Paris Saint-Germain have launched their very own cryptocurrency so that their 78 million followers can take part in club decisions and West Ham are reportedly set to do the same.
Twenty million virtual ‘coins’ worth 2 EUR (1.69 GBP) each have been put up for sale online and to collect in a Pokemon Go-like system that will see fans being able to pick next season’s shirts or meet their favourite players.
The news emerges 16 months after the top French club signed a deal with the Maltese company Chiliz that runs the blockchain platform called Socios.com.
Video Credit: Golders /@PSG_inside
Paris Saint-Germain (PSG) made the announcement of the launch of the cryptocurrency blockchain tokens on Twitter and accompanied their post with a video advertising the new product.
These tokens will give fans the chance to take part in voting decisions at the club. These decisions will not involve buying and selling players or the day to day management of the club, but fans will be able to decide where a friendly match is played and what next season’s shirts will look like.
For fans to take part in decisions, they will have to download the application and then they can reportedly purchase tokens or collect them in a game-like way not dissimilar to Pokemon Go, according to local media.
The more tokens someone has, the greater their voting power. There is a cap on how many token fans can own, so that the wealthiest cannot have a monopoly.
However, those who will have bought lots of tokens will benefit from exclusive perks, such as getting free match tickets, meeting their favourite players, and much more.
So far, Chiliz has set up partnerships with PSG, Atletico Madrid, Galatasaray, AS Roma, Juventus, and West Ham.
Reports state fan tokens for Juventus ($JUV), Paris Saint-Germain ($PSG), Atletico de Madrid ($ATM), A.S. Roma ($ASR), Galatasaray ($GAL) and West Ham United ($WHU) will be available on Chiliz.net to buy and sell from the end of February.
The deal between PSG and Socios.com will reportedly last five years and will earn the club 2.5 million EUR (2.11 million GBP) per year.
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