Lionel Messi’s possible PSG move shows interesting use case for crypto in sports

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NEW DELHI: Footballer Lionel Messi’s move from Spanish club Barcelona has opened an interesting avenue for cryptocurrencies in sports. The six-time Ballon d’Or winner is expected to arrive at French club Paris Saint Germain, and though no deals have been signed yet, prices of the club’s fan token have more than doubled over the past week.

A fan token is a cryptocurrency launched by a sports team, which can be used to buy its merchandise, participate in important club decisions and more. PSG’s fan token was launched last year, and trades on the Chiliz crypto exchange. The token’s price jumped to $44, shortly after Messi confirmed that PSG was in the running to become his next club, from around $29. It traded at over $50 at the time of writing this story compared with $23.57 on August 2, according to crypto data aggregator Coingecko.

“Paris Saint-Germain is a possibility, yes. At the moment nothing is confirmed, I received a lot of calls after the Barcelona statement. We’re talking about it," Messi said during an emotional farewell address at Barcelona, where he has spent 21 years.

The spike in the price of PSG’s fan token could be seen as validation for the crypto industry’s foray into sports. Some of the world’s richest clubs, including English clubs Manchester United and Arsenal and Italian AC Milan. Even national football teams had launched their own fan tokens ahead of the Euro 2020 footballing event in May.

“Fascinating. The @PSG_inside token up 40% following the rumour of Lionel Messi joining the club. Fan Tokens represent Fan Sentiment. Clearly more fans and users of @socios are interested," remarked Alexandre Dreyfus, chief executive officer (CEO) of the Chiliz exchange on Twitter, on August 7.

The behaviour of PSG’s fan token shows that cryptocurrencies could be used to gauge fan sentiment for particular decisions that clubs make. While the arrival of one of the world’s best football players is obviously something any fan wants, clubs could use fan tokens to gauge reactions in advance for decisions that may affect their fans.

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Messi may or may not be going to PSG, but the French club is already seeing gains from the ‘potential’ signing

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PSG has become a frontrunner to become Lionel Messi ’s new home.

has become a frontrunner to become Lionel ’s new home. The club’s crypto token has appreciated by over 100% in less than a week.

The rise in the token’s price shows that fans are excited about the footballer’s arrival.

Barcelona’s loss is PSG' gain

Fascinating. The @PSG_inside token up 40% following the rumor of Lionel Messi joining the club. Fan Tokens represen… https://t.co/bKIa8RWcsD — Alexandre Dreyfus (@alex_dreyfus) 1628316012000

Crypto to represent fan sentiment

Don’t buy a PSG jersey just yet

Star footballer Lionel Messi may not have made up his mind about which football club he’s going to join after over two decades with Barcelona, but the alleged front runner is France’s Paris Saint Germain (PSG).Even though there is no confirmation on the cards yet, PSG fans are using cryptocurrencies to show that they’re on board. The PSG fan token, also called PSG, soared by over 100% after reports of possibly signing the six-time Ballon d’Or winner made the headlines.Barcelona’s financial mess, which is keeping Messi from staying on despite agreeing to a 50% wage cut, is PSG’s gain, even if they don’t sign him at the end of the day.The club’s token started rising despite Messi confirming that no deals have been signed at the moment. “Paris Saint-Germain is a possibility, yes. At the moment nothing is confirmed, I received a lot of calls after the Barcelona statement. We’re talking about it,” the Argentine footballer said during his farewell press conference yesterday.According to the Chiliz exchange , the PSG fan token jumped from $21.95 to $44.97 over the past four days, hitting a three-month high. And, it’s continuing to rise.The token was priced at over $50 at around 1:00 pm Indian Standard Time (IST) on August 9.The rise in PSG’s fan token is an interesting case study in how cryptocurrencies and the blockchain can play a role in spots. Fan tokens are like Bitcoin or Ethereum, in the sense that they also trade on exchanges, but their purpose is to allow clubs to interact with fans and involve them in integral decisions.Billion-dollar clubs like Manchester United, AC Milan, Messi’s current club Barcelona and more have joined the crypto bandwagon by launching their tokens. Fans could use these to vote on important decisions, buy collectibles, and more.The fact that PSG’s token has been rising since the club became a frontrunner to become Messi’s next home is a sign that its fans are looking forward to Messi’s arrival. The club’s fans had gathered at the Le Bourget airport on August 8, expecting Messi to arrive in Paris. The footballer is expected to land in the city today.The Argentine, who is often considered to be the best footballer in the world, is also a free agent right now, meaning PSG could escape the huge transfer fees attached to such players. Since clubs signing big players also has an impact on betting odds, their fan tokens could also help fantasy sports players and those who bet on football make more informed decisions.PSG has a history of signing big players like Messi during the later stages of their careers too. Swedish footballer Zlatan Ibrahimovic and Brazilian legend Ronaldinho also played for the club before retiring.However, it’s also possible that this is Barcelona’s last-ditch effort to call the Spanish league, La Liga’s bluff. The loss of Messi may assuage Barcelona’s massive debt but it could also worsen La Liga’s already dwindling revenues. For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

Paris Saint-Germain Fan Token (PSG) Soars Following Potential Lionel Messi Signing

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The Paris Saint-Germain Fan Token (PSG) has seen a significant price surge following news that ex-Barcelona player Lionel Messi will be joining the French outfit.

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