University of Tehran Sport Management Journal 2008-9341 Articles in Press 2025 08 12 Analysis of the Lean Business Model Canvas for Fan Tokens (Case Study: Socios) Analysis of the Lean Business Model Canvas for Fan Tokens (Case Study: Socios) 103088 10.22059/jsm.2025.391604.3452 FA Mehdy Rasooli sport marketing and commercialization faculty member/ sport sciences research institute Journal Article 2025 04 08 Introduction: Fan tokens, as an innovation at the intersection of blockchain technology and the sports industry, have introduced a new model for fan engagement and club revenue generation. Socios, a leading platform in this domain, leverages the Chiliz cryptocurrency to enable fans to participate in limited club decision-making processes. Methodology: This study employs a qualitative focus group method and thematic analysis to examine the Socios fan token business model through the lens of Osterwalder’s Lean Business Model Canvas.<br /> Findings: The findings indicate that the platform&#039;s key value proposition lies in fan empowerment and digital engagement. However, challenges such as token price volatility, blockchain technology complexity, and financial and technical access limitations hinder its widespread adoption. Additionally, the dual nature of fan tokens—serving as both an engagement tool and a speculative asset—has raised concerns over their financial sustainability and fan trust. Furthermore, Socios’ dependency on Chiliz poses a risk to its revenue stability. <br /> Conclusion: Strategic recommendations from this study include simplifying the technology, reducing entry costs, enhancing transparency, diversifying rewards, and managing financial risks. This research suggests that fan tokens have the potential to redefine sports engagement, but their success depends on striking a balance between fan value and club profitability. Introduction: Fan tokens, as an innovation at the intersection of blockchain technology and the sports industry, have introduced a new model for fan engagement and club revenue generation. Socios, a leading platform in this domain, leverages the Chiliz cryptocurrency to enable fans to participate in limited club decision-making processes. Methodology: This study employs a qualitative focus group method and thematic analysis to examine the Socios fan token business model through the lens of Osterwalder’s Lean Business Model Canvas.<br /> Findings: The findings indicate that the platform&#039;s key value proposition lies in fan empowerment and digital engagement. However, challenges such as token price volatility, blockchain technology complexity, and financial and technical access limitations hinder its widespread adoption. Additionally, the dual nature of fan tokens—serving as both an engagement tool and a speculative asset—has raised concerns over their financial sustainability and fan trust. Furthermore, Socios’ dependency on Chiliz poses a risk to its revenue stability. <br /> Conclusion: Strategic recommendations from this study include simplifying the technology, reducing entry costs, enhancing transparency, diversifying rewards, and managing financial risks. This research suggests that fan tokens have the potential to redefine sports engagement, but their success depends on striking a balance between fan value and club profitability.