matches and qualify for the Champions League this term.

In other news, pundit accuses Mikel Arteta of lying to the press after Arsenal “dressing room” reveal.