The goal is to increase the value of PSG’s fan tokens and pave the way for other soccer teams to do the same.
According to Chiliz’s statement today, the French football powerhouse Paris Saint-Germain (PSG) has formally joined the ranks of validators for the Chiliz blockchain. PSG also established itself as the inaugural football club to assume the responsibility of a blockchain validator with this action.
This is a huge step forward for the Chiliz Chain, as it becomes the first sporting club to become a validator on a blockchain. According to the news release, PSG’s dedication to Web3 highlights their strategic investment in the future of digital products and experiences.
As of September 2018, PSG has the first fan tokens available in partnership with Chiliz and Socios, the official fan token partners of PSG. With this new position, the club is further committing to blockchain technology.
According to Chiliz, PSG will play a key role in the validation of transactions, the authorization of smart contracts, and the administration of the ecosystem as a whole as a validator on the Chiliz blockchain.
In addition, PSG is launching a new method for buying back tokens, promising to utilize all profits to fund frequent token buy-backs for PSG fans. The program’s goal is to strengthen PSG’s digital economy by increasing the value and longevity of the fan token via automatic buy-backs that occur at set intervals.
The Head of Web3 at PSG, Pär Helgosson, was quite enthusiastic about the possibilities for Web3 to revolutionize fan involvement.
The company is actively shaping the future of web3 sports by becoming a validator on the Chiliz Chain, according to Helgosson. This will allow them to have a closer connection with their fans via Web3 experiences.
Alex Dreyfus, CEO of Chiliz and Socios.com, thinks more teams will enter the Web3 space since PSG is participating. Additionally, he anticipates that Chiliz’s SportFi ecosystem will benefit from PSG’s proactive involvement.
It is our firm belief that this change will encourage other clubs to follow suit and embark on this creative path. According to Dreyfus, “our long-standing cooperation with PSG will definitely boost our SportFi ecosystem to new places,” thanks to PSG’s active position as an approved validator.
As said in the release, PSG is not only improving its fan token ecosystem, but also adopting new tokenomics and community incentives on the Chiliz blockchain. Among them, there is a new protocol for burning transaction fees and an improved inflation staking rewards system for CHZ token holders.
This summer, PSG and Chiliz will hold the first-ever blockchain hackathon in the Parc des Princes stadium, highlighting PSG’s dedication to innovation and community engagement. The event’s stated goal is to create a more technologically advanced and creative worldwide fan community by bringing together French and international developers to work on web products using Chiliz Chain and PSG fan tokens.
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