Crypto Innovation in Soccer: Paris Saint-Germain to Reinvest Validator Profits into Fan Tokens
Crypto News – Paris Saint-Germain, the renowned French soccer club, has made a groundbreaking move in the realm of cryptocurrency. It has declared its intention to become a network validator for the Chiliz Chain blockchain, the very platform that hosts its PSG fan tokens. Moreover, the club plans to utilize the proceeds generated from this venture to consistently repurchase PSG fan tokens.
While sports clubs have gradually explored the realm of cryptocurrency through initiatives like fan tokens, Paris Saint-Germain’s decision marks a significant milestone. This move signifies the first instance of a club actively engaging as a blockchain validator. Validators play a crucial role in managing blockchain nodes, ensuring network security through tasks such as transaction verification and smart-contract authorization. In return for their services, validators earn revenue by running nodes.
Currently leading France’s Ligue 1 competition, Paris Saint-Germain introduced its fan token back in September 2018. With a market capitalization now standing at $28 million according to CoinMarketCap data, the club aims to implement a buy-back program to regularly replenish its fan token reserves. This strategic move not only aims to rejuvenate the token ecosystem but also strives to foster a sustainable digital economy surrounding PSG fan tokens, as highlighted by Chiliz.
Pär Helgosson, Paris Saint-Germain’s head of Web3, emphasized the club’s commitment to optimizing future engagements for network effects. This approach seeks to enhance the value and revenue potential for all stakeholders within this emerging digital economy.
Notably, Paris Saint-Germain joins a league of esteemed soccer clubs with tokens on the Chiliz platform, including FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan, and AC Milan.
In addition to its involvement in blockchain innovation, Paris Saint-Germain has announced plans to host a hackathon event at its iconic Parc Des Princes venue in the coming months. Co-hosted by Chiliz, this event promises to further galvanize the intersection of sports, technology, and innovation.
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