Largest Soccer Club In France Will Incentivize Fans With A New Cryptocurrency

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

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