Argentine superstar Lionel Messi rocked the football world this week by leaving FC Barcelona and joined Paris Saint-Germain (PSG). Messi, who is widely regarded as one of the all-time footballing greats, will reportedly earn $41 million annually at PSG. PSG have now revealed that Messi has received a “large number of ‘$PSG Fan Tokens’”.
What is $PSG Fan Token?
In January 2020, PSG created these fan tokens with cryptocurrency platform Socios.com. Crypto fan tokens can be used by those who have them to vote on certain — minor mainly — decisions taken by the club. It’s a way to up the engagement levels of the fans with the club. PSG aren’t the only club to have such crypto tokens. Manchester City, AC Milan, and even Barcelona have launched them in the last one year or so. For clubs, they can be a source of revenue. The main partner of the clubs on this is socios.com and it claims that clubs have earned close to $200 million for its partner clubs this year.
PSG claim that the “hype surrounding the latest signings in the club’s busy summer transfer window created a huge surge of interest in $PSG Fan Tokens, with trading volumes exceeding $1.2 billion in the days preceding the move.”
Marc Armstrong, chief partnerships officer of Paris Saint-Germain said,“Fully embracing Socios.com and $PSG Fan Tokens has proved a massive success for the Club. We have been able to engage with a new global audience, creating a significant digital revenue stream.”
Alexandre Dreyfus, CEO, Socios.com added, “Paris Saint-Germain are reaping the rewards of their bold approach and I believe this could be the start of a new trend as Fan Tokens and Socios.com play an increasingly prominent role across sport at the very highest level.”