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FC Barcelona’s BAR Token Sale Reaches $1.3M Cap in Less than 2 Hours

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Earlier this week, the FC Barcelona soccer giants rolled out a new token sale that ended in less than 120 minutes. During the FC Barcelona’s BAR token sale, 600 000 tokens were sold at $2.26 each. Fans of the premier football club have acquired more than $1.3 million in tokens designed to give fans a voice in club management.

Fans of FC Barcelona were able to purchase tokens, dubbed Barca Fan Tokens, or $BAR, through the voting platform of the “Socios” club, or Chilliz. Chilliz refers to a token firm that deals explicitly with sports-related tokens. In part, the soccer club is run by a team of supporters who pay for it.

FC Barcelona’s BAR Token value skyrocketing

FC Barcelona’s BAR token price value surged within two days of the sale. During the launch, the tokens traded only €2 (~$2.26) apiece. However, the value had surged to around €5.7 ($6.40) before Wednesday. In addition, for the first 24 hours after the sale of the bar token by FC Barcelona, the total trading volume was only under $2.5 million. According to data shared by Chilliz, the value of the token is still 164 percent higher.

 

FC Barcelona's BAR Token Sale

European football giants have a strong global foothold of more than 300 million supporters around the world. This makes Barcelona one of the world’s most famous football clubs. The popularity of the football club is boosted by the exciting football brand; alongside having one of the best football players on the planet, Leonel Messi, in their ranks.

FC Barcelona to become the first billion-dollar football club

Messi’s rivalry with former Manchester United star Cristiano Ronaldo, who is the best player, is a highly debated topic worldwide. The two are the greatest players of all time, which triggers massive following of the players and their respective football clubs.

Furthermore, FC Barcelona is one of the most valuable football clubs globally alongside European heavyweights Real Madrid and Manchester United. According to a CNBC report, FC Barcelona is making good progress to become the first billion-dollar club after topping the Deloitte money league.

 

FC Barcelona Go The Crypto Route as Camp Nou Welcomes Chiliz

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Sports teams have always held massive influence over the masses and that feature has been utilized to the hilt over the years. As technology has improved, these teams have taken up the responsibility to bring the fans closer to them than ever.

FC Barcelona is the latest super team to bring about changes within its fanbase system with its partnership with Socios. The team with Messi as its main man will be wearing the symbol of Chilliz [CHZ] on the back of their shirts. 

Barcelona claimed that the partnership will elevate the relationship that supporters have with the club. The club functions with the motto ‘Mes Que Un Club’ and claimed that fans will now be able to contribute to the club’s functioning.

The Chiliz token will purely be for fan engagement and is anticipated to be created on the market throughout the second quarter of 2020. Once fans have the tokens, they will be able to choose features such as the song to be played after a goal. FC Barcelona believes that fans across the globe will be able to participate in this event and not just those who come to Camp Nou.

Fans will be required to download the Socios application and then buy Chiliz, the company’s native cryptocurrency. According to regulations, supporters will be issued 40 million tokens at the rate of 2 euros each. Alexandre Dreyfus, the Chief Executive Officer [CEO] of Socios stated that all proceeds with the token will go to Barcelona.

The Barca token will be built on Chilliz’s Proof of Authority Ethereum-based blockchain. The organization has admitted that they themselves will act as validators for the transactions.

The Socios official added that the Barca token can also be held in cryptocurrency wallets. Dreyfus added:

“We are really proud to launch the Barca token on the Chiliz blockchain platform. This is the ultimate goal and the best confirmation of our long term vision about fan engagement and monetization.”

Chiliz token first began working on Socios several months back and had witnessed 100,000 users during its trial runs. The fans will be issued the tokens based on the potential over five years. They have also decided to price the Barca tokens on the same model as the PSG token and the Juventus token.

Chiliz will only be available on Socios. com and Chiliz.net which will be the exclusive crypto exchange for entertainment tokens. The company will also enable casual trading soon with a focus on traders.