The future of sports decision making and engagement may lie in blockchain. We’ve seen the Premier League, LA Dodgers and fantasy football all make headlines by hinting at the mass adoption of blockchain and crypto. Now, the latest to join in is a major European football club. Paris Saint-Germain (PSG) is now entering a partnership with Socios. Socios is a blockchain platform which facilitates teams to monetize and engage with fans. Therefore, they allow fans to actually help with decision making and express concerns regarding the sport.
Paris Saint-Germain is creating its own cryptocurrency. Crypto would “This breakthrough technology will have a significant impact on the overall business strategy of the club and how we engage with our fans,” quoted from the Chief Partnerships Officer of PSG, Marc Armstrong.
This is the first partnership of it’s kind and looks to stimulate a whole new level of fan and club involvement.
Le @PSG_inside devient le premier club de football au monde à annoncer une stratégie de long terme dans le domaine des crypto-monnaies avec la plateforme blockchain @Sociosdotcom 👇
— Paris Saint-Germain (@PSG_inside) September 11, 2018
Fan Token Offering
The partnership allows fans to buy tokens and vote in online polls. The polls by PSG will help determine major decisions that the club will make. By incorporating blockchain, they hope to gain a deeper sense of pride and ownership into the team. More than just voting, fans will be able to unlock rewards, experiences and gain access to exclusive content.
However, the value of the FTO is unknown. But following suit of bitcoin, and other cryptocurrencies it will be determined by scarcity. “But its cost will be very low because it is obviously intended for the greatest number,” says Alexandre Dreyfus of Socios.