BOOM

Trending Searches

    Boom VIP
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
      • Law
      • Explainers
      • News 
        • All News
      • Decode
      • BOOM Reports
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • Boom Verified
      • Workshops
      • Videos
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
      • BOOM Reports-icon
        BOOM Reports
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • Boom Verified-icon
        Boom Verified
      • Workshops-icon
        Workshops
      • Videos-icon
        Videos
      • Home
      • Explainers
      • Explained: $PSG Fan Token Crypto...
      Explainers

      Explained: $PSG Fan Token Crypto Included In Messi's Signing Package

      The crypto-based token is a part of Messi's signing package, and its m-cap has risen 130% in a day.

      By - Mohammed Kudrati | 13 Aug 2021 1:07 PM GMT
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
    • Explained: $PSG Fan Token Crypto Included In Messis Signing Package

      Footballer Lionel Messi, who has joined French football club Paris St. Germain (PSG) on a two-year deal, will have a component of his signing package in $PSG Fan Token, a crypto-based digital asset linked to the club, according to a statement issued by them.

      These tokens, in turn, act as cryptocurrencies which can also be traded on exchanges for fiat (like dollars or euros) or other cryptocurrencies (like bitcoin or ethereum).

      Though the tokens were a part of his signing package, the quantum of these tokens or his package is not public. He will reportedly earn 35 million euros ($41 million) at the club after transferring from FC Barcelona.

      What is the difference between fan tokens and a cryptocurrency?

      What differentiates a fan token from other cryptocurrencies is that these token grant their holders certain privileges in interacting with the club, making them a conduit for fans to engage with footballers and the club's management more intimately.

      For starters, holders of these tokens are able to vote on polls that the club opens to token holders. A recent example of such a poll was the message that PSG's captain Marcus Corrêa carried on his armband. The more token held by a fan, the more the influence of that fan over how a poll goes, though voting in such polls may be subject to an upper limit to prevent malice.

      United for Paris - Inspired by you.

      Last week, on his return to the team, @marquinhos_m5 wore a very special captain's armband featuring the message "ICI C'EST PARIS" as voted by $PSG Token Holders.#ICICESTPARİS 🔴🔵pic.twitter.com/JmNkOPG5vu

      — Socios.com (@socios) September 21, 2020

      The voting and these benefits reaches holders of the token through socios.com, a company working at the intersection of crypto-technology, sports and fan outreach. Socios also issues a finite number of these tokens. In PSG's case, 2.9 million $PSG Fan Tokens exist out of a possible upper limit of 20 million tokens can eventually come into circulation.

      Also Read: Barcelona Sack Ronald Koeman As Manager Paving The Way For Xavi To Return To Boyhood Club

      PSG was among the first club to hop on cryptocurrency bandwagon, when they did so as early as 2018 when they partnered with Socios to launch their fan token, which eventually took place in 2020. Socios.com also oversaw prominent clubs like Barcelona, Atletico Madrid and Juventus issuing their tokens last year, while Manchester City, AC Milan and Arsenal launched them this year.

      In PSG's statement, the club has said that holders of the fan tokens have also received personalised video messages from the players, and have been allowed to choose the messages to be displayed in players' dressing rooms, with more such benefits being in the pipeline. The benefits listed by Socios also says that fans would be given access to discounted official merchadise, hunts for more fan tokens and chances for free match access and tours.

      Also Read: Explained: All You Need To Know About NFTs

      How have these tokens performed?

      Since the signing, $PSG Fan Token's market capitalisation has risen more than 130% in a day after the club announced that it was a part of Lionel Messi's signing package

      Data from online cryptocurrency market tracker Coinmarketcap shows the token traded at a market capitalisation of $121.65 million, driven by record trading volumes in the run up to the transfer, even though the price of the token has fallen from a high of $61.5 for the token on August 10. The token currently trades as $42.45 at the time of publication.

      The club seems to be delighted with the evolution of the program.

      Marc Armstrong, Chief Partnerships Officer of Paris Saint-Germain said: "Fully embracing Socios.com and $PSG Fan Tokens has proved a massive success for the Club. We have been able to engage with a new global audience, creating a significant digital revenue stream."

      Read the club's statement here, and socios.com's PSG page here.

      Also Read: Investing In Dogecoin: A Joke Or Serious Cryptocurrency Option

      Tags

      Paris Saint-Germain F.CLionel MessiBarcelonaSocios.com$PSG Fan TokenfootballCryptocurrencyEthereumBitcoinBlockchain
      Read Full Article
      Boom

      Do you always want to share the authentic news with your friends?

      Subscribed Successfully...
      Enter Valid Email Id

      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • Print
      • link
      Next Story
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      • Facebook
      • Twitter
      • Whatsapp
      • Telegram
      • Linkedin
      • Email
      • link
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X
      X
      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!