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Socios Scores $20M Deal With Soccer Star Lionel Messi

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Crypto fan engagement platform Socios has roped in PSG star and current captain of Argentina’s football team Lionel Messi in an agreement worth more than $20 million as its global ambassador, a source close to the deal told Reuters on 29 March.

Fan tokens are a limited amount of cryptocurrency that grants holders accessibility to a variety of fan-related membership perks like voting on club decisions, rewards, merchandise designs, and unique experiences.

This isn’t the first time for the crypto fan token firm which has previously signed multi-million deals, with over 130 sports organizations including a number of top soccer clubs such as PSG, Barcelona, Juventus, and Manchester City.

Messi becomes the latest global sports celebrity to enter the crypto world after NFL quarterback Tom Brady and NBA legend LeBron James and the latest deal are reflective of a growing wave of tie-ups between crypto firms and soccer.

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Paris St Germain and Argentina forward Messi, whose move from Barcelona in August included a cryptocurrency payment, will be participating in a publicity and promotion campaign for Socios in the build-up to the Qatar World Cup, beginning in November.

Sources also revealed that the ‘ambassador’ deal for Messi does not incorporate crypto payments and is a three-year agreement. Messi in a statement said,

“Fans deserve to be recognized for their support. They deserve opportunities to influence the teams they love. Socios.com exists to enhance the fan experience, to enable fans to ‘be more.”

While supporters say Socios increases fan engagement and gives them more stake in minor club decisions. Detractors say it monetizes loyalty to a dangerous level.

Socios’ Controversial Past

Socios came under the scanner when its CEO Alexandre Dreyfus reportedly failed to pay staff and advisors in crypto to maintain the price of its token Chiliz. Following that accusation, Premier League clubs were reviewing their multi-million-pound relationship with fans’ token firms after an investigation raised serious questions about its business practices.

Nevertheless, fan tokens are increasingly seen as a source of new revenue by clubs but have been criticized by some groups who feel their introduction as superficial participation that adds to the already growing costs of following their teams.

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.