Paris Saint-Germain will become the first sports club to serve as an official blockchain validator on the Chiliz Chain, marking a significant step in the adoption of web3 by major sports organisations.
PSG chose Chiliz due to its $1 billion SportFi ecosystem, which supports a community of crypto-native sports fans and over 50 web3 projects. As a validator, PSG moves beyond token issuance to active participation in verifying transactions, authorizing smart contracts, and contributing to the smooth operation of the chain.
The club has been part of the Chiliz ecosystem since 2018, when it became the first club to launch a Fan Token. PSG has pledged to use 100% of its revenue as a node validator for regular Fan Token buybacks from the public marketplace, aiming to establish a self-sustaining digital economy around the token.
PSG and Chiliz are also set to host the first blockchain hackathon at the Parc des Princes stadium in late summer 2024, bringing together developers to build new products using web3, the Chiliz Chain, and PSG Fan Tokens.
Alex Dreyfus, CEO of Chiliz and Socios.com, called the move a milestone in web3 adoption by fans, clubs, and leagues. Pär Helgosson, Head of Web3 at PSG, said the validator role allows the club to actively shape the future of web3 in sport.