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From the Pitch to Blockchain: Paris Saint-Germain's Partnership with Chiliz

From the Pitch to Blockchain: Paris Saint-Germain's Partnership with Chiliz

Key Takeaways

  • Paris Saint-Germain becomes the first major soccer club to act as a blockchain protocol validator for Chiliz, aiming to create a self-sustaining digital economy.
  • The club plans to use its validator earnings for PSG fan token buybacks, enhancing its digital ecosystem and fan engagement.
  • PSG and Chiliz are organizing a blockchain hackathon to inspire the development of decentralized applications using PSG fan tokens, further integrating the sports and blockchain communities.

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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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