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The Paris Saint-Germain (PSG) Fan Token is a form of digital currency that has a direct connection to the Paris Saint-Germain football club.
It’s for this reason that when a new player like Lionel Messi is signed, the value of the $PSG tokens increases because supporters want to play a role in supporting and leading their club through meaningful real-world interactions.
Increasing numbers of sports fan tokens have been popping up all over the place in an attempt to cash in on the fervent desire of sports fans to express their thoughts and ideas about their favorite team.
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A partnership between Paris Saint Germain and Socios, a blockchain-powered sports franchise, was the first of its kind for a professional sports team.
As with other fan token projects, the primary goal of the PSG Fan Token is to encourage fan interaction and participation by giving the general public a voice in club activities and decisions.
Using fan tokens, clubs, players, and fans all over the world can communicate with one another.
Fan tokens, in contrast to NFT, are fungible, which means they can be exchanged for exclusive merchandise or fan experiences in the same way that fiat or cash can be.
The PCG token was launched by Socios, the leading platform for fan tokens, in 2020. The Socios platform allows users to purchase the fan token, which allows them to participate in the club’s governance.
On the Ethereum blockchain, Chiliz ($CHZ) is an ERC20 utility token that is used to pay for services on the Chiliz and Socios.com platforms. Tokens like the Fan Token have been created as a result of the launch of their platform and other sports blockchain projects.
An FTO (Fan Token Offering) is an event that is held by clubs that join the Socios.com platform. $CHZ tokens can only be purchased from a cryptocurrency exchange. This is a limited digital asset that provides access to an encrypted record of voting and membership rights ownership for a specific team or club.
Fans of a variety of sports leagues, teams, and clubs can use Fan Tokens to make their voices heard on the field.
Fans can have a say in a variety of club decisions by using Socios.com, such as selecting a goal celebration song for a football stadium or deciding which MMA fighters should face off.
Because of Fan Tokens, holders are granted access to exclusive events such as player meet and greets, training day events & more.
Some of the biggest sports organizations in the world, such as FC Barcelona, Inter Milan, AC Milan, Manchester City, UFC, ROUSH Fenway Racing, and Aston Martin, are among the growing number of partnerships launching their Fan Tokens on the Socios.com platform.
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What is the Chiliz Chain?
A sidechain called Chiliz Chain, which is compatible with EVM, is used to mint Fan Tokens. Fan Tokens can be sent and received quickly and cheaply thanks to Chiliz Chain’s lack of a transaction fee.
If all goes according to plan, the Chiliz Chain will be upgraded so that it can be used for minting NFTs and other functions, as well as staking.
