Paris Saint-Germain FC becomes the first soccer club to become a validator | CoinDesk JAPAN

French football club Paris Saint-Germain FC (PSG) has become a validator on the Chiliz blockchain that hosts the PSG Fan Token, using the funds generated to periodically redeem the token. He announced that he would buy it back.

Sports clubs have been dipping their toes into the world of crypto assets (virtual currencies) for years through the creation of fan tokens that can be used for memorabilia and experiences, but this is the first time clubs have become involved as blockchain validators. It's my first time. Validators are entities that manage blockchain nodes and secure the network through functions such as validating transactions and approving smart contracts. In exchange, validators earn money by operating nodes.

PSG, who currently lead France's Ligue 1, introduced fan tokens in September 2018. According to data from CoinMarketCap, the token currently has a market capitalization of $28 million (approximately 4.2 billion yen, at an exchange rate of 1 dollar = 150 yen). The buyback program will allow PSG to “regularly refresh” its Fan Token reserves and help build a sustainable digital economy around it, Chiles said.

Pär Helgosson, head of Paris Saint-Germain's Web3 division, said in a statement: “We are optimizing our future efforts towards network effects and ensuring that each stakeholder is working in this new digital economy. “We will expand the value and revenue that can be created and experienced.”

Other famous football clubs that have introduced tokens in Chile include FC Barcelona, ​​Manchester City, Juventus, Arsenal, Inter Milan and AC. Examples include AC Milan.

Paris Saint-Germain have also announced that they will be co-hosting a hackathon event with Chiles in the coming months at their home stadium, the Parc des Princes.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Parc des Princes, home stadium of Paris Saint-Germain FC. (Shutterstock)
｜Original text: Paris Saint-Germain Becomes First Soccer Team to Validate a Blockchain