Paris Saint Germain, which is the largest soccer club in France, recently announced the launch of a fan token via a tweet. PSG is launching the fan token in collaboration with Socios.com. The club began working with Socios.com in 2018 in an attempt to enhance its fan engagement using the blockchain.
Fan Tokens
These tokens will be available to PSG fans via Socios.com. They will be distributed via an initial token offering. Once fans participate in the ITO, they will be given a chance to vote on the decision that PSG makes in the boardroom. According to PSG, these tokens will allow fans to vote on binding and non-binding polls during each season.
There is already a vote being prepared by PSG for fans to give their opinion. Via a medium post, Socios.com revealed that fans would be able to vote on three inspirational messages. Only those that hold the tokens, which have been dubbed $PSG Fan Tokens, will be able to participate in the voting process.
Verifiable Voting Process
According to the post, the polls will take place in a secure environment and all the votes will be recorded via the blockchain. Thus, fans can be sure that their vote counted and it was not altered. Fans that take part in the vote will be given points and they can use these points to access unique experiences. This will include access to exclusive merchandise.
These experiences will include the opportunity to watch matches from the VIP areas as well as the chance to meet the club’s legends and current stars. Besides these, there will be other ways that fans will be rewarded for owning the fan tokens. In general, the more a fan interacts with the tokens, the more their chances of getting a reward. This is an attempt by PSG to increase its fan base engagement using the blockchain.
Fans who own the Chiliz $CHZ tokens, which were released by Socios.com, can use the token to buy the PSG fan tokens during the token offering. Each token will cost around 2 EUROS. The tokens will not function as a currency but will only be used when casting a vote on club issues.
Sports and the Crypto Sector
The sports world and crypto have been closely linked in the recent past. For instance, an NBA player recently announced that he would tokenize his contract with the NBA. While this has raised various legal issues, it shows that the sports world is ready to embrace the crypto and blockchain. In another development, we reported that the Netherlands was working on a ticketing system based on blockchain technology.
While there is still much that needs to be done before crypto and blockchain technology can be fully integrated into the sports industry, there is a lot of promise. For instance, the blockchain could prove useful when it comes to tokenizing merchandise, which can help to confirm its authenticity. It is encouraging to see big clubs like PSG embracing the blockchain and recognizing the potential it holds for better fan engagement.
Image Source: Pixabay
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
