Claiming payouts
How to claim your prize money
Once the athlete has made the relevant share of their prize money available for distribution, FANs will be informed that they can claim their Payouts. Payouts can be claimed via the "Dashboard" page in the "My Payouts" section. FANs can "CLAIM ALL" for all tokens from all athletes or "CLAIM" the payouts related to a specific athlete.
The Dashboard displays the following items - these apply to all athletes of which FANs hold tokens:
- "Athletes invested": the number of athletes invested in
- "Number of Tokens": the number of purchased tokens
- "Wallet Balance (USDC)": balance of the wallet on the platform that holds the tokens
- "Claimed Payouts (USDC) ": total value of payouts that have been claimed
- "Claimable Payout (USDC)": total payout value that can be claimed
- "Total Payouts (USDC) ": "Claimable Payout" + "Payouts Claimed"
When "Claimable Payout (USDC)" contains an [amount], FANs will be able to claim it. When "Claimable Payout (USDC)" is "0", there is no amount to claim, so FANs will not be able to claim. For the "Claimable Payout (USDC)" to be claimable, the following steps need to be fulfilled:
- The payout period is finished:
- For pro athletes:
- Payout period = each quarter
- Total payout period = one season
- For talents:
- Payout Period = one season
- Total Payout Period = typically 5-10 years (depending on each athlete)
- Based on the athlete earnings in the finished payout period and the total amount of tokens sold, the relevant share of earnings to be distributed amongst FANs is calculated
- The athlete locks in the amount from the previous step in the claiming smart contract
- The "Claimable Payout" amount section is updated (following the token ownership of the FAN) and available for claiming
- For MetaMask users, please make sure to always be connected to the Polygon network
("Athlete's Earnings" x "My Ownership") = ("Claimed Payouts"* + "Claimable Payout")
- "Athlete's Earnings": earnings (prize money and commercial revenue (if applicable) by the athlete for the total payout period
- "My Ownership": total ownership of all tokens the FAN holds (displayed under the athlete's image)
- "Claimed Payouts (USDC)": the amount of payouts that has been claimed
- "Claimable Payout Period": payout period corresponding to the "Claimable Payout"
- "Claimable Payout (USDC)": payout amount that can be claimed
*For the calculation to be entirely correct, paid fees (2.5% - see below) for claimed payouts will need to be added (but will not be displayed).
Once the steps from #when-can-i-claim-my-payouts are fulfilled, there are the following checks on the FAN side:
- "Identity verified": FANs must fulfill an identity verification to claim successfully for compliance reasons. FANs will be redirected to the popup screen of FANtium's identity check provider and follow the instructions there. An ID document and liveness check will be performed. Please note that the verification can take up to 5 minutes once the documents are submitted. For any questions or issues regarding the verification process, FANs can always contact FANtium directly via the Intercom or [email protected]
Note: FANs will only need to complete the identity verification for the first claim. It will then be valid for future claims.
- "NFT ownership verified": verifies if the token(s) is actually in your Wallet
- "No previous claim for this payout": verifies that the "Claimable Payout" amount has not previously been claimed
This differs per token and relates to the payout period. As mentioned, professional athletes will make their prize money available for claiming once per quarter, whereas talents will share their prize money annually. Once the athlete makes the earnings available, FANs have up to 18 months to claim their payouts.
Once you claim the payout, this reflects that the payout period and athlete's earnings are ongoing since the payout period has yet to end and is therefore ongoing. Per athlete, you will be able to see the "Next Possible Payout", i.e., the next time you can claim again.
Yes - FANtium will charge a fee of 2.5% of the "Claimable Payout" amount. Network fees are included in this amount. Please note that the calculated and displayed fee amount could sometimes be $0.01 less or more than anticipated due to currency round-ups.
Once FANs have claimed their payouts, the funds will be transferred to their wallet. The wallet and balance are on the "Dashboard" page under "Wallet Balance."
Prize money will be paid out in USDC, a digital currency fully backed by US-Dollar assets, with one USDC coin pegged 1:1 to the value of one US-Dollar. Once received, the payout can be converted into fiat currency (e.g., CHF or EUR) via a cryptocurrency exchange.
You can convert claimed prize money into fiat currency via Moonpay: The FANtium platform cooperates with Moonpay (see here for more details). Moonpay enables you to convert fiat currency into Crypto and the other way around. To convert cryptocurrency into fiat, you can click on your profile, select "Wallet," and click on the three dots next to your wallet. Then select "Withdraw funds." This will lead you to a popup from Moonpay where you can follow their instructions.
Note: This option is only available for amounts up to 10,000 USD. Anything above that needs to be converted via external currency exchanges such as Kraken.
FANs will only be able to claim payouts once the payout period in which they purchased the token has finished. For example, if a FAN buys a pro token in Q2, then he/she will be able to also be entitled to the claim of the Q1 payout period. However, in this case FANs will only be able claim the Q1 payout in Q3. As explained above, athlete lock in their funds at the end of each payout period and in this scenario the athlete did not yet lock in the funds for the Q1 period of the purchased token. The Q1 payout will be available when the athlete locks in funds again after the next payout period (in Q3). The FAN will then be able to claim all claimable payouts.