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Leading French soccer club Paris Saint-Germain (PSG) has announced its new role as a network validator on the Chiliz Chain blockchain, home to its PSG fan tokens. The club intends to invest the proceeds from this venture into repurchasing PSG fan tokens regularly.
This initiative marks a first in the soccer world, where a club directly participates as a blockchain validator. Validators are crucial for the blockchain network’s security and efficiency, validating transactions and smart contracts, which in turn generates revenue.
Since its fan token launch in September 2018, PSG has seen its market cap reach $28 million, according to CoinMarketCap. The planned buy-back program aims to consistently replenish the club’s fan token supply, promoting a stable digital economy surrounding these tokens, as noted by Chiliz.
Pär Helgosson, the head of Web3 at PSG, highlighted the club’s commitment to leveraging network effects to boost value and revenue within the digital economy, stating, “We will optimize our future engagements for network effects, amplifying the value and revenue each stakeholder can generate and experience within this new digital economy.”
Furthermore, PSG is preparing to host a hackathon at its Parc Des Princes stadium, a collaborative effort with Chiliz, aiming to further its digital initiatives in the near future.