Paris Saint-Germain Launches World’s First Soccer Crypto
A renowned soccer team in France, the Paris-Germain Soccer Club, has ventured with Socios.com to create a blockchain environment in the sports world. Socios functions on the underlying FC Barcelona and Real Madrid's crowd management conception. Backed by Binance, a popular cryptocurrency exchange, the PSG soccer club is driven by chiliZ, a sports blockchain venture.
The PSG-Socios Partnership
By entering in a joint venture with Socios, PSG will be launching their FTO which will entitle the fans to the registered soccer Club Tokens. With this, fans will have their voting right and can reward their holds or negotiate the VIP status. This will be an exciting opportunity for all the soccer clubs fans as now they have the option to select the music played in the stadium, the jersey color of the club and the club's logo. Fans can also vote for the best player of a particular match, charity functions, MVP, summer tours of the club, etc.
The well-known soccer club understands that this token structure will not tokenize their corporate mechanism, but it is a strategic move to monetize and incentivize fan participation by using the blockchain platform. The CPO of Paris Saint-Germain Club further stated that the soccer club would improvise the opportunities provided by the cryptocurrency platform. The clubs believe that this alliance will be an important strategic step that will have a drastic effect on the business planning of the club and as well as enhance their fanbase.
The Tradable Fan Tokens
Although it’s a high profile soccer club, Paris Saint-Germain believes in engaging millions of soccer fans from across the globe. Seeing a market opportunity, PSG therefore initiated its alliance with Socios, a blockchain platform, which has the potential to engage their fan-base while educating them about blockchain.
The fan tokens of the soccer club are tradeable on the Socios platform, but the tokens are applicable only against chiliZ traditional tokens. Fans can expect the launch of the first FTO prior to the upcoming soccer term, however, the accurate pricing and date of launch are yet unknown.