According to Cointelegraph: Renowned French football club Paris Saint-Germain (PSG) has decided to deepen its involvement in Web3 and SportFi by becoming a validator for the fan token blockchain, Chiliz. This move makes PSG not only the first major football club to become a blockchain protocol validator but also the first to reinvest the revenue generated as a validator to buy back PSG tokens, aiming to create a self-sustaining digital economy for the club and its fan base.
Chiliz Chain underpins Socios, a platform that issues and manages fan tokens for over 150 professional sports teams and football clubs, including PSG, which launched its fan token on Chiliz in September 2018.
PSG's increased crypto engagement will see the club navigate opportunities in the broader cryptocurrency, Web3, and SportFi sectors. As part of the integration, PSG will use revenue accrued as a node validator to implement automated PSG fan token buybacks from public marketplaces through smart contracts on its validator and Chiliz Chain's decentralized exchanges.
Both PSG and Chiliz are planning a blockchain hackathon hosted at PSG's iconic Parc des Princes stadium in the summer, aimed at attracting developers to build decentralized applications and products incorporating PSG tokens on the Chiliz Chain.
The activities are part of PSG's broader strategy to actively engage in the Web3 ecosystem, diversify revenues, and enhance offers in the cryptocurrency and blockchain ecosystem. PSG also hopes to build a sustainable tokenomics model for their fan token ecosystem and the Chiliz platform.
