24 Feb 2024
French football club Paris Saint-Germain will play a role as an official blockchain validator on the Chiliz Chain, marking the first instance of a sports club taking on this role in blockchain.
The move underscores the club's stance in embracing web3 technologies and digital experiences.
PSG chose Chiliz due to its $1 billion SportFi ecosystem, catering to a community of crypto-native sports fans and supporting numerous decentralized applications. The Chiliz Chain has already served as a launchpad for over 50 web3 projects, showcasing its solid infrastructure and ability to attract leading web3 products and services.
Validators on the Chiliz Chain play a role in ensuring the integrity and security of the network, verifying transactions, authorizing smart contracts, and contributing to the smooth operation of the chain. PSG's involvement as a validator elevates its role from token issuance to active participation and decision-making within the Chiliz Chain ecosystem.
PSG has been a key player in the Chiliz sports and entertainment ecosystem since its move as the first club to partner with Chiliz in September 2018 to launch a Fan Token. The PSG Fan Token has evolved into a cornerstone of PSG's web3 ecosystem, fostering direct-to-fan relationships and engagement, and generating significant digital revenue.
Joining the Chiliz Chain aligns with PSG's commitment to innovation, coinciding with the recent revamp of the tokenomics model and the introduction of new incentives, including an inflation staking rewards mechanism and a transaction fee protocol burning scheme.
In a move, PSG has pledged to use 100% of its accrued revenue as a node validator on the Chiliz Chain for regular $PSG Fan Token buybacks from the public marketplace. These automated buy-backs aim to reinvest revenue into the PSG Fan Token supply and refresh the club's Fan Token reserves, establishing a self-sustainable Fan Token digital economy.
Furthermore, PSG and Chiliz are set to host the first-ever blockchain hackathon at the Parc Des Princes stadium in late summer 2024. This event will bring together French and international developers to innovate on new products utilizing web3, the Chiliz Chain, and PSG Fan Tokens, exemplifying PSG's dedication to fostering a digitally connected global fan community through cutting-edge web3 technology.
Alex Dreyfus, CEO of Chiliz and Socios.com, expressed about PSG's enhanced role, stating that it marks a milestone in the adoption of web3 by fans, clubs, and leagues.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized that becoming a validator on the Chiliz Chain allows PSG to actively design the future of web3 sports, optimizing engagements for network effects and building a more empowered and sustainable web3 ecosystem.