In a pioneering move for European football, Paris Saint-Germain (PSG) is enhancing its participation in the digital economy by serving as a network validator for the Chiliz blockchain. This initiative underscores the football club’s commitment to exploring and capitalizing on the possibilities within the cryptocurrency, Web3, and Sports Finance (SportFi) domains. PSG’s validation efforts, steered by the club’s Web3 chief Pär Helgosson, will involve reinvesting validator earnings into repurchasing PSG’s own fan tokens from the market.
Exploring New Digital Horizons
PSG’s adoption of Chiliz technology dates back to 2018 when it launched its fan token on the Socios platform, operated on the Chiliz Chain. The club is actively seeking to expand its presence in the digital space, identifying alternative revenue sources within the Web3 and SportFi ecosystem. Chiliz recently overhauled its tokenomics model, incorporating a proof-of-stake authority protocol, appealing to major players like venture capital firm Animoca Brands, who signed up as validators in late 2023.
Enhancing Fan Token Value
The French football giant is poised to automate fan token buybacks using smart contracts and decentralized exchanges found on the Chiliz Chain. This strategic move aims to leverage revenue generated from transaction fees and supply inflation to reinforce the value and sustainability of PSG fan tokens. Helgosson anticipates that this will introduce innovative rewards, functionalities, and services for token holders, sponsors, and players alike.
PSG is further entrenching its blockchain engagement by organizing a hackathon at their home ground Parc des Princes. The event, scheduled for the upcoming summer, will invite developers to construct decentralized applications leveraging PSG fan tokens on the Chiliz network, promoting a vibrant and creative digital community around the club.
Through these initiatives, Paris Saint-Germain is not only solidifying its status as a football powerhouse but also as a forward-thinking entity in the digital assets sphere.