PSG Becomes Soccer’s First Chiliz Validator
Paris Saint Germain (PSG), the French football team, has strengthened its partnership with SportFi by becoming a validator for the Chiliz blockchain. PSG already uses the Chiliz chain to host its fan tokens. Now, as a validator, PSG will reinvest the funds generated from validating the Chiliz chain into buying back its tokens from public marketplaces.
The buyback process will be automated and executed through smart contracts, ensuring transparency and efficiency. PSG aims to create a self-sustaining economy by using the profits from validation to reinvest in the fan ecosystem.
More Services and Rewards for PSG Stakeholders
In addition to serving as a validator, PSG’s new role will bring new services, products, utilities, and rewards for players, sponsors, and stakeholders. The club plans to hold a blockchain hackathon at the Parc des Princes stadium this summer, where developers can design decentralized apps using PSG tokens on the Chiliz Chain.
Sports Teams Embrace Web3
PSG’s role as a validator could pave the way for other football clubs to adopt blockchain technology. Other teams such as AC Milan, Juventus, Inter Milan, Arsenal, FC Barcelona, and Manchester City have already ventured into Web3 by launching fan tokens and other collections.
Fan Tokens Foster Community Engagement
Fan tokens not only provide clubs with a new stream of income but also enhance fan engagement and foster a sense of community among supporters.
Hot Take: Fan Tokens on the Rise
Fan tokens are gaining popularity in the crypto market. South Korea’s largest exchange, Upbit Global, recently announced that it will list fan tokens, including those from AC Milan, Manchester City, Napoli, Arsenal, and FC Barcelona. This development further highlights the growing adoption of fan tokens and the potential they hold for sports clubs.
Remember, this information is for educational and informational purposes only. Bitcoin and other cryptocurrencies are high-risk investments, so it’s important to do your due diligence before making any investment decisions.
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