A
A

Paris Saint-Germain revolutionizes crypto! The club becomes a blockchain validator!

Thu 22 Feb 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Crypto regulation

Paris Saint-Germain (PSG) has just announced an unprecedented initiative in the football world: it is set to become a validator on the Chiliz blockchain, which hosts its famous fan tokens. The revenues generated will be used to regularly buy back these cryptocurrencies, creating a virtuous cycle.

Crypto PSG

PSG, a pioneer in the adoption of crypto in football

Until now, football clubs’ forays into the crypto universe had been limited to the launch of tokens dedicated to their supporters. This allowed access to exclusive perks such as meetings with the players or limited edition merchandise.

But by becoming a validator of the Chiliz blockchain, PSG is taking a major step forward and setting a precedent in the world of professional football. The Parisian club will indeed manage nodes on this network, participate in validating crypto transactions and smart contracts, and earn revenue as a reward.

Rather than pocketing these gains, PSG has committed to reinvest them in the regular purchase of its own PSG fan tokens on the market. The goal: to support the value of the token and enrich the club’s reserves for future uses.

A virtuous cycle around the fan token

This buy-back mechanism with the validation gains creates a virtuous economic cycle around the PSG fan token. The more activity on the network, the more money the club earns to buy back its cryptocurrency. As demand increases, the value of the token is boosted, generating even more revenue, and so on.

PSG is betting on this snowball effect to build a sustainable digital economy around its fan token. Other clubs that have issued tokens on Chiliz may well follow this innovative example.

Towards a massive adoption of crypto in football?

Some may see this as yet another step towards the mainstream adoption of crypto. The fact that a football giant like PSG has publicly taken on the role of a blockchain validator sends a strong signal. Especially as a hackathon on this theme is scheduled to be held at Parc des Princes in the coming months.

It remains to be seen whether this initiative will be followed by other big names in football, who are still wary of cryptocurrencies. But PSG has probably scored a decisive goal by forcing blockchain into the very conservative world of professional football. Crypto is now joining the game!

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


A
A
Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.