It has recently been disclosed that Paris Saint Germain has included a payment of a “large number” of crypto fan tokens as part of the deal to sign Lionel Messi from Barcelona.
Lionel Messi’s signing from Barcelona to Paris Saint Germain registers as a 7 on the Richter scale of massive news items in football. It is probably the biggest news for the start of the new football season and has fans of both clubs elated and distraught in equal measures.
However, the fact that Messi has willingly accepted part of his signing-on fee in crypto fan tokens has also done much to highlight cryptocurrency to the huge fan bases in football.
According to Reuters, a statement from Paris St Germain included a reference to a “welcoming package” that had been provided by the club’s fan token provider Socios.com.
It’s not clear exactly how many tokens were provided, but it was cited that a “large number” of tokens were in the package.
The fan tokens in question are a cryptocurrency that is already being used by a growing number of top tier football clubs around the world. The tokens enable fans to vote on certain decisions that affect their club, as well as giving them discounts on merchandise etc.
The fan tokens can also be traded against other fan tokens and also against other cryptocurrencies on certain exchanges.
The hype surrounding the Messi transfer has led to huge amounts of trading of the PSG fan token according to the club:
“The hype surrounding the latest signings in the club’s busy summer transfer window created a huge surge of interest in $PSG Fan Tokens, with trading volumes exceeding $1.2 billion in the days preceding the move,”
The PSG fan token has a market cap of around $52 million. It climbed 130% in only five days, fuelled by speculation before the actual transfer. The token reached an all-time-high of $60 on Tuesday, before falling back to $41 at time of writing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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