Football is much more than merely a goal-scoring sport. It brings the world together in a place where only love for the sport prevails and the goosebumps feel as much as the heartbeats. It's no surprise that it's the world’s most popular sport. If you are a Crypto enthusiast, imagine Football and Cryptocurrency coming together. Feel the adrenaline rush?

One such fan-based token that has recently been making the news is the Paris Saint-Germain Fan Token, also known as the PSG token. The very Paris Saint-Germain club was founded in 1970. The club that won back-to-back French Cups in 1982 and 1983. The team has also won eight Ligue 1 titles, including four in a row from 2012 to 2015 and two in 2017 and 2018. As well as a French Cup triumph in 2015 and League Cup victories in 2014 and 2015. It yet again created a buzz with its recent highlight of the pro-footballer and the six-time Ballon d'Or winner Lionel Messi joining Paris Saint-Germain!

PSG's fan token was launched last year, and ever since the announcement, it has exploded in the Cryptocurrency and Blockchain industry. Wherein the token's price skyrocketed to $44 (from around $29 at launch). For instance, in the past 24 hours (at the time of writing), the token nearly reached an all-time high of $56.04 by surging to $55.31, outpacing some of the market's top Cryptocurrencies.

Furthermore, PSG recorded a significant volume of token trading just days before Messi officially signed with the club. According to Reuters, the news agency, new sales yielded over 30 million euros. As a result, the token's value has increased by over 130% in only five days following the reports that Messi might join the Parisian club.

With so much hype and craze surrounding the PSG fan token. It is only crucial to understand everything there is to know about this exploding Cryptocurrency.

Paris Saint-Germain Fan Token (PSG)

PSG is a utility token that allows fans of the Paris Saint-Germain Football Club a tokenized share of influence over club decisions via the Socios application and services. A fan token can be used to shop, cast votes on important club decisions, and participate in other activities. Like Bitcoin and other digital currencies, they are traded on Crypto exchanges. They also have a penchant for dramatic price volatility with other Cryptocurrencies.

In 2018, Paris Saint-Germain defied the odds by becoming the first sports franchise to enter the Blockchain space by partnering with Socios.com. Socios is a Chiliz-powered blockchain-based fan engagement and rewards platform for sports and entertainment businesses. The application enables fans to engage and innovatively interact with the club. The app is available on Android and iOS.

Also Read, The United Partnership Of The Sports Industry With Cryptocurrency

Tokenomics of PSG

PSG is an Ethereum-based Proof-of-Authority sidechain. It is a utility token on the Chiliz Chain that functions as a membership key, allowing users to compete for exclusive rewards, club recognition, and other benefits.

PSG token is primarily used for:

• Governance: PSG holders can participate in several binding and non-binding "fan decision" polls issued by Paris Saint-Germain by voting through the smart contract.
• Staking: PSG can be staked in the future to obtain Non-Fungible Token (NFT) rewards.
• Rewards: Engagements on Socios offer PSG holders rewards. The reward includes exceptional fan experiences, matchday tickets, in-app CHZ benefits, cashback offers from official online stores, club-specific NFTs, and digital badges.

PSG has a total token supply of 20,000,000, with 1,288,396 initially distributed to club fans in a Fan Token Offering. The remaining tokens are owned by Paris Saint-Germain and can be obtained by engaging in community activities, direct exchange purchases, etc. In addition, due to future operating intentions, the overall token supply of PSG can be reduced because of the token burns.

Also Read, 6 Things You Should Know Before Investing In NFTs

The following are some of the potential uses for the PSG token in the future:

• PSG can be used to purchase VIP products and services.
• Adding PSG access to partnered applications and websites.
• PSG can be staked for NFT rewards.
• Authentic Collectibles (aesthetic assets that are scarce).
• Utility that is gamified (NFTs for games based on the blockchain).
• Utility in the Real World (NFTs with real-world ownership of items, matchday tickets, VIP access to stadiums, and so on).

Top Crypto Exchanges for trading Paris Saint-Germain Fan Tokens are:

1. Binance
2. Gate.io
3. Upbit
4. HitBTC
5. ZT

Paris Saint-Germain, Chiliz, and Socios continue to promote and integrate PSG tokens into the club's digital marketing, worldwide fan interaction, and e-commerce initiatives. They have been collaborating to maximise this new and unique means of connecting the club with its fans, which seemingly can create a buzz in the Cryptocurrency market.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.