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Paris Saint-Germain Becomes Blockchain Validator for Chiliz Chain
French soccer giant Paris Saint-Germain (PSG) has made a significant move into the world of blockchain technology by becoming a network validator for the Chiliz Chain blockchain. This decision is a part of PSG’s effort to actively engage in blockchain validation and reinforces the ecosystem around its PSG fan tokens.
PSG’s Commitment to Blockchain Validation and Fan Tokens
On February 22, PSG announced its pioneering role as a blockchain protocol validator, making it the first major football club to take on this responsibility. By reinvesting the revenue generated from validation activities into buying back PSG fan tokens, the club is aiming to create a self-sustaining digital economy that benefits both the club and its fan base.
Importance of Validators in Blockchain
Validators play a crucial role in managing blockchain nodes, ensuring network security through transaction verification and smart contract authorization. By actively participating as a validator, PSG is not only strengthening its own digital economy but also contributing to the overall security and stability of the Chiliz Chain blockchain.
Chiliz Chain and PSG Fan Token Ecosystem
Chiliz Chain, the underlying infrastructure powering Socios, the platform facilitating fan tokens for numerous professional football clubs and sports teams, is the backbone of PSG’s fan token ecosystem. Since introducing its fan token in September 2018, PSG has experienced significant growth in its token’s market capitalization, which now stands at an impressive $28 million.
Automated Buy-Back Program for PSG Fan Tokens
To replenish PSG’s fan token reserves regularly and create a sustainable digital economy around them, Chiliz has implemented an automated buy-back program. This program ensures that a significant portion of revenue from club validators is reinvested into bolstering the PSG Fan Token supply, strengthening the club’s digital economy consistently.
Expanding Web3 Initiatives and Hosting Blockchain Hackathon
As part of its broader initiatives, PSG is set to explore opportunities within the cryptocurrency, Web3, and SportFi landscapes. Pär Helgosson, the club’s head of Web3, is leading efforts to enhance the club’s financial resilience and innovation capabilities within the ecosystem.
Under this initiative, PSG aims to provide rewards, utilities, and benefits to PSG tokenholders, sponsors, and players, thereby enriching the fan experience. By actively engaging with fans through web3 experiences, PSG is committed to shaping the future of web3 sports.
Through its partnership with Chiliz and venture capital firm Animoca Brands, PSG joins other renowned soccer clubs in utilizing the Chiliz platform for fan tokens. Additionally, PSG and Chiliz are set to host a blockchain hackathon at the iconic Parc des Princes stadium in the summer, aiming to attract developers to create decentralized applications and products incorporating PSG fan tokens on the Chiliz Chain, further fostering innovation and collaboration within the ecosystem.