Title: Voting Participation and Engagement in Blockchain-Based Fan Tokens

Abstract: This paper investigates the potential of blockchain-based fan tokens, a class of crypto asset that grants holders access to voting on club decisions and other perks, as a mechanism for stimulating democratized decision-making and fan engagement in the sports and esports sectors. By utilizing an extensive dataset of 3,576 fan token polls, we reveal that fan tokens engage an average of 4,003 participants per poll, representing around 50% of token holders, underscoring their relative effectiveness in boosting fan engagement. The analyses identify significant determinants of fan token poll participation, including levels of voter (dis-)agreement, poll type, sports sectors, demographics, and club-level factors. This study provides valuable stakeholder insights into the current state of adoption and voting trends for fan token polls. It also suggests strategies for increasing fan engagement, thereby optimizing the utility of fan tokens in sports. Moreover, we highlight the broader applicability of fan token principles to any community, brand, or organization focused on customer engagement, suggesting a wider potential for this digital innovation.