Blockchain technology and Web 3 elements, such as interactive games, Fan Tokens, NFT collectibles, etc., have made the FIFA World Cup Qatar 2022 event special. The world’s most famous football teams, including Manchester City, Barcelona, Flamengo, Paris Saint-Germain, AS Roma, Atletico Madrid, Juventus, Galatasaray, Inter Milan, Arsenal, FC Porto, Corinthians, etc., have launched Fan Tokens, a new era for fans to form a strong connection with their favorite clubs and players.
Fan Tokens are digital assets that provide holders access to discounts, promotions, and limited content and grant them voting rights. Fans from all over the world invest in their favorite teams to show their support for them and gain access to rewards, benefits, and money-can’t-buy experiences. While Fan Tokens are still relatively new, they’re quickly establishing themselves as the future of the sports economy.
One such token is the Portugal National Team Fan Token (POR), and today we’re bringing you a detailed guide on POR Fan Tokens and a quick tutorial on how to buy POR tokens in a matter of minutes.
- Portugal Fan Token (POR) is a tokenized membership to the Portugal national football team created to improve interaction with their fan community.
- Portugal National Team Fan Token (POR) is a cryptocurrency token built on the Chiliz platform, a leading global blockchain provider for the sports and entertainment industry.
- The POR Fan Token empowers fans to have a tokenized share of influence on club decisions, engage in a wide range of experiences, access exclusive promotions and VIP rewards, vote in interactive fan polls, and participate in games and competitions.
Let’s get right to it!
What Is Portugal National Team Fan Token (POR)?
Portugal Fan Token (POR) is a tokenized membership to the Portugal national football team representing Portugal in international men’s football competitions since 1921. Portugal was the first European national team to launch a Fan Token to improve interaction with their fans.
Portugal National Team Fan Token (POR) is a cryptocurrency token built on the Chiliz platform, a leading global blockchain provider for the sports and entertainment industry. Chiliz (CHZ) is famous for the invention of the Fan Token and is the first sports-based crypto exchange where fans can trade customized Fan Tokens and participate in club-based surveys and pools.
The POR Fan Token allows fans to have a tokenized share of influence on club decisions and engage in a wide range of experiences, for example, the opportunity to meet their favorite players, choose a goal celebration song, etc. POR token holders get access to exclusive promotions and VIP rewards, vote in interactive fan polls, and participate in games and competitions.
To obtain Fan Tokens, you must first purchase Chiliz (CHZ) Tokens via Socios.com and use them to buy POR Fan Tokens.
Portugal National Team Fan Token Price
The Portugal National Team Fan Token currently has a circulating supply of 4,001,842, with a total supply of 20,000,000 and a market cap of USD 13.0 million. POR token’s smart contract address is 0xb0bb080667e52bd84884d2c90322706c4aa9067b. The price of Portugal National Team Fan Token has sustained relatively well during the current bear market. You can check the live POR USD price and other metrics at POR price on CoinStats.
How to Buy POR Token?
The Portugal National Team Fan tokens are available for trading on the Socios.com app and several other crypto exchanges like Huobi Global, BitMart, Gate.io, OKEX, etc. Follow our step-by-step buying guide below to buy SRM tokens.
Step 1: Select a Crypto Exchange
POR tokens are available on leading cryptocurrency platforms, so visit the market page on CoinStats to view the exchange platforms on which POR tokens can be traded. Compare the exchanges’ security, user experience, fee structure, supported crypto assets, etc., to choose the one with the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA) and allows you to buy crypto using your preferred payment method.
In the crypto world, any trader is confronted with the initial choice between centralized and decentralized crypto exchanges, so let’s look into the details of each type below.
A centralized crypto exchange or CEX, such as Coinbase, eToro, Binance, etc., is governed by a centralized system and charges specific fees for using their services. Most crypto trading takes place on centralized exchanges, allowing users to convert their fiat currencies directly into crypto easily. Centralized exchanges require users to follow KYC (know your customer) and AML (anti-money laundering) rules by providing information and personal identification documents. However, a CEX holds your digital assets on its platform while trades go through – raising the risk of hackers stealing the assets.
On the other hand, a decentralized exchange (DEX), like Uniswap, SushiSwap, Shibaswap, etc., is not governed by any central authority; instead, it operates over blockchain and charges no fee except for the gas fee applicable on a particular blockchain, i.e., on the Ethereum blockchain. Decentralized exchanges use smart contracts to let people trade crypto assets without needing regulatory authority. They deploy an automated market maker to remove intermediaries and give users complete control over their funds. Decentralized exchanges are less user-friendly in terms of interface and currency conversion. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto. It also takes longer to find someone looking to trade with you as DEX engages in peer-to-peer trade, and if liquidity is low, you may have to accept concessions on price and quickly sell or buy low-volume crypto.
Step 2: Create an Account
After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. A link will be sent to your address, and you must click it to verify your account. Once the account is activated, you must create an elaborate password, and you’re good to go.
Some exchanges have strict KYC and AML requirements, and to get verified, you must provide personal information such as:
- Full name
- Residential address
- Date of Birth
- ID Document.
Sometimes, you might also need to upload a selfie or undergo video verification to finalize the process.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step 3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currencies like USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit card, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit and click “Deposit.”
Some deposit methods are extremely fast, while others, depending on the amount, require a confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have more significant fees than others.
- Credit or Debit Card
Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
- Bank Account
Making a bank transfer from your local bank account is usually free, but you should still double-check with your exchange.
POR can be traded for another cryptocurrency or a stablecoin such as USDT or BUSD coin; the trading pairs vary between exchanges. So, you must search for POR on the spot market to select a pair from the list of available trading pairs. To buy POR on the Socios.com app, you must own CHZ, the native in-app cryptocurrency, and exchange those for POR Fan Tokens.
Step 4: Buy Portugal National Team Fan Token
Follow the steps below to place a market order to buy POR token instantly at the current market price:
- Click the search bar, enter POR, and select “Buy POR” or the equivalent.
- Select a trading pair you wish to buy POR against.
- Choose the payment method and the currency you wish to use, and input the amount of POR or the fiat amount to be spent. Most exchanges automatically convert the amount to show you how many POR tokens you’ll get.
- Double-check the transaction details and click “Confirm.”
- The POR tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating that you want to buy POR at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price exceeds your limit.
If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.
To trade POR on spot markets, go to the Trade page and search for the POR pairs (POR/USD, POR/USDT, etc.). Select the trading pair and check the price chart. Click “Buy POR,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy POR.”
Congratulations on adding Portugal National Team Fan (POR) tokens to your crypto portfolio!
Step 5 (Optional): Store Portugal National Team Fan Token
While your POR tokens can be stored in your brokerage exchange wallet, experts highly recommend storing your precious coins away from exchange wallets, as those might be susceptible to hacks and interference.
We highly recommend creating a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets:
If you’re looking to trade POR regularly, software or hot wallets provided by your selected crypto exchange will suit you. The strength of software wallets lies in their flexibility and ease of use. A software wallet is the most easy-to-set-up crypto wallet and lets you easily interact with several decentralized finance (DeFi) applications. However, these wallets are vulnerable to security leaks because they’re hosted online. So, to keep your private keys in a software wallet, conduct due diligence before choosing one to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
Examples of software wallets include CoinStats Wallet, MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Hardware or cold wallets are usually considered the safest way to store your cryptocurrencies as they offer offline storage, significantly reducing hack risks. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm transactions on the blockchain, giving you an extra layer of protection against cyber attacks. These are more suitable for experienced users who own large amounts of tokens.
Ledger hardware wallets are arguably the most secure, letting you securely manage your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S, designed for crypto beginners.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
Step 6: (Bonus Step) Track Your POR Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfolio tracker will help you keep track of the real-time performance of your POR tokens and all your crypto investments from one platform at all times. CoinStats Portfolio Tracker enables you to monitor the profit, loss, and liquidity across several exchanges.
You can also monitor the profit, loss, and liquidity of Portugal National Team Fan (POR) across several exchanges on CoinStats.
CoinStats supports over 250 cryptocurrency exchanges and over 7,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, and up-to-date news. Here you have the opportunity to connect an unlimited number of portfolios (wallets and exchanges), including:
- Trust Wallet
- Bitstamp and 500 others.
To connect, go to the CoinStats Portfolio Tracker page and:
- Click Add Portfolio and Connect Wallet.
- Click the wallet you want to connect to (e.g., Ethereum Wallet).
- Input the wallet address and press Submit.
Fan tokens are relatively new, with only about a hundred different fan tokens available at the moment. However, Fan Tokens’ value, interest, and popularity, including the POR price, are expected to rise in the following months due to the international media’s attention to the exciting FIFA World Cup Qatar 2022, which will be played from November 20 to December 18. The national football teams participating in it are seeing the value of their Fan Token cryptos rise. So, this might be the right time for you to invest in POR Fan Tokens.
According to the research team of crypto exchange Huobi, top world cup Fan Tokens for the national soccer teams of Portugal (POR) and Argentina (ARG), both major contenders to win the Cup, “will be the cherries on top during the World Cup.”
Disclaimer: This article is for educational purposes, and nothing here is a piece of financial or investment advice.