Paris Saint-Germain Becomes First Soccer Team to Validate a Blockchain
Paris Saint-Germain (PSG), a leading French soccer club, will become a network validator for the Chiliz Chain blockchain that hosts its fan tokens. This marks the first time a sports club has become a blockchain validator, a role that involves managing blockchain nodes, verifying transactions, and authorizing smart contracts. The revenue generated from this will be used to regularly buy back PSG fan tokens. Introduced in September 2018, these tokens currently have a market cap of $28 million and can be used for sports memorabilia and experiences. The buy-back program will allow PSG to maintain its fan token reserves and support a sustainable digital economy around them. PSG also plans to host a hackathon event at its Parc Des Princes, co-hosted by Chiliz. Other major soccer clubs with tokens on Chiliz include FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan, and AC Milan.
