PSG Becomes Validator Of Chiliz Blockchain, Buys Fans Token Again And Builds Web3 Ecosystem

PSG players are now entering the blockchain industry. (photo: x @PSG_English)

JAKARTA The French football club, Paris Saint-Germain (PSG), has deepened into the world of Web3 and SportFi by becoming a validator for the Chilez fan token blockchain.

PSG Web3 chief Pryptor Helgosson and Chilez founder Alexandre Dreyfus are discussing a growing partnership between the football club and the blockchain platform.

PSG became the first major football club to become a blockchain protocol validator and will use the generated revenue as a validator to buy back PSG tokens. This move is touted as a way to create an independent digital economy for the club and its fan base.

Chiliz Chain is an infrastructure that supports Socios, a platform that issues and manages fan tokens for more than 150 professional football clubs and sports teams. PSG was one of the initial adopters of this technology and launched its fan tokens in Chilez in September 2018.

The club intends to explore opportunities in the wider cryptocurrency, Web3, and SportFi spaces, where Helgosson spearheaded the effort.

Purchase Of Auto PSG Tokens

Helgosson told Cointelegraph that PSG will use revenue obtained as a node validator to repurchase PSG fan tokens from the public market. The buyback will be automatically executed through smart contracts through its validator and on the decentralized exchange on the Chiliz Chain.

The program aims to increase revenue from club validators through gas costs and supply inflation re-invested into PSG tokens. The club is interested in updating its token reserves to create an independent economy.

"We want to build a continuous tokonomics model together where the club, because of our role as node validators, can use profits to buy back fan tokens and use them to reinvest into the fan ecosystem," said Helgosson.

Hackathon Blockchain And Other Benefits

PSG and Chiliz are also planning a blockchain hackathon held at the iconic Parc des Princes stadium in the summer. The event aims to attract developers to build decentralized applications and products that combine PSG tokens in Chiliz Chain.

PSG As A Catalyst For Other Clubs

Dreyfus told Cointelegraph that PSG's move to become a validator could be a catalyst for other clubs to follow and better understand how ecosystem tokenomics works.

"PSG will play an active role in Chilez ecosystem operations, meaning they will help build trust and attract more brands and developers, as well as with co-hosting hackathon with us at their stadium," explains Dreyfus.

PSG's investment in Web3

Helgosson revealed that PSG is ambitiously exploring various ways to diversify revenue and offerings in the cryptocurrency and blockchain ecosystem.

Investasi klub untuk menjadi operator infrastruktur Chiliz blockchain menandai dimulainya langkah aktif mereka untuk berpartisipasi dalam ekosistem Web3. PSG telah menjajaki dan meluncurkan beberapa koleksi token non-fungible (NFT), beberapa di antaranya menawarkan hadiah eksklusif kepada pemegang.