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Bittime - Paris Saint-Germain (PSG), the French giant club that has successfully brought Lionel Messi a few years ago, again made history in the world of football. PSG became the first club to act as a validator for the Chiliz blockchain, a platform that issues fan tokens to various sports and entertainment clubs.
Why did PSG choose Chiliz?
Chiliz is a blockchain designed specifically for the sports and entertainment industry, allowing fans to buy, sell and exchange fan tokens representing their favorite clubs or stars. These fan tokens give fans exclusive voting rights and access, such as choosing a jersey design, taking surveys, or interacting with players.
PSG was one of the first football clubs to join Chiliz in 2018, and launched their fan token, the PSG Fan Token, in 2020. Since then, the token has become immensely popular among PSG fans, especially after Messi's arrival. According to data from CoinMarketCap, PSG Fan Token has a market capitalization of $58 million (IDR 828 billion) and a daily trading volume of $26 million (IDR 371 billion) at the time of writing.
Also Read: Fan Token, Your Access Key to Your Favorite Football Club
By becoming validators for the Chiliz blockchain, PSG will increase their engagement with the platform, as well as earn financial rewards. Validators are entities responsible for validating and settling transactions on the blockchain, as well as maintaining the security and stability of the network. Validators usually get a portion of the transaction fees paid by users.
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How is PSG Building a Sustainable Digital Economy?
In addition to being validators, PSG also has ambitious plans to build a more sustainable digital economy for their fan tokens. One of the plans is to buy back part of the PSG fan tokens circulating on the market, and store them in the club's wallet.
The purpose of this buyback is to reduce the number of PSG fan tokens in circulation, thereby increasing the demand and value of those tokens. In addition, this buyback also demonstrates PSG's long-term commitment to their fan token, and gives a positive signal to fans and investors.
Pär Helgosson, head of Web3 Paris Saint-Germain, said, "We will optimise our future engagement for network effects, amplifying the value and revenue that every stakeholder gets and experiences in this new digital economy." He also added that PSG will continue to innovate and collaborate with Chiliz to provide the best experience to fans.
What Impact Does It Have on the World of Sports and Crypto?
These steps taken by PSG show that football clubs are not only interested in blockchain technology as a marketing tool or additional revenue, but also as part of their business and community strategies. PSG is becoming a pioneer in adopting blockchain and fan tokens, and may be followed by other clubs in the future.
Meanwhile, the partnership between sports and crypto is also mutually beneficial. Sports can help increase crypto awareness and adoption among the wider public, while crypto can help increase fan loyalty and participation in the world of sports. Thus, we can expect more synergies and innovations between these two industries in the future.
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How to Buy Chiliz (CHZ) on Bittime
You can buy and sell Chiliz (CHZ) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Chiliz (CHZ) is available on Bittime with the market pair CHZ/IDR. To be able to buy CHZ IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Chiliz (CHZ) on Bittime.
Monitor the price chart movements of Chiliz (CHZ), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Get to know PSG Token: Paris Saint-Germain's Official Cryptocurrency
What is Chiliz (CHZ)? Change how fans interact with their favorite teams
Fan Token: A Combination of Blockchain with Football Fans
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
significant from time to time and Bittime is not responsible for changes in fluctuations of crypto asset exchange rates.
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