Paris Saint-Germain becomes inaugural football club validator on Chiliz network, embracing blockchain technology.
Paris Saint-Germain (PSG) is poised to become the inaugural major football club to fulfill the role of a blockchain protocol validator on the Chiliz blockchain. This significant move in blockchain involvement is made possible through its partnership with Socios.com, the official platform for its Fan Token. The collaboration will leverage the robust $1 billion SportFi ecosystem of Chiliz, which is highly esteemed for its appeal to crypto-savvy sports enthusiasts and its ability to support a wide range of decentralized applications.
The Chiliz Chain, in particular, has facilitated the launch of more than 50 web3 projects, showcasing the strength of its infrastructure and its attractiveness as a hub for leading web3 initiatives.
In its role as a validator, PSG will contribute to the operational integrity, security, and performance of the Chiliz Chain by participating in the blockchain’s consensus mechanism. This expanded role demonstrates PSG’s commitment to digital innovation and fan engagement through web3 technologies, going beyond token issuance to active involvement and decision-making within the ecosystem.
PSG’s foray into the web3 space began with the introduction of its Fan Token, positioning the club as a frontrunner among European football clubs in embracing digital transformation. Led by Pär Helgosson, head of web3, PSG’s web3 strategy focuses on utilizing the PSG Fan Token to enhance direct fan engagement and generate digital revenue.
Moreover, to strengthen its digital economy, PSG has pledged to use all the revenue generated as a node validator to regularly repurchase PSG Fan Tokens from the public market. This initiative aims to reinvest in the Fan Token supply, supporting a sustainable digital economy for the club and its web3-oriented fan base.
In addition, PSG and Chiliz will jointly host their inaugural blockchain hackathon at the Parc Des Princes stadium by the end of summer 2024. This event will bring together developers from France and around the world to create innovative products using web3, the Chiliz Chain, and PSG Fan Tokens.
The partnership with PSG follows Chiliz’s recent integration with Rarible, marking a significant advancement in the realm of NFT marketplaces and digital collectibles. This collaboration enables developers to utilize the Rarible Protocol for the creation of customized NFT marketplaces within the Chiliz Chain. As a result, SportFi dapps, wallets, and marketplaces gain immediate access to crucial information on NFT ownership and provenance, greatly enhancing the user experience in the digital collectibles sector.
