Galatasaray is a fan token representing an Istanbul-based professional football club. GALFT is the name and ticker symbol of the Galatasaray fan token. The Galatasaray football club is an Istanbul-based club that competes in UEFA Champions League, UEFA Europa League, Turkish Cup, and Super Lig competitions.
The Galatasaray club used the fan voting and rewards app, Socios.com, to launch their fan token that offers voting rights and other fan-oriented services. Sports fans can buy GALFT tokens using Chiliz (CHZ), the digital currency of the Socios.com platform. Additionally, the club hosted a fan token offering (FTO) to give fans an equal opportunity to purchase GALFT tokens at the initial price.
GALFT token holders can voice their opinions to the Galatasaray football club through binding and non-binding polls. Through binding and non-binding polls, GALFT token holders can voice their opinions and influence decisions made by the Galatasaray Club.
While the club must follow through with the final decision voted by fans in a binding poll, they are not obligated to fulfill popular fan opinions in a non-binding poll. Having more tokens leads to a more significant impact on the poll result. However, the club has limited the amount of GALFT tokens a fan can buy to ensure a fairer voting process.
GALFT tokens can also support other sports teams in the country, including basketball and Esports. The club believes this can increase fan engagement for sports outside of football.
GALFT price and tokenomics
The GALFT token has a total supply of 10 million tokens, with over 4 million circulating. Holding GALFT tokens gives owners the power to influence club decisions, actively engage with players, and enjoy exclusive access to various events and experiences.
While GALFT has a total supply of 10 million tokens, the specific distribution model and percentage allocation have not been explicitly specified. However, a significant emphasis is placed on allocating a larger percentage to the community, reflecting the club's objective of fostering active fan participation.
About the founders
The Galatasaray Fan Token team is led by Cem Küçük, a skilled computer engineer and entrepreneur with a strong background in blockchain development. In collaboration with Socios, Küçük launched the Galatasaray Fan Token as a means to empower the passionate fans of the esteemed football club. The team decided to use blockchain to increase fan engagement and create new revenue streams for the club.
