The Tyets song that explains the fall of Barça's digital currency

BarcelonaNobody was left without dancing the Coti x Coti of the Tyets in the summer of 2023. The sardana from the Maresme group was talking about gossip, but the lyrics also explain why the value of Barça's cryptocurrency has fallen in recent years. "Posseïainfo, had bonesreferences/ I didn't know why, but I found outnews/ the market is palmant and you areholding company/ throw the blanket, horror movie / do not run to the traitor's fate". These are the verses that expose the mechanism of what happened, according to the cryptocurrency experts consulted by the ARA.

The fan tokens Barça (a type of cryptocurrency linked to fans enjoying experiences from a sports entity) went on sale on June 22, 2020, still under the presidency of Josep Maria Bartomeu, as part of the sponsorship agreement between Barça and Socios.comThey were issued by the company Chiliz, linked to Socios.com. At that time, 600,000 were released onto the market. fan tokens at a price of two euros each for the first 48 hours. After this period, the price was determined based on supply and demand. Following this rule, fan tokens Barça's shares reached their all-time high, according to the specialized website CoinMarketCap, on August 4, 2021, with Joan Laporta already in the presidency, with a value of $51.5 (€43.9). As of June 29, 2025, its value is $1.02 (€0.87).

Why has there been this fall? "It was pumped [artificially inflated the value] a fan token and then they pulled the rug out, which means that Socios.com was the first to sell the fan tokens when they had a minimally attractive value. This is where Socios.com made the deal and made a small profit. And, since there was no demand when Socios.com sold, the value of the fan tokens "it collapsed," a person with influence in the cryptocurrency sector explains to ARA. "The one who makes business is the one who sells at the beginning, not the one who buys. Those who bought a fan token Barça fans two, three or four years ago are now wondering what to do because they can't do anything. Those who have lost are above all those who bought at the beginning," he adds.

The problem is not only with the fan token Barça. Other major European football clubs also have the su fan token under the Socios.com umbrella and have suffered similar drops in value. Paris Saint-Germain, the current Champions League champion, is now valued at $1.42 (it reached $44.86 on April 30, 2021); Atlético Madrid, $1.01 ($40.94 on May 17, 2021); Juventus, $0.91 (18.47 on May 6, 2021); Manchester City, $0.86 (26.13 on August 25, 2021); and Inter Milan, $0.51 (9.34 on September 29, 2021). The highest value right now is Roma's: $2.31 ($21.01 on December 28, 2020). "The charts for all the teams have a similar pattern: they suddenly rise around 2021, then suddenly drop after Socios.com sold its fan tokens. From then on, they've been trading at low levels. There were expectations that weren't met," the cryptocurrency expert believes.

Socios.com's argument

But official sources from Socios.com deny to ARA that they have pulled the rug out from under them. "The fan token $BAR [the official name of Barça's cryptocurrency] was created with a clear purpose: to serve as a bridge between FC Barcelona and its global fan base. Its valuation reflects the dynamics of open digital asset markets, which are influenced by complex and large-scale factors," they argue when asked about the reasons for this drop in value. This newspaper has also consulted official sources at Barça, but has not received a response so far. "It is key to understand that the fundamental value of fan token "It consists of its utility and function. Although market price is a visible metric, our strategic focus is on the tangible, long-term value of the interaction between the fan and the club. Our commitment is to continue developing the tools that give our community a voice in relation to the club and open the door to access a growing and developing digital ecosystem," adds Socios.com.

In addition, they consider that Barça's confirmation that he will return to Camp Nou on August 10 to compete in the Joan Gamper Trophy "opens up new opportunities to connect with fans." The relationship between Socios.com and Barça is closer than the one it has with the rest of the clubs because Socios.com was the first company to enter the Barça Studios stake, purchasing 24.5% in exchange for €100 million on August 1, 2022. However, over time, Socios.com, under the name Blaugrana Invest, has reduced its stake to 18.96%. Furthermore, Socios.com CEO Alexandre Dreyfus joined Barça Produccions (which until now was solely the audiovisual arm of Barça) this June, which has just absorbed Bridgeburg Invest (the club's digital assets).

Can the value of fan tokens be recovered?

The grace of the fan tokens is that they promise rapprochement between the fans of a club and the club itself. Socios.com's first action with Barça was for the owners of fan tokens could vote on the design of the mural on one of the walls of the Barça locker room. There were also in-person experiences, such as playing matches between supporters at the Camp Nou. "Why hasn't it worked? Because it wasn't useful. There were few things to choose from. Socios.com realized that this wasn't working and clubs became disenchanted," the cryptocurrency expert believes. But this doesn't mean that the concept of the fan token be flawed by nature. "For example, the NBA's Cleveland Cavaliers have a fan token own, without a company in between, which works to give added value to the fan. In addition, its value is not convertible into FIAT [the common currency like the euro]. That a fan token "It is convertible into FIAT, it perverts it," he concludes.