7 months ago
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The move aims to boost PSG's fan token value and set the stage for other soccer clubs to follow.
French football giant Paris Saint-Germain (PSG) has officially become a validator of the Chiliz blockchain, according to today’s announcement from Chiliz. With this move, PSG also made history as the first football club to take on the role of blockchain validator.
“This marks the first time a sports club has become a validator on a blockchain, representing a significant milestone in the adoption and evolution of the Chiliz Chain. It also underscores PSG’s commitment to the importance of Web3, showcasing their strategic investment in the future of digital products and experiences,” wrote the press release.
PSG was the first sports club to offer fan tokens in collaboration with Chiliz and Socios, PSG’s official fan token partner, in September 2018. Now, the club is deepening its blockchain commitment with a new role.
As a validator of the Chiliz blockchain, PSG will actively participate in several important activities, including transaction verification, smart contract authorization, and ecosystem governance, Chiliz noted.
Furthermore, PSG is introducing a novel token buy-back mechanism, pledging to use all revenue earned as a node validator for regular $PSG Fan Token buy-backs. The program aims to reinforce the club’s digital economy through automated buy-backs executed at predetermined intervals, thus enhancing the value and sustainability of the PSG Fan Token.
Pär Helgosson, Head of Web3 at PSG, expressed his excitement about the potential of Web3 to transform fan engagement.
“By becoming a validator on the Chiliz Chain, we’re not just embracing the future of web3 sports; we’re actively designing it so that we can have a more direct relationship with our fans through web3 experiences,” stated Helgosson.
Alex Dreyfus, CEO of Chiliz and Socios.com, believes PSG’s participation will encourage other clubs to join the Web3 space. He also expects PSG’s active role to positively impact Chiliz’s SportFi ecosystem.
“We’re confident that this move will pave the way for other clubs to join us on this innovative journey. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club,” stated Dreyfus.
In addition to enhancing its fan token ecosystem, PSG is embracing new tokenomics and community incentives on the Chiliz blockchain, as noted in the announcement. These include a revamped inflation staking rewards mechanism for CHZ token holders and a new transaction fee-burning protocol.
Highlighting its commitment to innovation and community engagement, PSG, in collaboration with Chiliz, will host its first-ever blockchain hackathon at the Parc Des Princes stadium in late summer this year. The event aims to bring together French and global developers to foster Web product’s development leveraging the Chiliz Chain and PSG Fan Tokens, fostering a digitally connected and innovative global fan community.
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