French football powerhouse Paris Saint-Germain has made history by becoming an official network validator for the Chiliz Chain blockchain, marking the first instance of a football club actively participating in the operation of a blockchain network.

PSG’s move to embrace this role is part of its collaboration with the Socio.com platform, as announced by the Chiliz team. The Chiliz Chain has also updated its tokenomics model, offering new staking rewards paid in the native $CHZ token.

According to Pär Helgosson, head of Web3 at Paris Saint-Germain, “By becoming a validator on the Chiliz Chain, we’re not just embracing the future of web3 sports; we’re actively designing it so that we can have a more direct relationship with our fans through Web3 experiences.”

PSG’s Token Buyback Program

PSG has revealed plans to utilize 100% of the funds obtained from its validator rewards to repurchase its fan token. The club will carry out the buyback using smart contracts, with the reinvested funds aimed at refreshing the $PSG token’s reserves. In addition to its validator role, PSG will also join forces with Chiliz as a co-host of a hackathon at the club’s stadium, Parc Des Princes.

Following the news, the $PSG Fan Token surged, reaching highs of $3.88 on February 22. Similarly, the Chiliz ($CHZ) token also experienced an upturn, soaring to a nine-month high above $0.13. At present, $PSG is trading around $3.68, while $CHZ is changing hands above $0.12.

Source: Chiliz Medium

FAQ

What is a blockchain validator?

A blockchain validator is responsible for validating and adding new transactions to the blockchain network. This process usually involves solving complex mathematical problems to secure the network and ensure the integrity of the transactions.

What are the benefits of PSG becoming a blockchain validator?

By becoming a blockchain validator, PSG can actively participate in the operation of the Chiliz Chain blockchain, allowing the club to have a more direct relationship with its fans through Web3 experiences. Additionally, the club can earn rewards from the validation process, which it plans to utilize in a buyback program for its fan token.

What is the significance of this move for the sports industry?

PSG’s role as a blockchain validator signifies a major step forward in the integration of blockchain technology in the sports industry. It highlights the potential for sports clubs to engage directly with fans through blockchain-based initiatives, offering new opportunities for fan engagement and interaction.