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Lionel Messi, an Argentine football star, left FC Barcelona and signed a two-year deal with French soccer club Paris Saint Germain (PSG) earlier this week. While this deal has been monumental for the soccer world, the crypto space also gets to share in the action, seeing as PSG disclosed that this agreement will see the legendary footballer receive some of his salary in crypto. Reportedly, Messi will earn $41.00 million (£29.65 million) annually on top of bonuses and a $30.00 million (£21.70 million) signing-on fee.
According to PSG’s announcement, this is the time the club has signed a player in a deal involving PSG Fan Tokens (PSG/USD). Messi got a large number of PSG Fan Tokens as part of his welcome package. By receiving the tokens, Messi got an instant connection with millions of PSG fans across the globe. The club added that this move positions it as one of the most innovative and avant-garde sports franchises globally.
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As a result of this signing, the PSG Fan Token surged as high as $61.23 (£44.27) on Tuesday, and the trading volume went above $1.2 billion (£0.87). However, the coin had a downward correction soon afterward and closed the day trading at $43.98 (£31.80). At the time of writing, PSG Fan Token is changing hands at $40.59 (£29.35) after gaining 1.70% over the past 24 hours. On the other hand, the trading volume is down 43.78% over the past 24 hours to hit $265,452,361.00 (£191,935,329.62).
A close relationship between distinct industries
This news comes after the football club joined hands with Socios.com to tap into the benefits of the blockchain. Through this continued partnership, the two organizations launched the PSG Fan Token in January last year, creating a new and unique way for the club to engage its fan base.
Touting the token, PSG’s Chief Partnerships Officer, Marc Armstrong, said,
Fully embracing Socios.com and $PSG Fan Tokens has proved a massive success for the Club. We have been able to engage with a new global audience, creating a significant digital revenue stream.
Apart from PSG, Manchester City also rolled out a fan token in March this year after partnering with Chiliz and Socios.com. Dubbed CITY, the token lets fans vote in polls that the club has organized. On top of this, this token offers fans quick access to club promotions, games, and augmented reality features, among other VIP features.
Crypto adoption has also been evident in sectors like basketball, American football, and auto racing, where crypto firms have been signing multi-million-dollar sponsorship deals with multiple organisations in the industries.