Paris Saint-Germain embarks on Web3 initiative, joining Chiliz Chain as a fresh blockchain validator.

Paris Saint-Germain (PSG), the renowned French football club, is expanding its involvement in Web3 and SportFi by becoming a validator for the fan token blockchain platform Chiliz. Cointelegraph recently interviewed Chiliz founder Alexandre Dreyfus and PSG head of Web3 Pär Helgosson to discuss the growing partnership between the two entities. PSG is the first major football club to become a validator for a blockchain protocol and plans to use the revenue generated to repurchase PSG tokens, creating a self-sustaining digital economy for the club and its fans. The Chiliz Chain, which underpins the Socios platform for issuing and managing fan tokens, has over 150 professional football clubs and sports teams on board. PSG has been an early adopter of this technology, launching its fan token on Chiliz in 2018. PSG is now looking to explore opportunities in the broader cryptocurrency, Web3, and SportFi sectors, with Helgosson leading the way. Venture capital firm Animoca Brands joined Chiliz Chain as a validator in November 2023, following Chiliz’s tokenomics model revamp. PSG intends to carry out fan token buybacks from public marketplaces using the revenue it accrues as a node validator. These buybacks will be automated and executed through smart contracts on the Chiliz Chain. The club aims to increase revenue by reinvesting gas fees and supply inflation into PSG tokens. PSG and Chiliz are also planning to host a blockchain hackathon at the Parc des Princes stadium during the summer, with the goal of attracting developers to build decentralized applications and products incorporating PSG tokens. Dreyfus believes that PSG’s move to become a validator could inspire other clubs to follow suit and gain a better understanding of the tokenomics of the ecosystem. PSG’s investment in becoming an infrastructure operator for the Chiliz blockchain marks its entry into the Web3 ecosystem. The club has already launched several non-fungible token collections, some of which offer exclusive rewards to holders. PSG aims to actively engage and reinvest with its Web3 partners, and being a node validator is a crucial aspect of building a sustainable tokenomics model for the PSG Fan Token ecosystem and Chiliz.