"Wow, this French football team is the best, it's time to take action."
French soccer giant Paris Saint-Germain will be the network validator for the Chiliz blockchain that hosts PSG fan tokens and then uses the money it generates to buy them on a regular basis.
The sports club has been involved in the cryptocurrency world for years through the creation of fan tokens that can be used for memorabilia* and sports experiences, but it should be noted that this is the first time it has been involved as a blockchain validator.
*Extraordinary things that are remembered and remembered
In context, validators are entities that manage blockchain nodes, secure the network, verify transactions including smart contract authorization and in exchange, validators can generate revenue from running nodes.
Since introducing their fan token in September 2018, PSG now has a market cap of $28 million, so the buyback program will allow PSG to regularly increase its fan token reserves and help build a strong digital economy.
According to Pär Helgosson, Head of Web3 Paris Saint-Germain said his team will optimize its future engagement for network effects, amplifying the value and results that can be generated and experienced by every stakeholder in this new digital economy.
He added that it will host a hackathon event at Parc Des Princes in the coming months in an event organized with Chiliz.
Pleased to be informed that the CHZ token founded by Chiliz which gradually rose to $0.14 also attracted the attention of other famous football clubs such as FC Barcelona, Manchester City, Juventus, Arsenal, Inter Milan and AC Milan.
