Yesterday, Socios.com, official Fan Token partner of Paris Saint-Germain, announced that the Parisian club would intensify its role in the Chiliz blockchain.
Presented as a world first for a sports club, PSG becomes a validator on a blockchain. “We are delighted to deepen our existing relationship with Paris Saint-Germain by welcoming them as an official validator on the Chiliz Chain,” said Alex Dreyfus, CEO of Chiliz and Socios.comin a press release. “This development marks an important milestone in the adoption of web3 by fans, clubs and leagues. We are convinced that this decision will pave the way for other clubs to join us in this innovative adventure. PSG’s active role as official validator will undoubtedly propel our SportFi ecosystem into new areas, strengthening our long-standing partnership with the club.”
As a reminder, PSG was the first club to partner with Chiliz to launch a Fan Token in September 2018.
“By becoming a Chiliz Chain validator, we are not only embracing the future of web3 sports; we are actively developing it to have a more direct relationship with our fans through web3 experiences” add Pär Helgosson, Responsable Web3 at PSG. “We will optimize our future engagements to achieve network effects, amplifying the value and revenue that each stakeholder can generate and experience within this new digital economy. We are committed to building a more powerful and sustainable web3 ecosystem, building on the solid foundation of our existing relationships with Socios and Chiliz. PSG is committed to encouraging innovation and the club will continue to develop opportunities with other partners in this area. »
Building an autonomous Fan Token digital economy
With this announcement, PSG commits to using 100% of its accumulated revenue as a node validator on the Chiliz Chain to make regular redemptions of PSG Fan Token on the public market. “These automated redemptions, executed via smart contracts by the validator or via decentralized exchanges on the Chiliz Chain, are scheduled at set intervals to consistently support the club’s digital economy”.
Repurchases which will notably allow PSG to regularly refresh its Fan Token reserves and to build an autonomous digital Fan Token economy and engagement with its web3 fanbase.
PSG and Chiliz will organize hackathons at the Parc des Princes
In 2024, PSG will organize with Chiliz its very first blockchain hackathon at the Parc des Princes.
Developers will participate in the event with the theme of web3, the Chiliz Chain and PSG Fan Tokens.
