Paris Saint-Germain becomes the first football club to act as a validator on the Chiliz Chain blockchain, committing to reinvest the profits in regularly buying back PSG fan tokens.
An Innovative Initiative in the World of Football
The French football giant, Paris Saint-Germain, has announced its new role as a validator for the Chiliz Chain blockchain, which hosts its PSG fan tokens. This initiative marks a first in the world of football, with a club directly involved in validating a blockchain.
Validators play a crucial role in managing blockchain nodes, securing the network by verifying transactions and authorizing smart contracts, in turn generating revenue.
Strengthening the Digital Economy around Fan Tokens
Launched in September 2018, the PSG fan token now has a market capitalization of $28 million. Through its buyback program, PSG plans to regularly “refresh” its fan token reserves, contributing to the creation of a sustainable digital economy around them.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasizes the goal of optimizing future engagements for network effects, amplifying the value and revenue generated for each stakeholder in this digital economy.
We will optimize our future engagements for network effects, amplifying the value and revenue that each stakeholder can generate and experience in this new digital economy.
Pär Helgosson, Head of Web3 at PSG
Commitment to Innovation and the Community
In addition to its role as a validator, Paris Saint-Germain announces the organization of a hackathon at the Parc Des Princes in the coming months, in collaboration with Chiliz.
Other renowned clubs such as FC Barcelona, Manchester City, Juventus, and Arsenal are also among those who have adopted fan tokens on Chiliz.
