Messi receives ‘large number’ of PSB fan tokens as part of signing fee

Football superstar Lionel Messi will reportedly receive crypto fan tokens as part of his transfer package from FC Barcelona to his new club, Paris Saint-Germain. The Argentinian footballer recently left FCB, which he had been a part of for over two decades, and went on to sign a two-year deal with the French club PSG.

According to sources cited by Reuters, he has accepted PSG fan tokens as a part of the payment deal for his new financial package. It was earlier reported that Messi would receive an annual salary of around $41 million apart from an estimated $30-million signing bonus at PSG. However, since the exact remuneration amount is yet to be announced, the club has only said that he has “received a large number” of tokens.

While this news has undoubtedly provided another big-name endorsement for digital assets, fan tokens in sports have continued to gain traction in any case. The PSG fan tokens, released in 2020, are digital assets powered by Socios.com. However, it is only one of over 50 sports organizations that have launched fan tokens with the platform, including FC Barcelona, Juventus, Manchester City, Arsenal AC Milan, and others.

Fan tokens have a finite supply, and their ownership allows fans to vote in key decision-making and management processes. While their sale undeniably boosts fan engagement and the digital presence of the organization, it also greatly monetizes from these flash sales leading to revenue generation and capitalization of fan engagement.

Since the announcement of Messi’s addition to the club, $PSG tokens have notably shot up in value. The fan token, which is listed on major exchanges like Binance, was priced at around $41 at the time of writing, having gained 83% over just the past week. Additionally, its trading volume amounted to $317 million in the past 24 hours.

Earlier today, the Arsenal Supporter’s Trust conveyed in a press release their disappointment at the lack of clarity the club has provided to its fans about its upcoming fan token. Arsenal FC has also partnered with Socios.com to create their own fan tokens, and according to the statement, has failed to mention in its marketing that fact that the token would be a cryptocurrency. The release further stated,

“Cryptocurrencies are a high risk and unknown activity and there is a potential for this partnership to have an adverse impact on Arsenal’s reputation and the financial wellbeing of its supporters.”