Cryptocurrency Set to Profit from the Lucrative Football Sector

Football is one of the most lucrative sports in the world today. Cryptocurrency is set to profit from the industry as advocates of blockchain from all across the globe come up with new plans to use blockchain to improve the industry. As noted by Coin Telegraph, one of the famous French soccer clubs in the world, Paris Saint-Germain (PSG) has revealed that it signed a deal with Socios.com, one of the leading blockchain platforms at the moment.

Details of the Partnership

According to a press release made available by the club, the partnership will see the launch of Fan Token Offering (FTO) that will give all fans of PSG an opportunity to access Saint-German Club tokens. The tokens will also give fans the much-needed voting rights and will also give them VIP status for their holders.

It is important to note that Socios blockchain platform is powered by Malta based sports Blockchain Company called chiliZ. Already, the company has received tremendous support from a number of key industry players such as Binance. In a recent interview, the CEO Alexandre Dreyfus revealed that the venture had managed to raise $66 million from investors who want to be part of this venture.

One of the main highlights that will make Socios special is the fact that all the people who will purchase the tokens will be given an opportunity to vote on club matters. The only downside which is actually not a deal breaker to most people is that the token holders will not have the authority to determine transfer of players or give insights about the corporate hierarchy. However, the holders will be able to air their views about certain things about the team such as the color of the jersey, logo, stadium anthem, man of the match, friendly matches, and summer tours.

Most of the fans whom we interviewed were of the idea that the tokens should give them the power to vote on managerial matters that have a direct impact on the team such as transfers. When asked why they did not allow the token holders to vote on such matters, the club responded by saying that the goal of this platform is not to give the fans the ability to initiate shake ups in the corporate hierarchy of the club but to maximize and monetize fan engagement by using cryptocurrency.

Fan Token Offering Can be traded

The reports also indicate that the fans that will purchase the FTO will be able to trade it on the already established Socios.com platform. However, they will only be able to exchange them for chiliZ native token ($CHZ). The two parties are committed and determined to ensure that the platform succeeds in achieving the set goals and objectives. Dreyfus also hopes that other clubs who are interested in blockchain technology will follow suit once they see the positive results. Already, Socios is signing five year deals with clubs that are interested in joining the wave in a bid to ensure that they get plenty of time and resources to create the product to perfection.