Due to it’s emerging popularity in recent years, Cryptocurrency has become the norm; with the number of active wallet users set to be between 2.9 million and 5.8 million. Football clubs are also said to be benefitting from Cryptocurrency.
World famous footballer, Lionel Messi, took most of the headlines in the sporting world, as he completed his transfer from FC Barcelona to Paris St Germain (PSG) in August 2021; on a two-year contract.
According to Reuters, part of Messi’s signing on fee at Paris St Germain, includes some of the clubs cryptocurrency fan tokens. These tokens are a type of cryptocurrency that allow holders to vote on mainly minor decisions that relate to their clubs. PSG said that the tokens were included in Messi’s “welcome package” which is estimated to be around 25-30 million euros, according to media reports.
PSG are not the only club to launch fan tokens. FC Barcelona launched theirs in 2020, along with Premier League side, Manchester City, and Italian club AC Milan.
PSG have confirmed that part of Messi's "welcome package" was paid in cryptocurrency fan tokens ???? pic.twitter.com/5XvKdv0nci— ESPN FC (@ESPNFC) August 12, 2021
Football clubs see fan tokens as a source of revenue; and www.socios.com, who are partners with the respective clubs, have generated nearly $200 million; with Messi already seeing revenue from Lionel Messi’s deal.
Fan tokens are similar to other digital currencies such as Bitcoin, and can be traded on exchanges. Despite warnings from regulators to investors about digital assets, it continues to be backed by high-profile businesses and entertainment figures.
As PSG become the first club to conduct transfer activity with the inclusion of Cryptocurrency, could we see other clubs follow suit? Will Cryptocurrency have a bigger part to play in football?