The most valuable asset in the ongoing Indian Premier League (IPL) isn’t the media rights, the sponsorship slots, or even the players. It’s the fans, of course.

At 7:30 pm everyday, TVs and streaming apps turn on like clockwork. If you were on public transport, you’d hear match commentary out loud from at least one mobile nearby. We all check the score in between meetings, and argue passionately about the mega auctions. It’s almost as if nothing else happens in our lives for those two months.

The IPL has built what every modern brand dreams about, a large, emotional, repeat audience. In 2025, the IPL ecosystem was valued at roughly $18.5 billion, with the league’s standalone brand value at $3.9 billion. This season, the IPL has already crossed 1.1 billion in reach across TV and digital.

But what do teams do with this devotion beyond ads, merchandise and match-day content?

Here’s where the concept of fan tokens becomes interesting. The model has already been tested through a blockchain-based sports platform called Chiliz and its fan engagement platform, Socios. Over the past few years, Chiliz partnered with several major European football clubs including FC Barcelona, Paris Saint-Germain F.C. and Manchester City F.C. to launch digital fan tokens.

Think of these tokens as digital exclusive membership passes. Fans could buy them through Socios and unlock experiences tied to their favourite clubs like voting on smaller fan-facing decisions, accessing exclusive merchandise, participating in contests, earning rewards, or getting VIP experiences such as stadium tours and meet-and-greets.
The crypto element mostly worked in the background, bringing the efficiency and digital-native nature of blockchain technology to fan engagement. Fans did not need to understand the technology to use the product. What blockchain enabled was a transparent and verifiable system of digital ownership and participation. Fans held a tradable digital asset connected to the ecosystem, instead of just a membership card with a few reward points and discounts.Knowing that distinction is important, because sports engagement today lives online. Considering how Indian fans engage, the IPL seems like an ideal product market fit.

IPL fandom today is digitally entrenched. Teams are internet-native entertainment brands. Audiences live on reels, meme pages, fantasy apps, WhatsApp groups and livestream chats. A fan in Jaipur reacts to a game in almost the same way as a fan in Dubai or Bengaluru. Geography means next to little as the community thrives online.

Fan tokens work best when the fandom already exists online. It would be a mistake to treat this as just another trading product. The participation opportunity here is massive. Most fans are not looking to “invest” in a cricket team in the traditional sense. They just like the idea of being involved beyond watching a match and buying a jersey once a year.

An IPL fan token could potentially unlock early access to tickets, signed merchandise, behind-the-scenes content, loyalty rewards, meet-and-greets, or small fan-facing votes around the franchise. Not cricketing decisions, thankfully. No team wants a Twitter poll deciding the playing XI.

Modern sports fans love an interactive experience. This is where India could approach fan tokens differently from Europe.

European football fandom evolved around legacy club memberships and decades-old supporter communities. India’s digital behaviour is far more mobile-first and reward-driven. Indian users are already comfortable with gamified ecosystems like fantasy sports, loyalty programs, UPI rewards, and creator communities. The emotional behaviour and the required infrastructure already exists.

It’s the execution that needs to be thought of, which is precisely where blockchain adds the most value.

There is a real risk of overengineering this idea. If fan tokens become overly financialised, most fans will lose interest quickly. Sports fandoms work because they feel light and fun. The moment it starts sounding like a trading strategy webinar, the magic disappears.

Simply reward fans for being fans. Give them access, identity and membership perks that actually feel worth it. Build communities that thrive after the tournament ends. All while blockchain infrastructure sits quietly in the background.

Participation is becoming a huge part of the fan experience through content, conversations, fantasy leagues and communities. The IPL already understands this better than most leagues in the world. Blockchain-based fan tokens, if done properly, could simply become the next extension of that relationship.

In the past two months, 12 penny stocks delivered impressive gains ranging from 25% to 125%, including two multibaggers. These outperformers were identified using specific filters: a market capitalisation below Rs 1,000 crore, a share price under Rs 20, and a minimum trading volume of 5 lakh shares. This approach helped spotlight low-priced, actively traded micro-cap stocks exhibiting strong upward momentum.

Penny stocks continue to draw interest due to their low price points and high potential for returns. However, they come with substantial risk, marked by low liquidity, sharp volatility, and limited transparency. For investors, success in this space requires more than luck; it demands discipline, thorough research, and a firm grip on risk management.

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With broader market valuations looking stretched, finding the right risk-reward balance is crucial. Hitesh Zaveri, Head of Listed Equity at Axis AMC, breaks down why large caps currently offer a safer margin of safety over small caps. Discover his tactical playbook for navigating macro volatility, the outlook for IT and financials, and how to position your portfolio for the next 3–5 years.

Edited excerpts from a chat:

How would you assess the current market environment from a risk-reward perspective for long-term investors?
From a long-term perspective, the risk-reward remains reasonably balanced, though not outright compelling in the near term. Markets have delivered strong returns over the past 12–18 months, leading to pockets of stretched valuations, especially in the broader market. However, India’s structural growth story remains intact, driven by strong domestic demand, improving balance sheets, and policy continuity.

For long-term investors, the key is to temper return expectations and focus on earnings compounding rather than valuation re-rating. Periods of consolidation may be viewed as opportunities to accumulate quality businesses rather than reasons for concern, subject to individual risk appetite and investment strategy.

With crude and rupee playing spoilsport, how should investors deal with macro uncertainty? Which sectors look best placed?
Macro volatility, whether from crude prices, currency movements, or global interest rates, is largely uncontrollable and often short-lived relative to investment horizons. Investors should avoid overreacting to these variables and instead focus on sectors with strong pricing power and domestic drivers.

In the current environment, sectors such as financials, industrials, and select consumption themes remain well-positioned. Additionally, domestic-facing businesses with limited import dependence tend to navigate such volatility better. Export-oriented sectors can also provide a natural hedge if currency weakness persists.
Financials remain dominant. What is your view on banks and NBFC earnings amid changing liquidity conditions?
The financial sector continues to be structurally strong, supported by healthy balance sheets, moderating credit costs, and stable demand for credit. While liquidity conditions have tightened somewhat, we believe this reflects normalization rather than stress. Banks, particularly large private sector banks, are well placed given their strong liability franchises. NBFCs may see some pressure on margins due to funding costs, but well-managed players with strong risk frameworks should continue to deliver steady growth. Overall, earnings momentum should remain resilient, albeit with some moderation from the recent peak levels.
Which segment offers better opportunities: large, mid, or smallcaps?
At this stage of the cycle, large caps offer relatively better risk-reward compared to mid- and small-caps, primarily due to more reasonable valuations and better earnings visibility. Mid- and small-caps still present selective opportunities, particularly in niche segments, but the margin of safety has reduced significantly in several pockets. Investors should be more discerning and avoid chasing momentum.

Mid and smallcap valuations are elevated. Can earnings growth justify this?
Earnings growth has been strong in the mid- and small-cap space, but valuations in certain segments are pricing in a continuation of very high growth rates. While some companies will deliver on these expectations, the dispersion between winners and losers is likely to increase. Sustaining current valuation multiples will require consistent execution and a favourable macro environment. Hence, bottom-up stock selection becomes critical, and investors should focus on quality, governance, and balance sheet strength.

Will the broader market momentum seen in April continue?
Near-term momentum is always difficult to predict and often driven by flows rather than fundamentals. While earnings have been supportive, especially in the broader market, the strong rally has already priced in a lot of optimism. We may see periods of consolidation or volatility in the near term. A more sustainable market trajectory would ideally be led by earnings growth catching up with valuations rather than continued multiple expansion.

What portfolio positioning would you recommend for a 3–5 year horizon?
For a 3–5 year horizon, investors should focus on building a diversified portfolio anchored around high-quality compounders. A balanced allocation between large caps and selectively chosen mid-caps would be appropriate. Most importantly, investors should stay disciplined with asset allocation and avoid overexposure to overheated segments.

Should investors stay away from IT stocks or are valuations attractive?
The IT sector is currently in a transition phase, with near-term demand softness due to global macro uncertainties. However, this has also led to more reasonable valuations compared to historical averages. For long-term investors, selective exposure to high-quality IT companies can be considered, especially those with strong client relationships and differentiated capabilities. While the sector may not see immediate growth acceleration, it remains a structurally important part of India’s export story.

A spokesman for the University of Cambridge said: “We understand the challenges around cost of living, and have introduced several measures in response, including a supplement of 2.5% of basic pay for employees on lower pay grades, raising the minimum starting salary for research assistants and increasing paid family leave.

According to stock exchange filings, multiple entities under Saif Partners participated in the bulk deals, selling shares worth about ₹964 crore. Saif Partners, which is among Paytm‘s earliest investors, was rebranded as Elevation Capital in 2020.

Societe Generale, Marshall Wace Investment Strategies and Morgan Stanley Asia were among the major participants in these block deals.

Over the past nearly two years, Elevation Capital and AntFin — the financial affiliate of Alibaba Group, have emerged among the biggest sellers in Paytm through block deals.

According to BSE data, around 8.5 million shares changed hands on May 22, with Saif III Mauritius selling around 5.6 million shares and the others being multiple different funds of Saif Partners.

Historical data suggest that Ant Financial has also sold 85.3 million shares across multiple tranches and bulk deals.

The Noida-headquartered company has seen several early investors liquidate their holdings. Paytm has also been encouraging Chinese investor Ant Financial to pare its stake in the firm.
Paytm closed FY26 with a net profit of ₹556 crore — its first-ever full-year profit — and reported operating revenue of ₹8,437 crore, up 22% from ₹6,900 crore a year earlier.
In April 2026, Paytm became an Indian-owned and controlled company after domestic investors raised their collective stake to around 50%. The fintech company currently trades at a market capitalisation of ₹71,220 crore ($7.4 billion).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)