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Paris Saint-Germain Becomes First Soccer Team to Validate a Blockchain
The club will reinvest the proceeds from being a validator into buying back PSG fan tokens.
Updated Mar 8, 2024, 9:57 p.m. Published Feb 22, 2024, 9:00 a.m.
French soccer giant Paris Saint-Germain said it will become a network validator for the Chiliz Chain blockchain that hosts its PSG fan tokens, and use the money it generates to buy them back on a regular basis.
Sports clubs have dipped their toes in crypto over the years through the creation of fan tokens, which can be used for sports memorabilia and experiences, however this is the first time a club is getting involved as a blockchain validator. Validators are entities that manage blockchain nodes, securing the network through functions including transaction verification and smart-contract authorization. In exchange, validators generate revenue from running a node.
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The club, currently leading France's Ligue 1 competition, introduced its fan token in September 2018. The token now has a market cap of $28 million, according to CoinMarketCap data. The buy-back program will allow PSG to "regularly refresh" its fan token reserves and help build a sustainable digital economy around them, Chiliz said.
"We will optimize our future engagements for network effects, amplifying the value and revenue each stakeholder can generate and experience within this new digital economy," Pär Helgosson, Paris Saint-Germain's head of Web3, said in a statement.
The Chiliz native token rose by 10% to $0.133 on the news with its market cap rising to $1.15 billion, according to CoinMarketCap.
Other big-name soccer clubs with tokens on Chiliz include FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan and AC Milan.
Paris Saint-Germain also announced that it will host a hackathon event at its Parc Des Princes in the coming months in an event that will be co-hosted by Chiliz.
UPDATE (Feb. 22, 13:15 UTC): Adds CHZ price reaction.
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