Fan tokens are a form of cryptocurrency that allow owners to participate in various fan-related experiences such as voting on the music to be played during half-time breaks in sporting events. Since 2020, many elite sport teams have issued fan tokens, allegedly as a way to engage with fans and hear their voice. However, fan tokens also raise some concerns. They are largely gamified digital items that intend to keep fans within the providers’ app. Also, they can be traded in exchange platforms, which arguably transform them into collectibles, whose value can vary over time. Here, we explore fan tokens through a case study from a football (soccer) club (i.e., an F.C. Barcelona fan token). Drawing on literature from situational and structural characteristics of gambling, we analyse the gambling-like features that fan tokens include in their product design. Such features are discussed from a public health perspective, comparing what they mean in gambling contexts and how potentially harmful they could be for fan token holders.