French football giant Paris Saint-Germain has announced that it will become a network validator for the Chiliz Chain blockchain, which hosts PSG fan tokens.
Paris Saint-Germain Becomes the First Football Team to Verify Blockchain
This marks the first time a sports club has taken on the role of blockchain validator.
Validators are organizations that manage blockchain nodes, securing the network through functions such as transaction verification and smart contract authorization. In return, validators earn revenue from operating a node.
Paris Saint-Germain plans to use revenue from being a validator to buy back PSG fan tokens on a regular basis.
The club, which is currently the leader in French Ligue 1, introduced its fan token in September 2018. The token currently has a market cap of $28 million, according to CoinMarketCap data.
Chiliz said the buyback program will help PSG regularly replenish its fan token reserves and create a sustainable digital economy around them.
“We will optimize our future interactions for network effects and increase the value and revenue that each stakeholder can generate and experience within this new digital economy,” said Pär Helgosson, Paris Saint-Germain's head of Web3.
Other major football clubs with tokens on Chiliz include FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan and AC Milan.
*This is not investment advice.
