One of Europe’s major football – or soccer, if you are American – teams is eyeing blockchain technology and cryptocurrencies in order to connect with fans worldwide. The French team Paris Saint Germain wants to issue its own crypto coin as way to incentivize participation from and interaction with fans around the world. The club announced a multi-year deal with a Malta-based blockchain startup named Socios. The tech company will create something they call ‘Fan Token Offering’.
According to the website of Socios, PSG is the first of multiple clubs to jump on their bandwagon. The tokens will give fans a say in matters concerning the club. We’re not sure how far this voting system will go, but it’s safe to say that fans will not be voting for which player will be signed next. As is written on the Socios website: “We do not require change to existing revenue streams from merchandise or ticketing and we don’t challenge corporate structures, shareholders, rights or retail infrastructures.”
For PSG it’s just another way to make some extra money, while fans get to own virtual goods and voting rights for certain matters. The crypto platform is not supposed to revamp the football business. “Our platform simply offers a new engagement vertical, cash infusion and additional passive revenue streams while offering fans another reason to connect with their team”, according to Socios.
The Socios platform is powered by ChiliZ, and their token is called CHZ. This token is also being used for gaming and esports. ChiliZ raised over 65 million USD through a private token sale earlier this year.