A curling left-footed shot into the top corner. He’s 19, and an opponent got sent off for headbutting him.

In the early hours of this morning, Beijing time, Barcelona beat Betis 5–2 away in La Liga’s ninth round, making it 11 straight wins to start the season. Yamal had a goal and an assist.

In the 10th minute, he feinted to make room, then curled a shot from the edge of the box into the top corner. In the second half, he squared the ball for Jesus to tap into an open goal. In the 54th minute, Betis defender Bernal deliberately headbutted him. The referee went straight to a red card, and the hosts played the rest of the match with 10 men. Yamal also received a yellow card.

There was another moment in the same match that VAR ruled out. Lo Celso turned and volleyed a shot from outside the box, and the ball went in. But VAR ruled that Cucho had handled the ball beforehand, so the goal was disallowed. In the 41st minute, Rodri headed in the first goal of his Barcelona career.

Let’s zoom in on Yamal. Over his last nine games, he has scored nine goals and made 10 assists, directly contributing to 19 goals. He’s the first player in Europe’s top five leagues this season to reach double figures for assists.

He has scored eight goals in La Liga this season, putting him second in the scoring charts ahead of Mbappé. Only Raphinha, with 12 goals, is ahead of him. He completed six dribbles in this match—the same number as the entire Betis team.

And he’s only 19. The Ballon d’Or ceremony takes place in London next week. Now in its 70th edition, Yamal and Kane are the two leading favorites. Last time, Yamal finished second behind Dembélé. If he wins this year, he’ll become the youngest Ballon d’Or winner in history. Eight days before the ceremony, an opponent was still headbutting him.

At the same club, there’s another scoreboard that looks completely different.

BAR, Barcelona’s fan token, launched in June 2020 with Chiliz and Socios. It once peaked at over $70. Now it trades at around $0.27.

It’s down 73% over the past year. Around 28.7 million tokens are in circulation, with a market cap of just over $7 million.

On one side: 11 straight wins, a World Cup champion, and the 19-year-old leading Ballon d’Or favorite. On the other: a token that’s down 99%. The same badge, two very different fortunes.

My take is that BAR holders have misunderstood what they were buying from day one. It pays no dividends and gives you no equity. On Socios, you can vote on minor club matters, like shirt designs and walk-on music. It’s more like a premium loyalty-points scheme. Over the past year, the team’s results and the token’s price have been almost completely disconnected. The market hasn’t malfunctioned; the price was anchored to the wrong thing in the first place. Prediction markets are much older than BAR. Fans have always wanted a sense of participation, but nobody ever promised that participation would appreciate in value.

There are two things I’m not sure about. Socios hasn’t disclosed, item by item, how many of those BAR votes the club ultimately acted on. Also, last October, Barcelona’s official Instagram account was hacked, and scammers promoted a fake coin called FCB. On-chain, the word “official” often belongs to someone else.

$BTC $CHZ $BAR
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