Investing in different tokens are mostly associated with risks. So if you decide to invest in those fan tokens, not only the utility cases that you have to consider but also the security of those coins as i think they are mostly dependable on the outcome of what the club is into. I think it's better to invest on established coins than to risk your money in those tokens who have not yet proven their real utilities, as they can easily lose their value and might end up with the same fate of other useless tokens.
Investment is risky. Investment in cryptocurrency has higher risk. Higher risk, higher potential profit.
Nevertheless, there is potentially higher profit, there is higher risk so make sure investors do due diligent research before any decision, any investment. Furthermore, don't make decision to invest in any project with any promising utility. Because utility is written in White paper, in Protocol but to turn it into real products and have products work well since a main net launch to hype on a chain are different and very challenging.
Bitcoin, Ethereum network had serious issues in 2017. In this 2020 bull run, we had Solana and what happened since 2022 shows that even they are a good project, backed by FTX exchange, there are big issues that are not easy to handle. Especially issues relate to protocol and technical drawbacks.
Fan tokens are funny and even they have utilities, I don't put too much belief and capital into fan tokens.