In the Covid-19 era, the income sources of sports clubs decreased, but the importance of fan tokens as new communication, management, and income source for sports clubs increased with Blockchain technology. For this reason, we examined the relationships between fan token prices and club success, transaction volume, and attractiveness factors and tried to be revealed the important determinants of fan token prices. First of all, cross-section dependence, homogeneity, and unit root tests carried out to determine the most suitable methods for panel data model. Then the durbin test was performed and it was concluded that the variables were cointegrated. Finally, the PMG/ARDL test and it was observed that the most important determinants of fan token prices were club success and transaction volume, respectively. While these factors affect fan token prices positively, the effect of the attractiveness factor is seen as less important and negative compared to other factors. In addition, in the error correction model established, the existence of a long-term equilibrium relationship between the variables was confirmed. It was concluded that the short-term deviations returned to the equilibrium after approximately 21 days.