coincodex.com
Key highlights:
- Chiliz, which owns the Socios.com fan token platform, has acquired a 24.5% stake in Barca Studios for $100 million
- Barca Studios was established by prominent football club FC Barcelona to create visual and audio content related to the club
- With the investment, Chiliz plans to help expand FC Barcelona's in web3 through NFTs and metaverse projects
Chiliz invests $100 million to acquire 24.5% stake in Barca Studios
Chiliz, the owner of the Socios.com platform for fan tokens tied to sports and esports clubs, has spent $100 million to acquire a 24.5% stake in Barca Studios. Barca Studios is a platform for visual and audio content launched by FC Barcelona, one of the world’s most prominent football clubs. In addition to more traditional forms of content, Barca Studios is also leading FC Barcelona’s efforts related to NFTs and metaverse projects.
Through the deal, Socios.com will lend its expertise in blockchain technology to FC Barcelona, helping the club unlock new revenue streams. Here’s what Chiliz and Socios.com CEO Alexandre Dreyfus had to say:
“Barça Studios can now leverage our technology, expertise, and global scale to help roll out the Club’s Web3 content strategy and deliver new long term revenue streams that will benefit the club for seasons to come. We are passionate about the role that technology can play in building communities that bring fans closer to their teams and each other.”
Chiliz and FC Barcelona are far from strangers, as the two parties signed a deal in February 2020 to feature FC Barcelona fan tokens on the Socios.com platform. The token, which trades under the ticker BAR, currently has a market capitalization of about $22 million.
Holders of fan tokens can vote on certain decisions related to the club, and access rewards like VIP tickets as well as exclusive merchandise and experiences. Socios has partnered with more than 160 sports teams worldwide for similar products.
The price of the Chiliz (CHZ) token spiked yesterday on the announcement of the deal. The token surged from about $0.124 to $0.161 in the space of three hours. However, CHZ saw a correction today, bringing the price down to about $0.135 at the time of writing. The token currently commands a market cap of about $833 million.