The hype around cryptocurrencies has continued to grow considerably despite the bear trend that has been affecting the markets since January 2018. More and more large companies have been adopting cryptocurrencies and creating their own tokens. In many industries, especially in tech, startups have created their own utility and security tokens and have raised capital with ICOs. It is now the turn of sports clubs to enter the crypto space and to launch their own tokens.
French football club Paris Saint-Germain has recently announced the creation and launch of its own proprietary token. Created in partnership with socios.com, a “tokenized football fan voting platform”, the club wants to use tokens to get fans involved in a new way. Through the platform, the French Ligue 1 team will hold a “Fan Token Offering” (or FTO) where the new cryptocurrency will be issued to participating fans. With the club’s token, fans will be able to participate in decisions such as kit colors, charity matches, team logo, actions the club should take and more. More importantly, this new partnership reveals a strong desire for the leading football club to expand its activities and be at the forefront of innovation by joining the blockchain technology and crypto trends. Token owners will be able to exchange it into the chiliZ (CHZ) token on the socios.com platform.
On the club’s official statement, Marc Armstrong the Chief Partnerships Officer of Paris Saint-Germain declared: “Always at the forefront of digital innovation, Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the Club’s overall business strategy and the way we engage with our fanbase. We are very pleased to welcome Socios.com to the Paris Saint-Germain family.”
This shows that an increasing number of entities of all kinds, companies, startups or sports teams, are adopting the blockchain technology. We can safely assume that this will continue in the upcoming years. One can ask, will companies in the future rely on a “shared ownership” system with tokens as a medium? Will other football teams follow PSG’s leap into technology and innovation?
TLDR: French Ligue 1 club Paris Saint-Germain has announced the launch of its own token. Created in partnership with socios.com, the token will enable fans to give input on certain decisions and achieve priority status with the team.