World renowned and French football giants, Paris Saint-Germain (PSG) have unveiled plans to launch their own cryptocurrency which would pitch them as the first football club to do so. The move which was revealed by club officials involves a partnership deal with Malta-based Blockchain platform, Socios.com and is aimed at developing the world’s first Fan Token Offering (FTO) for football supporters.
The Ligue 1 club owned by Qatar state investment firm and known for its wealth, market value, soccer prowess and big name players had on its official website stated that this partnership will form part of the club’s broader strategy to integrate blockchain technology; as it looks to enhance its relationship with fans and business operations. The club also specifies that through the Socios.com platform, transactions will be fully digital, secure, transparent and entirely connected to the real fan experience through incentivized and monetized fan engagement via crypto.
The club’s chief partnership officer, Marc Armstrong opined that the project was in line with the club’s goal to engage more of its fan base. While emphasizing further the intended utility, he stated that through this platform, club faithful (PSG fans) will be able to purchase these tokens and use them to vote on club decisions, as well as gain access to special fan rewards and content.
The Fan tokens will be purchased directly on the Socios application or by acquiring tokens on sports blockchain platform, chilliZ prior to conversion into PSG currency. However, the tokens will not allow supporters to vote on issues such as player transfers which are a delicate area but will rather allow fans leverage on decisions like organization of friendly matches, stadium music, MVP awards, summer tours, choice design for club kits, among other ‘cosmetic decisions’.
The PSG token which looks to replicate the ‘socios’(member) concept already existing between fans of Real Madrid and Barcelona, is scheduled to launch before the next soccer season though a specific date is yet to be announced; as the club looks to provide more details to its fans in due course. Also, the token price has not been fixed but is expected to be around £1 (US$1.16); with rules set in place to prevent wealthier supporters from having undue influence on voting through these tokens.
Extensively, this move is seen as another score point for mass adoption especially as the club boasts of an influential business and football reputation as its involvement will increase interests and education in the sector. Also the move comes at a time when more sporting organizations including teams, players and sponsors now look to implement blockchainn technology and cryptocurrency utility in varying niches as seen in player transfers, sponsorship deals and payment of wages.
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