12 Sep 2018: Paris Saint-Germain are launching their own cryptocurrency- Here're the details
French football giants, Paris Saint-Germain, have announced that they will be launching their own cryptocurrency.
For the same, they have roped in Socios.com and the deal is expected to be worth millions of euros.
The idea is to let fans buy tokens, which will allow them to take part in online surveys and take decisions for the club.
Read on to find out more.
Rationale: What is PSG's idea behind the launch?
PSG are planning to include the fans in decision-making processes with the help of their online tokens.
Fans will also be able to access VIP level club rewards. The tokens will open new engagement opportunities, as well.
However, fans will not be involved in key strategic decisions, but voting rights will be available for selecting jersey design or opponents of pre-season friendlies.
Socios: What do we know about Socios.com?
Socios is a tokenized football fans' voting platform, and its name refers to shareholders of Spanish football clubs like Barcelona and Real Madrid.
'Socios' are, in a way, shareholders and thus can take part in the club's decision making.
The company has announced that it wishes to reinvent the concept of Socios 'in a more 2.0 style'.
Blockchain: Why is the use of blockchain important?
Blockchain is designed to be unchangeable, so once a transaction is made, it cannot be erased in any way.
This will help maintain transparency and integrity as all transactions will be indestructible, and meanwhile, fans get to buy voting rights, making it an 'ownable' commodity.
The company Socios is based in Malta, the first country to establish a regulatory framework for blockchain and cryptocurrencies.
Tokens: Details about the tokens that PSG will release
PSG will be releasing a limited number of tokens, which will bear digital stamps from the club and will be inimitable.
Fans, from anywhere around the world, will be able to buy the tokens and then become shareholders of the club.
PSG are yet to take a decision about the price of the tokens.
However, they have assured it would be quite low.
Fans: How will fans benefit from the experience?
This is the first time a football club is releasing its own cryptocurrency to enhance fan engagement.
Though this will be a new experience for fans, to say that this makes them 'socios' is an exaggeration.
While special rewards and content from the club might be exciting for the hardcore fans, they will actually pay real currency to be involved in superfluous decisions.