In its first day of trading, the fan token for Spanish soccer team FC Barcelona (BAR) has seen trading volume that almost doubled the $1.3 million raised in the crypto asset’s token sale earlier this week.

As of this writing, the FC Barcelona Fan Token has generated just shy of $2.5 million trade activity, ranking the crypto asset as the second-most traded market on the Chiliz trading platform behind BTC/USDT.

The token’s sole pairing against Chiliz’s native token CHZ has produced more than five times the 24-hour trade volume of all other pairings on the trading platform.

Within 24 hours of going live, the fan token surged nearly 420% from $2.32 to post a local high of $12.05, before retracing nearly 50% to currently trade for $6.25.

Sell out crowd

The FC Barcelona Fan Token sold out in less than two hours on June 22, with the 600,000 BAR tokens issued via Chiliz’s Ethereum (ETH)-based Socios tokenization platform at a fixed price of $2.25. 

Chiliz noted that $777,000 worth of BAR were sold in just two minutes during the sale, asserting that demand for the token exceeded its initial supply limit by more than five times. The tokens were sold to investors based in 106 different countries.

The tokens allow fans to vote in polls concerning the football club, and offer token holders the chance to receive rewards including VIP guest seating at matches and opportunities to meet the team’s players. The tokens can currently be used to vote on fan artwork that will be installed in FC Barcelona’s dressing room at the team’s home stadium.

Chiliz has now launched fan tokens for seven different soccer clubs.

Chiliz partners with UFC

In addition to fan tokens, Chiliz announced a partnership with leading mixed martial arts promotion UFC to allow tickets to be purchased on the Socios platform in exchange for CHZ.

Chiliz also began working on a blockchain-based COVID-19 ‘immunity pass’ solution to facilitate a live attendance at soccer matches in April.