Paris Saint-Germain (PSG), the renowned French soccer club, has announced its groundbreaking move to become a network validator for the Chiliz Chain blockchain, which is home to its PSG fan tokens. This initiative marks the club’s entry into blockchain validation, setting a precedent in the sports industry for engaging directly with blockchain technology beyond merely issuing fan tokens. By validating transactions and authorizing smart contracts on the blockchain, PSG aims to contribute to network security while earning revenue through its operational node.
Since introducing its fan token in September 2018, PSG has seen its market cap grow to $28 million, as reported by CoinMarketCap. The club’s decision to regularly buy back tokens is part of a strategic effort to rejuvenate its fan token reserves, fostering a robust digital ecosystem around them, according to Chiliz.
Pär Helgosson, Paris Saint-Germain Web3 strategy lead, emphasized the club’s commitment to leveraging network effects to maximize value and revenue for all stakeholders within this emerging digital economy. Following the announcement, the Chiliz native token (CHZ) experienced a 10% increase in value, reaching $0.133, with its market capitalization climbing to $1.15 billion.
PSG is among a select group of elite soccer clubs, including FC Barcelona, Manchester City, and Juventus, to offer fan tokens on the Chiliz platform. Furthermore, PSG has revealed plans to host a hackathon at its Parc Des Princes stadium, an event organized in collaboration with Chiliz, underscoring its proactive approach to embracing digital innovation and community engagement.
