Today Chiliz, the blockchain that underpins the Socios fan tokens, announced that French soccer club Paris Saint Germain (PSG) is becoming a validator on the Chiliz Chain. Web3 validators verify blockchain transactions and earn a fee for doing so. PSG plans to use its validator earnings to buy back fan tokens.
That said, so far PSG has released less than half of its total fan token supply. So it has the opportunity to raise additional funds by issuing more tokens in the future. Today its market capitalization is just under $30 million. In contrast, the Chiliz token has surpassed a $1 billion market capitalization.
The fan token has not always been kind to fans. The PSG price peaked at around $55 in April 2021, but its current value is just $3.64.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
