What Is Italian Football Federation Token (ITA)?

Fans of various sports teams can now buy Fan Tokens to gain access to a new digital service provided by the teams. Sports fans love this token because it allows them to participate in polls and other forms of decentralized governance, access exclusive discounts and giveaways and stand a chance at winning rare and valuable prizes.

One of the newest Fan Tokens, the Italian Football Federation Tokens (ITA), is one issued by the Italian Football Federation (FIGC). Italy’s national football team (FIGC) has won the European Championship twice, most recently in July 2021 (2021 Euro Championship) and again in 1968 (1968 European Championship). 

The Italian national football team has also won the FIFA® World Cup on four separate occasions – in 1934, 1938, 1982, and 2006. Famous for their blue jerseys, the Azzurri are also famed for their fervent renditions of the national anthem before every international match. In the latest FIFA® Men’s Football Rankings, they come in at #6.

The ITA Token was designed in collaboration with the cryptocurrency startup Chiliz — the world’s premier blockchain solution for the sports and entertainment industries. 

Since Italy’s Football Federation announced the debut of ITA fan tokens earlier in 2021 on Socios, everyone has been excitedly anticipating getting their hands on some of the Italian tokens.

Now that we have the basics out of the way, let’s take a closer look at the concept that underpins this token.

How the Italian Football Federation Token (ITA) Works

The ITA Fan Token is a utility token built on the BEP-20 standard that can be used in the ITA ecosystem. BEP-20 is an upgraded version of the widely used ERC-20 token standard used on the Ethereum blockchain and is used as the basis for Binance Smart Chain (BSC) (now: BNB) tokens. 

Essentially, it is a set of guidelines for creating, distributing and using tokens on the BSC. Because of its similarities to Ethereum’s ERC-20 and Binance Chain’s BEP-2, the BEP-20 standard tokens are compatible with both of these protocols.

BEP-20 is a technical standard that was developed for Binance Smart Chain to provide developers with a flexible framework to launch new tokens (such as utility or stable coins). These BEP-20 tokens have the potential to stand in for a wide variety of assets, from shares of stock in a company to fiat currencies kept in a safety deposit box.

What Is ITA Token Used For?

The Italian Football Federation Fan Token (ITA) is a collectible digital asset that allows supporters of the Italian National Team to have a tokenized voice in club decision-making through the Socios ecosystem. 

Namely, in its capacity as a membership token, the ITA token unlocks access to a variety of other member-only benefits, such as increased reward amounts.

More specifically, ITA Fan Token holders can have a say in club decisions through Socios.com, including the song played after a goal is scored in a football stadium. Moreover, they are able to gain entry to exclusive events, such as player meet-and-greets, strength and conditioning day events, discounts on merchandise, and more.

In 2021, when the token was initially introduced to the public, more than 5,000 token holders were rewarded with extraordinary incentives. They get VIP status at Italian Football Federation events, signed jerseys by the players, and tickets to the matches.

With just 1 ITA Fan Token, you’ll have the right to cast your vote, join the team at some event, and win some rewards. Nevertheless, fans holding more tokens in their balance will have a greater opportunity to earn prizes and impact the decision-making process.

Where to Buy ITA Tokens?

If you’re looking to invest in Italian National Football Team Fan Token, currently, the best places to do so are on the crypto exchange HTX Global, Bitget, BitMart, MEXC, and Gate.io.

How Long Has ITA Token Been Around? 

The ITA token was released through a Fan Token Offering (FTO®) on March 7, 2022.

What’s Controversial About ITA Token?

Up to this point, the ITA token hasn’t been mired in controversy.

How Many ITA Tokens Are There?

According to FanMarketCap, there are currently 1,050,962 ITA tokens in circulation, with a maximum quantity of 30,000,000 ITA available in supply.

Can ITA Token Be Mined?

Yes. The ITA Token can be mined on the BNB Smart Chain (BSC) ecosystem using a smart contract because it conforms to the Basic Element Protocol (BEP-20). Transfers of BEP-20 tokens are powered by BNB, just like those of BEP-2 tokens on the Binance Chain. 

Therefore, there is a financial incentive for validators to record transactions in the blockchain since they would earn BNB as a reward for their efforts.

Market Cap and Price History of ITA Token

The Italian National Football Team Fan Token reached an all-time high price of $3.49 on the cryptocurrency market on November 6, 2022. This was an all-time high for the token. Since it reached its all-time high, it has never been less expensive than $1.599950 (cycle low). 

On the other hand, the ITA price has not been higher than $2.49 at any point in time since the previous cycle low (cycle high).

Biggest Competitors of ITA Token

The ITA token is the latest entry into the growing pool of Fan Tokens available on the cryptocurrency market. The FC Santos Fan Token, the FC Lazio Fan Token, and the F1 Alpine Fan Token are its primary competitors in this market.

What Are the Future Plans of the Italian Football Federation Token (ITA)?

A lack of information prevents any confident projections on the ITA Fan Token’s trajectory. 

Pros and Cons of ITA Token

Pros

• The token can be traded on both the Binance and Ethereum networks;
• Holders of ITA tokens are entitled to a wide variety of benefits.

Cons

• There is not enough information available regarding the token’s market capitalization or its development plan.
• The ITA token is supported by a handful of exchanges.