Paris Saint-Germain (PSG), the most successful French professional soccer club, has announced its new role as a blockchain validator on the Chiliz Chain network, host of Paris Saint-Germain fan tokens (PSG).
This strategic move is set to redefine the club's engagement with its fan base by utilizing the generated revenue to repurchase fan tokens regularly, positioning PSG as the first sports club to actively participate as a blockchain validator.
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Validators play a critical role in the blockchain ecosystem by managing nodes, verifying transactions, and authorizing smart contracts, thereby ensuring network security. In return, they gain revenue, which PSG plans to reinvest into its digital economy by buying back PSG fan tokens.
Pär Helgosson, the head of Web3 at PSG, highlighted:
We’re aiming to build a sustainable tokenomics model together where the club, because of our role as a node validator, can use the profits to buy back fan tokens and use them to reinvest back into the fan ecosystem.
The club's decision to initiate a buy-back program is anticipated to rejuvenate its fan token reserves, propelling the creation of a robust digital economy centered around these tokens.
Since its launch in September 2018, the PSG fan token has seen considerable success, boasting a market cap of $29 million.
The initiative is not just about enhancing the club's digital assets; PSG is also looking to foster innovation and community engagement through technology. To this end, the club has announced plans to host a hackathon at its iconic Parc Des Princes stadium in collaboration with Chiliz in the coming months.
This event aims to bring together developers and tech enthusiasts to explore new possibilities in decentralized applications and products that integrate PSG fan tokens, further cementing the club's commitment to pioneering in the Web3 space.
With this strategic move, PSG not only solidifies its leadership in digital innovation within the sports industry but also sets a new benchmark for how sports clubs can engage with blockchain technology and crypto to benefit their fanbase and broader digital economy.
The link between the soccer and crypto worlds was also marked by Cristiano Ronaldo's partnership with Binance in 2023.
