Quick take:
- Blockchain validators play the role of maintaining a network’s integrity, security, and operations.
- PSG said it will reinvest all validator revenue by buying back PSG tokens.
- The Ligue 1 club also plans to host blockchain hackathons at Parc Des Princes.
Paris Saint-Germain has joined the Chilz Chain validator network, becoming the first sports team to play that role in a blockchain company. Blockchain validators play the role of maintaining a network’s integrity, security, and operations, in exchange for a fee.
PSG said it plans to reinvest all validator revenue into buying back PSG Fan Tokens, as it looks to foster a self-sustaining digital economy for the benefit of the community.
The Ligue 1 football club also said it will be pioneering stadium-hosted blockchain hackathons at Parc Des Princes, as part of its strategy for promoting web3 innovation and digital fan community engagement.
Chiliz Chain powers the world’s largest SportFi ecosystem with its advanced infrastructure and the array of decentralized applications becoming a launchpad for 50+ web3 projects. Its impact in the business of sports has grown over the past two years following its $100 million investment in Barcelona’s Web3 efforts in 2022.
The company’s fan token platform Socios has collaborated with multiple football teams including AC Milan, Manchester City, Inter Milan and Arsenal, among others. It has also partnered with renowned athletes including UFC superstars Jorge Masvidal, Khamzat Chimaev, Gilbert Burns, and Middleweight Champion Alex Pereira, among others.
Chiliz Chain’s new partnership with PSG creates a new avenue for sports teams to collaborate with blockchain companies, an operation that has been popular with mainly technology and gaming companies.
Commenting on the announcement, Alex Dreyfus, CEO of Chiliz and Socios.com said in a statement: “We’re thrilled to deepen our existing relationship with Paris Saint-Germain by welcoming them as an official validator on the Chiliz Chain. This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. We’re confident that this move will pave the way for other clubs to join us in this innovative journey.”
Pär Helgosson, Head of Web3 at Paris Saint-Germain commented: “By becoming a validator on the Chiliz Chain, we’re not just embracing the future of web3 sports; we’re actively designing it so that we can have a more direct relationship with our fans through web3 experiences. We will optimize our future engagements for network effects, amplifying the value and revenue each stakeholder can generate and experience within this new digital economy.”
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