Paris Saint-Germain Makes Soccer History as First Blockchain Validator

PSG pioneers by validating Chiliz Chain, reinvesting earnings into its fan tokens for sustainability.

In a groundbreaking move, Paris Saint-Germain (PSG), the French soccer powerhouse, is set to create history by becoming the first sports club to actively participate as a network validator for the Chiliz Chain blockchain. PSG plans to utilize the proceeds generated as a validator to consistently repurchase its PSG fan tokens.

While sports clubs have previously ventured into the crypto space through fan tokens, enabling fans to access sports memorabilia and unique experiences, PSG's role as a blockchain validator marks a pioneering step. Validators, crucial entities in the blockchain landscape, manage nodes, ensuring network security through tasks such as transaction verification and smart-contract authorization. In return, validators earn revenue by running nodes.

The reigning leader in France's Ligue 1 introduced its fan token in September 2018, and it has since garnered a market cap of $28 million, according to data from CoinMarketCap. PSG's buy-back initiative aims to consistently rejuvenate its fan token reserves, fostering a sustainable digital economy around them, as outlined by Chiliz.

Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club's commitment to optimizing future engagements for network effects, enhancing value and revenue for all stakeholders in this emerging digital economy.

Following this announcement, the native token of Chiliz (CHZ) experienced a 10% surge, reaching $0.133, with its market cap escalating to $1.15 billion, according to CoinMarketCap.

Several other esteemed soccer clubs, including FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan, and AC Milan, also have tokens on the Chiliz platform.

In another exciting development, PSG revealed plans to host a hackathon event at its iconic Parc Des Princes in the upcoming months. This event will be a collaborative effort with Chiliz, promising an innovative exploration of the intersection between soccer and blockchain technology.

(Photo Source / Blockonome)