.jpg)
Penn State Football is joining the bandwagon of crypto scams and grifts, announcing a new program Wednesday that will allow fans to buy digital “tokens” so they can access “exclusive experiences” and “unique benefits.”
Penn State, along with Michigan State, Maryland, Texas A&M and LSU, is partnering with Socios, a blockchain platform that allows a sports team to monetize (scam) its fan base with fake digital assets known as “tokens.”
“The United States is the most important sports market in the world, and college sports represents one of the most passionate and culturally significant fandoms anywhere,” Alexandre Dreyfus, CEO and founder of Socios.com, said in a statement.
“These are the first Fan Tokens in U.S. college sports and represent not only a new frontier but also a new iteration of the established asset class.”
Dear lord. As if America needs another “asset class.”
Fan tokens are basically worthless. It appears fans will be able to use them to purchase Penn State merchandise, but there is no underlying value to them. The worth is simply derived “from how much fans value being able to participate in the club and earn unique benefits.”
In other words, if you buy a bunch of tokens, the value holds, but then suddenly, big holders sell theirs - what is known as a rug pull - and the token’s value plummets; you are stuck holding pieces of digital trash.
This is just the latest example of how sports are being destroyed by bloodsucking vampires who want to leech every single penny out of teams, players, and fans. Of course, fans and players still care about the actual sport. But upper management and other third parties only care about making money. To them, it’s one big cash grab. (RELATED: Wall Street Vampires Are Sucking The Joy (And Money) Out Of Youth Sports)
Worse yet, many American men already suffer from debilitating online sports gambling addictions. Throwing scammy meme coins into the mix is like giving a crack addict a lifetime supply of clean pipes.