SBI Chiliz, a joint venture between the Japanese financial giant SBI Digital Asset Holdings and the global sports Web3 leader Chiliz Group, officially announced on April 15 the signing of a Memorandum of Understanding (MOU) with the J-League football club Tokyo Verdy. This agreement initiates a joint research project aimed at introducing fan tokens within the Japanese domestic market, marking a historic milestone as the first time SBI Chiliz has entered into such a formal partnership with a club from the Japan Professional Football League (J-League). According to statements released by both organizations, the collaboration is designed to explore the integration of blockchain technology into the fan experience, providing a roadmap for how digital assets can enhance engagement, loyalty, and commercial opportunities for professional sports teams in Japan.
Under the terms of the MOU, SBI Chiliz and Tokyo Verdy will collaborate on several key initiatives designed to redefine the relationship between a sports club and its supporters. The joint research will focus on the development of "fan voting" mechanisms, where token holders can participate in certain club decisions, as well as the distribution of digital gifts and rewards. Furthermore, the partnership intends to examine ways to link digital tokens with live match events, allowing for real-time engagement and the exchange of digital assets for physical, real-world items or exclusive experiences. This move represents a significant shift toward "Digital Transformation" (DX) within the J-League, as clubs seek to diversify their revenue streams and deepen their connections with a tech-savvy, global audience.
The Strategic Alliance Between SBI and Chiliz
The foundation of this partnership lies in the formation of SBI Chiliz, a company established through the combined efforts of SBI Digital Asset Holdings and the Chiliz Group. The Chiliz Group is widely recognized as the pioneer of the fan token industry, operating the popular fan engagement platform Socios.com. Globally, Chiliz has partnered with more than 70 major sports organizations, including world-renowned football giants such as FC Barcelona, Manchester City, Paris Saint-Germain, and Juventus. By leveraging the Chiliz Chain—a specialized blockchain for the sports and entertainment industry—these clubs have successfully launched fan tokens that allow supporters to vote on kit designs, stadium names, and other club-related matters while earning exclusive rewards.
For the SBI Group, this venture is a core component of its broader strategy to lead the digital asset revolution in Japan. SBI has been aggressive in its pursuit of Web3 and blockchain opportunities, and by partnering with Chiliz, it aims to localize the global success of fan tokens for the Japanese market. The expertise of SBI in the domestic financial sector, combined with Chiliz’s technological infrastructure and international sports network, creates a powerful synergy intended to overcome the regulatory and cultural hurdles associated with digital assets in Japan.
Tokyo Verdy: A Historic Club in a Digital Age
Tokyo Verdy, the partner in this landmark agreement, is one of the most storied clubs in Japanese football history. Founded in 1969 as Yomiuri FC, the club was a founding member of the J-League when it launched in 1993. Throughout the early years of professional football in Japan, Verdy was the dominant force, producing legendary players who became household names, such as Kazuyoshi "King Kazu" Miura and Ruy Ramos. The club’s rich history and deep-rooted tradition make it an ideal candidate for this pilot program, as it seeks to bridge the gap between its long-standing legacy and the modern digital era.
In recent years, Tokyo Verdy has focused on revitalizing its brand and expanding its fan base both domestically and internationally. The introduction of fan tokens is seen as a way to engage younger generations who are increasingly comfortable with digital currencies and decentralized platforms. By participating in this joint research, Tokyo Verdy is positioning itself at the forefront of the J-League’s technological evolution, signaling to the rest of the league that Web3 adoption is no longer a niche experiment but a strategic necessity.
The Evolution of Web3 in the J-League
The partnership between SBI Chiliz and Tokyo Verdy does not exist in a vacuum; it is part of a growing trend of blockchain adoption within Japanese professional sports. In recent years, several J-League clubs have begun exploring the potential of Web3 technologies to enhance fan engagement and secure new funding.
One of the most notable examples is Avispa Fukuoka, which in 2023 established Japan’s first sports DAO (Decentralized Autonomous Organization). Following this, in 2025, the club entered into a "Web3 Partnership Agreement" with Mitsui Sumitomo Banking Corporation to further integrate blockchain solutions into its operations. Similarly, Vissel Kobe has experimented with the issuance of NFT (Non-Fungible Token) tickets for its opening matches, providing fans with a verifiable and collectible digital record of their attendance.
More recently, in March of the current year, Gamba Osaka conducted a demonstration experiment in collaboration with DeCurret DCP. This project focused on visualizing "fan contributions"—such as cheering and information sharing—on the blockchain, allowing the club to record and reward supporter loyalty in a transparent and immutable way. These precedents set the stage for Tokyo Verdy and SBI Chiliz to move beyond experimental trials and toward a comprehensive fan token ecosystem that could eventually become standard practice across the entire league.
Technical Scope and Proposed Fan Features
The joint research initiated by the MOU will delve into the technical and practical aspects of launching a fan token on the Chiliz Chain. Unlike traditional loyalty points, fan tokens are fungible digital assets that provide holders with a range of utility features. The research will specifically look into the following areas:
- Governance and Voting Rights: Researching how fans can use tokens to vote on non-sporting decisions, such as the design of club merchandise, the music played at the stadium, or the selection of "Man of the Match."
- Digital-to-Physical Incentives: Investigating the logistics of allowing fans to trade digital tokens for limited-edition physical goods, such as signed jerseys or match-worn equipment.
- Gamification and Matchday Integration: Developing mobile-based interactions that allow fans at the stadium to "check-in" via blockchain and receive exclusive digital collectibles or "power-ups" for use in integrated games.
- Global Accessibility: Exploring how international fans of Tokyo Verdy can purchase tokens to feel more connected to the club, thereby expanding the team’s commercial reach beyond the borders of Japan.
Market Context and Economic Implications
The sports fan token market has seen significant growth globally, with hundreds of millions of dollars in revenue generated for clubs worldwide. In Japan, the market is particularly ripe for expansion due to the country’s high rate of smartphone penetration and a cultural affinity for collectibles and "otaku" (enthusiast) culture. However, the Japanese market also faces strict financial regulations regarding the sale and trading of crypto-assets.
The involvement of SBI Digital Asset Holdings is crucial in this regard. As a regulated financial entity, SBI brings a level of trust and compliance that is essential for mass-market adoption. The joint research will likely address how to navigate the Payment Services Act and other Japanese financial regulations to ensure that the fan tokens are accessible to the general public while remaining compliant with domestic law.
From an economic perspective, fan tokens provide clubs with a "re-monetizable" asset. Traditional sponsorship and ticket sales are often limited by physical space or time. In contrast, digital tokens can be traded on secondary markets, providing clubs with ongoing royalty fees and creating a liquid ecosystem where the value of the token can reflect the club’s popularity and engagement levels.
Reactions from Industry Stakeholders
While official quotes from the signing ceremony focused on the spirit of innovation, industry analysts suggest that this MOU is a defensive as well as an offensive move. For Tokyo Verdy, it is an offensive strategy to reclaim its status as a premier innovator in the league. For SBI, it is a move to secure a first-mover advantage in a sports market that has been slow to move away from traditional corporate sponsorship models.
Supporter groups have expressed a mix of curiosity and cautious optimism. Many younger fans welcome the prospect of having a more direct say in club affairs, while older, more traditional supporters are waiting to see how these digital tools will affect the "soul" of the game. The joint research project is expected to include surveys and focus groups with Tokyo Verdy’s core fan base to ensure that the eventual token launch aligns with the supporters’ values.
Broader Impact on the Japanese Sports Landscape
The success of the SBI Chiliz and Tokyo Verdy partnership could serve as a catalyst for a "domino effect" across the J-League and other professional sports in Japan, such as the B.League (basketball) and NPB (baseball). If Tokyo Verdy can demonstrate a tangible increase in fan engagement and a new, stable revenue stream, it is highly probable that other clubs will follow suit.
Furthermore, this partnership highlights the shifting role of financial institutions in sports. No longer just stadium sponsors or lenders, companies like SBI are becoming integral technology partners, providing the infrastructure for a new digital economy within the stadium walls. The move toward Web3 in sports also aligns with the Japanese government’s "Society 5.0" initiative, which promotes the integration of advanced technologies into all aspects of social and economic life.
Timeline and Next Steps
Following the signing of the MOU, the joint research phase is expected to last several months. During this period, SBI Chiliz and Tokyo Verdy will conduct technical stress tests, legal reviews, and market demand assessments. A pilot launch of the fan tokens is rumored to be scheduled for the following season, depending on the findings of the research.
As the J-League continues to celebrate its history while looking toward the future, the partnership between Tokyo Verdy and SBI Chiliz stands as a testament to the power of collaboration between traditional sports and cutting-edge technology. Whether this will lead to a permanent shift in how Japanese fans support their teams remains to be seen, but for now, the eyes of the sporting and financial worlds are firmly fixed on Tokyo Verdy and the digital path they are forging.
