This paper provides an economic analysis of fan tokens, which are collectible utility tokens issued by sports clubs. We document that fan token prices are highly volatile and substantially riskier than those of established cryptocurrencies. For a subset of publicly listed clubs, we find that stock and token returns are uncorrelated. Instead, fan tokens tend to closely co-move with each other and the main cryptocurrencies used for buying them. Returns are lower on days when the club unexpectedly loses a game, but higher on days of increased investor attention towards fan tokens. While fan tokens may provide some non-monetary utility, as financial assets they are highly speculative and, in many aspects, resemble cryptocurrencies.

本文提供了球迷代币的经济分析，球迷代币是体育俱乐部发行的可收藏的实用代币。我们记录到，粉丝代币的价格波动性很大，而且比成熟的加密货币的风险要大得多。对于一部分公开上市的俱乐部，我们发现股票和代币回报是不相关的。相反，粉丝代币往往会与彼此以及用于购买它们的主要加密货币密切相关。当俱乐部意外输掉一场比赛的日子里，回报率会较低，但当投资者对球迷代币的关注度增加时，回报率会更高。虽然粉丝代币可能提供一些非货币效用，但作为金融资产，它们具有高度投机性，并且在许多方面类似于加密货币。