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THE RELATIONSHIP BETWEEN FAN TOKENS AND CRYPTOCURRENCIES: AN EMPIRICAL EVIDENCE

Year 2022, Issue: 37, 55 - 70, 11.11.2022
https://doi.org/10.18092/ulikidince.1112054

Abstract

In recent years, as a result of the increasing popularity of crypto-assets all over the world, an increasing number of innovative crypto assets are coming to the market. In this context, Fan Tokens, which is a type of "utility token", are also discussed in this research as a prominent crypto asset in recent years. As developments in both cryptocurrency and sports sector increase the interest in Fan Tokens day by day, the financial volume of the system is constantly growing. With the growing volume, the risks taken by those who buy Fan Tokens are also increasing. Although there are studies on the risks of crypto assets in the literature, since the issue is not addressed specifically for Fan Tokens, it is deemed worthy of our review. The relationship between the price movements of Fan Tokens and the movements of the dominant crypto assets has been examined. It has been determined by the regression and correlation analyzes in the research that the movements in the crypto money exchanges have an effect on the Fan Token exchanges. Therefore, the developments in the crypto money exchanges should be followed especially and carefully for those who see the Fan Tokens as an investment tool.

References

  • Binance. (2021). Binance Fan Tokens. Retrieved from https://academy.binance.com/en/articles/what-are-binance-fan-tokens
  • Bitcoin Whitepaper. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https://bitcoin.org/bitcoin.pdf
  • Bitci. (2022). FTO Fan Token Offering. Bitci Teknoloji. Retrieved from https://www.bitci.com/ projects/
  • Coin market cap. (2022, 02 August). Retrieved from https://coinmarketcap.com/
  • Çetinkaya, Ş. (2018). Kripto Paraların Gelişimi Ve Para Piyasalarındaki Yerinin Swot Analizi İle İncelenmesi. Uluslararası Ekonomi ve Siyaset Bilimleri Akademik Araştırmalar Dergisi, 2,5.
  • Demir, E., Ersan, O., Popesko, B., (2022). Are Fan Tokens Fan Tokens? Finance Research Letters . Retrieved from doi:10.1016/j.frl.2022.102736.
  • ECB. (2016). Distributed Ledger Technology. Frankfurt. Retrieved from https://www.ecb.europa. eu/pub/pdf/scpops/ecbop172.en.pdf
  • Ethereum. (2022). Ethereum Whitepaper Retrieved from https://ethereum.org/en/whitepaper/
  • Fındıklı, S. and Saygın, E.P. (2021). Müşteri Vatandaşlık Bağlamında Taraftar Tokenları. Üçüncü Sektör Sosyal Ekonomi Dergisi, 56(1), 57-71.
  • IMF. (2016). Treatment of Crypto Assets in Macroeconomic Statistics Report. Retrieved from https://www.imf.org/external/pubs/ft/bop/2019/ pdf/Clarification0422.pdf
  • IMF. (2018). Global Financial Stability Report. Retrieved from https://www.imf.org/en/Publications/GFSR/Issues/2018/04/02/Global-Financial-Stability-Report-April-2018
  • Mazur, M. and Vega, M., (2022). Football and Cryptocurrencies. Working Paper. Retrieved from doi:10.2139/ssrn.4035558.
  • Paribu. (2021). Fenerbahçe Fan Token Whitepaper. Retrieved from https://www.paribu.com/files/ Fenerbahce_Token_Whitepaper.pdf
  • Socios. (2022). Partners. Retrieved from https://www.socios. com/partners/
  • Scharnowski, M., Scharnowski, S. and Zimmermann, L. (2022). Fan Tokens: Sports and Speculation on the Blockchain. Retrieved from https://ssrn.com/abstract=3992430
  • Üzer, B. (2017). Sanal Para Birimleri. Central Bank of the Republic of Turkey Specialization Qualification Thesis, Ankara.
  • Vidal-Tom_as, D. (2022). Blockchain, sport and fan tokens. Working Paper.

FAN TOKENLAR İLE KRİPTO PARALAR ARASINDAKİ İLİŞKİ: AMPİRİK BİR BULGU

Year 2022, Issue: 37, 55 - 70, 11.11.2022
https://doi.org/10.18092/ulikidince.1112054

Abstract

Son yıllarda kripto varlıkların tüm dünya genelinde giderek popülerleşmesi sonucu her geçen gün artan sayıda yenilikçi kripto varlıklar piyasaya çıkmaktadır. Bir “utility token” türü olan Fan Tokenlar da bu kapsamda öne çıkan bir kripto varlık olarak ele alınmıştır. Kripto para ve spor sektöründeki gelişmeler fan tokenlara olan ilgiyi her geçen gün arttırmakta olduğundan sistemin finansal hacmi de sürekli olarak büyümektedir. Büyüyen hacimle birlikte Fan Token satın alanların aldıkları riskler artmaktadır. Literatürde kripto varlıkların risklerine dair çalışmalar bulunmakla birlikte Fan Tokenlar özelinde konu ele alınmadığından tarafımızca incelenmeye değer görülmüştür. Fan Tokenların fiyat hareketleri ile başat kripto varlıkların hareketlerinin arasındaki ilişki irdelenmiştir. Araştırmada yapılan regresyon ve korelasyon analizleri ile kriptopara borsalarındaki hareketlerin, Fan Token borsaları üzerinde etkiye sahip olduğu tespit edilmiştir. Bu nedenle Fan Token alım satım işlemlerinde kriptopara borsalarındaki gelişmelerin özellikle ve dikkatle takip edilmesi gerektiği sonucuna ulaşılmıştır.

References

  • Binance. (2021). Binance Fan Tokens. Retrieved from https://academy.binance.com/en/articles/what-are-binance-fan-tokens
  • Bitcoin Whitepaper. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https://bitcoin.org/bitcoin.pdf
  • Bitci. (2022). FTO Fan Token Offering. Bitci Teknoloji. Retrieved from https://www.bitci.com/ projects/
  • Coin market cap. (2022, 02 August). Retrieved from https://coinmarketcap.com/
  • Çetinkaya, Ş. (2018). Kripto Paraların Gelişimi Ve Para Piyasalarındaki Yerinin Swot Analizi İle İncelenmesi. Uluslararası Ekonomi ve Siyaset Bilimleri Akademik Araştırmalar Dergisi, 2,5.
  • Demir, E., Ersan, O., Popesko, B., (2022). Are Fan Tokens Fan Tokens? Finance Research Letters . Retrieved from doi:10.1016/j.frl.2022.102736.
  • ECB. (2016). Distributed Ledger Technology. Frankfurt. Retrieved from https://www.ecb.europa. eu/pub/pdf/scpops/ecbop172.en.pdf
  • Ethereum. (2022). Ethereum Whitepaper Retrieved from https://ethereum.org/en/whitepaper/
  • Fındıklı, S. and Saygın, E.P. (2021). Müşteri Vatandaşlık Bağlamında Taraftar Tokenları. Üçüncü Sektör Sosyal Ekonomi Dergisi, 56(1), 57-71.
  • IMF. (2016). Treatment of Crypto Assets in Macroeconomic Statistics Report. Retrieved from https://www.imf.org/external/pubs/ft/bop/2019/ pdf/Clarification0422.pdf
  • IMF. (2018). Global Financial Stability Report. Retrieved from https://www.imf.org/en/Publications/GFSR/Issues/2018/04/02/Global-Financial-Stability-Report-April-2018
  • Mazur, M. and Vega, M., (2022). Football and Cryptocurrencies. Working Paper. Retrieved from doi:10.2139/ssrn.4035558.
  • Paribu. (2021). Fenerbahçe Fan Token Whitepaper. Retrieved from https://www.paribu.com/files/ Fenerbahce_Token_Whitepaper.pdf
  • Socios. (2022). Partners. Retrieved from https://www.socios. com/partners/
  • Scharnowski, M., Scharnowski, S. and Zimmermann, L. (2022). Fan Tokens: Sports and Speculation on the Blockchain. Retrieved from https://ssrn.com/abstract=3992430
  • Üzer, B. (2017). Sanal Para Birimleri. Central Bank of the Republic of Turkey Specialization Qualification Thesis, Ankara.
  • Vidal-Tom_as, D. (2022). Blockchain, sport and fan tokens. Working Paper.
There are 17 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Mehmet Ali Demir 0000-0002-3548-4426

Ramazan Aktaş 0000-0002-8884-3357

Early Pub Date November 5, 2022
Publication Date November 11, 2022
Published in Issue Year 2022 Issue: 37

Cite

APA Demir, M. A., & Aktaş, R. (2022). THE RELATIONSHIP BETWEEN FAN TOKENS AND CRYPTOCURRENCIES: AN EMPIRICAL EVIDENCE. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(37), 55-70. https://doi.org/10.18092/ulikidince.1112054

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