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Paris Saint-Germain steps into blockchain as first football club validator on Chiliz network

paris-saint-germain-steps-into-blockchain-as-first-football-club-validator-on-chiliz-network
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Paris Saint-Germain steps into blockchain as first football club validator on Chiliz network

Paris Saint-Germain (PSG) is set to become the first major football club to act as a blockchain protocol validator on the Chiliz blockchain. 

This significant step in blockchain engagement is facilitated through its collaboration with Socios.com, the official platform for its Fan Token. The partnership will leverage Chiliz’s robust $1bn SportFi ecosystem, renowned for its appeal to crypto-savvy sports enthusiasts and its capacity to support a wide range of decentralized applications. 

The Chiliz Chain, in particular, has facilitated the launch of over 50 web3 projects, evidencing its infrastructure’s strength and its appeal as a hub for leading web3 initiatives.

As a validator, PSG will contribute to the Chiliz Chain’s operational integrity, security, and performance by participating in the blockchain’s consensus mechanism. This role extends PSG’s involvement from mere token issuance to active engagement and decision-making within the ecosystem, reinforcing its investment in digital innovation and fan engagement through web3 technologies.

PSG’s efforts in web3 space began with the launch of its Fan Token, making it the forefront runner among European football clubs in embracing digital transformation. The club’s web3 strategy, led by Pär Helgosson, head of web3, focuses on leveraging the PSG Fan Token to enhance direct fan engagement and digital revenue generation.

“Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.”

Pär Helgosson, head of web3 at Paris Saint-Germain

Further, in a move to bolster its digital economy, PSG has also committed to using all revenue generated from its role as a node validator for regular buy-backs of PSG Fan Tokens from the public market. The initiative aims to reinvest in the Fan Token supply, supporting a sustainable digital economy for the club and its web3-oriented fanbase.

Additionally, PSG and Chiliz are also set to co-host their first-ever blockchain hackathon at the Parc Des Princes stadium by the end of summer 2024. This event is expected to bring together developers from France and around the world to create innovative products leveraging web3, the Chiliz Chain, and PSG Fan Tokens.

The partnership with PSG follows Chiliz’s recent integration with Rarible, marking a significant advancement in the realm of NFT marketplaces and digital collectibles. The collaboration enables developers to harness the Rarible Protocol for the creation of custom NFT marketplaces within the Chiliz Chain. Consequently, SportFi dapps, wallets, and marketplaces gain instant access to essential information on NFT ownership and provenance, substantially improving the user experience in the digital collectibles sector.

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