PSG is the fan token for one of the top football teams — but what does holding PSG give you?
The Paris Saint-Germain (PSG) Fan Token is a cryptocurrency directly related to the Paris Saint Germain football club.
This means that, for instance, when the club signs a new player — such as star Lionel Messi (who took a part of his salary in $PSG tokens) — the token usually rises in value, as fans want to play a role in supporting and making leadership decisions for their club through meaningful real-world interactions.
Sports fan tokens have been appearing everywhere lately, intent on capitalizing on the desires of adamant fans willing to pay to voice their opinions and ideas for their favorite club.
In an era of rampant commercialization of nearly all professional sports, fans have always been described as the soul of football. It’s simply a fact that the ambitions of sports teams can’t be sustained without supporters willing to financially contribute to the team’s success. Football clubs generate and spend hundreds of millions of dollars every football season; however, the modernization of fan culture as well as the stadium-emptying Covid pandemic have made it necessary for sports teams to think outside the box and especially draw their young fans in with innovative new rewards.
The PSG Fan Token project's main aim, like other fan tokens, is to promote interaction and direct participation with their team, and present Joe Public with the opportunity to influence club activities and decisions. Fan tokens are a bridge between club management, players and fans worldwide.
Marc Armstrong, the chief partnership officer of Paris Saint-Germain, stated that:
"Thanks to the launch of PSG Fan Token, our fans will now be able to drive important and symbolic decisions for the club. As of today, the club reinforces its proximity with fans, which is one of our main values."
How Does the PSG Fan Token Work?
Unlike NFT, fan tokens are fungible, meaning just like fiat or cash, they can be exchanged for exclusive merchandise or fan experiences.
Socios, the leading platform for fan tokens, launched the PCG token in 2020. Users can purchase the fan token through the Socios platform to get involved in club governance.
The Paris Saint Germain team was the first sports franchise to partner with Socios, which is powered by the Chiliz blockchain. Chiliz (CHZ) is an ERC-20 token on the Ethereum blockchain, which fans have to purchase on crypto exchanges to get the PSG fan token on the Socios platform.
The PSG fan token is a secured utility token on the Chiliz Network, a proof-of-authority sidechain built on Ethereum.
The Socios platform generates a limited amount of $PSG, which users can trade among themselves to redeem football-related offers. The more users interact on the platform, the more they earn points to win prizes like VIP tickets and an opportunity to hunt more coins. Fan tokens can be thought of almost as NFTs with great rewards attached to them.
PSG fan tokens are finite, making them a priced commodity for users. There will be a total supply of 20,000,000 tokens minted with 2,500,000 rolling out per year for eight years. After its Fan Token Offering (FTO) 1,288,396 tokens were distributed, with the remaining held by the club.
What Makes $PSG Unique?
The PSG fan token will serve both players and fans, as unlike other cryptocurrencies, it holds voting rights. PSG is not necessarily bound to Ethereum or Bitcoin’s price movements, but rather gains or loses value based on how much fans value being able to participate. Token holders are entitled to the club's NFT, digital badges and VIP Matchday tickets.
Staking $PSG for additional rewards is also possible, with prizes including Gamified NFTs for blockchain-based games, and Pure Collectibles, which are rare aesthetic NFTs. In the future, token holders will spend $PSG to redeem club goods and services.
The club plans to take the token to the next level by launching promotions for token holders to win signed shirts from players, hosting crypto events around the token with its players as influencers and launching an extensive marketing campaign in Latin America and Asia. All of these goals will be made possible as fans take on prominent decision-making roles.
The key decisions which holders of the tokens are entitled to are:
Inscription on the Captain Band: The captain has always been an inspirational figure for fan clubs. Fans typically interact with the captain about developments in the club. The captain armband in recent years has been used to pass inspirational messages to get fans excited, or support specific messages like "Black Lives Matter," etc. With the fan token, fans can now vote on the inscription on the captain's band.
Votes for Goal of the Year and Other In-Club Awards: The second fundamental purpose of fan tokens is to vote for goal of the year, player of the year, young player awards, etc. Through the announcements of the votes on the award night, the fans' message will be heard loud and clear.
The PSG fan token is a secured utility token on the Chiliz Network, a proof-of-authority sidechain built on Ethereum.
What’s Behind PSG Fan Token’s Recent Buzz?
Football has a unique fan culture unrivalled in international sport. Paris Saint-Germain is a club that believes in marketing through entertainment and sensation — so $PSG has gained much of its popularity as a result of the club's activities.
Recently, the signing of Lionel Messi, arguably the world’s leading player, on a free transfer from FC Barcelona generated incredible excitement amongst the club’s fervent fans. Before the transfer was concluded earlier this summer, the price of the token had doubled to $55.31.
$PSG has taken the fan token market by storm partly due to its star players, and adding Messi to the mix was the perfect cherry on top for the token.
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