Paris Saint-Germain engaging football fans with crypto

Pairs Saint-Germain is one of the first football clubs to launch its own cryptocurrency with PSG Fan Token.

Paris Saint-Germain engaging football fans with crypto

The French football club Paris Saint-Germain (PSG) is one of the bigger clubs in Europe. PSG competes in Ligue 1, France's top division. Over 40 official honors have been won by the club, including nine league titles and one major European title.

Pairs Saint-Germain is one of the first football clubs to launch its own cryptocurrency with PSG Fan Token.

While matches were being suspended or played without an audience during the Covid-19 pandemic, clubs used football fan tokens to engage with their fans and generate revenue.

In January last year, the Paris Saint-Germain Fan Token was launched after the partnership was announced in 2018. The price of the token spiked multiple times earlier this year.

At the time of writing this report, there are 3.1 million PSG in circulation with a market value of $71 million. This represents 16% of the total supply. At its highest, the coin reached a price of $61.23.

Even if the coin is seeing a decline in price in Q4, much depends on the club's future plans and the blockchain on which it is hosted, as well as economic factors in the country and across the globe.

Since the arrival of Lionel Messi, ticket prices have seen a favorable increase, but the present trend reveals some pullback as it traded at about $23.

As of the time of inception, PSG tokens were issued in a total of 20 million units. As a result of the operation plans of the Paris SG club and Socios platform, the total supply of the coins has decreased since then.

Recent months have seen Paris Saint-Germain expand into the crypto world. Paris Saint-Germain included the Fan Token in a welcome package in the August transfer window when it signed star player Lionel Messi. The signing marked the first time the club signed a player that included PSG tokens.

The Paris Saint-Germain Fan Token launched at a price of around $2.20, or about €2 when it launched.

A number of "fan decision" polls are published by Paris Saint-Germain that token holders can vote on via smart contracts. In response to the results, Paris Saint-Germain Football club must act accordingly.

During the first of many polls conducted by the Fan Voting & Rewards App by Socios.com in Q1, last year, fans used $PSG Fan Tokens to choose an inspirational captain's armband message.

Among the many ways, fans can participate in the team and win rewards is to trade the coin on Crypto exchanges, which has attracted investors looking to make a profit from buying and selling.