PSG Champions League Progression Sparks $550M Digital Fan Token Trading Frenzy | Coinspeaker

PSG Champions League Progression Sparks $550M Digital Fan Token Trading Frenzy

March 12th, 2021 at 7:59 pm UTC · 5 min read

PSG Champions League Progression Sparks $550M Digital Fan Token Trading Frenzy

French champions Paris Saint-Germain progressed to the quarter finals of the Champions League last night after a 1-1 draw at the Parc des Princes secured an aggregate 5-2 victory over last 16 rivals Barcelona.

The result triggered a $550M volume digital asset trading frenzy for several of the world’s biggest sporting organizations across major cryptocurrency exchanges – including the world’s biggest Binance – with the price of the $PSG Fan Token soaring as high as 110% to nearly $24. Meanwhile, the price of the Barcelona $BAR Fan Token – which has the largest market cap of all Fan Tokens at over $80M – briefly dipped by 6% before moving back into the green.

The increase in Fan Token trading activity, sparked by PSG’s progression to the Champions League quarter-finals, had a knock-on effect with the prices of several more Fan Tokens pumping dramatically in the same time period. Juventus $JUV (79%) and Trabzonspor (82%) were chief among the biggest gainers.

Fan Tokens are digital assets, created by fintech blockchain company Chiliz, that provide owners with access to voting rights, VIP rewards, AR features, superfan recognition and exclusive promotions on the fan engagement and rewards platform Socios.com.

The Fan Tokens for Paris Saint-Germain, Juventus, Atlético de Madrid ($ATM), AS Roma ($ASR), AC Milan ($ACM) are now trading on Binance and other leading global cryptocurrency exchanges – while a total of 18 are trading on Chiliz’s proprietary digital asset exchange platform Chiliz.net.

In the 18 months since the launch of the Socios.com app, Chiliz have partnered with 24 major sporting and esports organizations. In the coming months more and more Fan Tokens from these entities will be listed on the world’s biggest exchanges.

The cumulative effect is already starting to take shape. A new digital sports ecosystem drawing participation from the biggest sporting entities in the world, which is already averaging daily trading volumes of $50 – $100M and, as last night shows, is capable of driving much higher volumes.

The current Fan Token market cap has consolidated comfortably above $360M, having hit $390M as a result of last night’s champions league-led trading charge.

Now, with a $50M expansion into the US sports industry on the horizon, as reported in Reuters a fortnight ago, and more sports and esports entities from around the world prepared to jump aboard, this new digital asset trading class could be primed for exponential growth.

Alexandre Dreyfus, CEO of Chiliz and Socios.com, said:

“Rallies like last night’s create great opportunities for our Fan Token partners to generate additional revenue.

And, with our expansion plans for this year into major US sports and with other partners from across the globe lined up, the potential for this to evolve is very clear.

Last night, the total Fan Token market cap peaked at $390M, but, as we add more partners and increase the number of Fan Token listings on major exchanges it won’t be long before we see this evolve into a multi-billion dollar digital asset sports trading ecosystem.”

Founded in 2018 Chiliz ($CHZ) is a fintech blockchain company that provides sports & entertainment entities with tools to help them engage & monetize their global audiences.

The company has multiple office locations around the world and will open new European and US headquarters in Madrid and New York in 2021.

  • The price of the $PSG Fan Token rose by nearly 110% last night to $24 after the club secured their place in the Champions League quarter finals. The price of the Barcelona $BAR Fan Token briefly dipped by 6%, before resuming its 7-day rally.
  • Fan Tokens – digital assets created by fintech blockchain company Chiliz – have been listed on many of the world’s biggest cryptocurrency exchanges, including Binance.
  • The Fan Token market cap soared to an ATH of $390M last night and is now over $360M.
  • Chiliz recently announced a $50M US investment to target the leading franchises from NBA, NFL, MLB, NHL and MLS as part of its wider global expansion plans for 2021 and to help fulfil the company’s aim to create a ‘multi-billion dollar digital sports ecosystem’.

About Chiliz

Chiliz ($CHZ) is a fintech blockchain company that provides sports & entertainment entities with tools to help them engage & monetize their global audiences. The company’s consumer facing app Socios.com launched in late 2019. To date, 21  major sporting organisations, including FC Barcelona, Juventus, AC Milan and Paris Saint-Germain have partnered with Socios.com to launch Fan Tokens.

Leading esports organizations Team Heretics, NAVI, OG and Alliance have all launched Fan Tokens on the platform, while UFC have signed a global fan engagement agreement and fellow MMA organisation the Professional Fighters League will launch a Fan Token in the coming months. More major clubs are set to launch Fan Tokens in the near future.  All of these projects are fueled by the Chiliz token ($CHZ), a chain-agnostic digital currency which is currently available on leading crypto exchanges around the world, including Binance.

Fan Tokens generated $30M for clubs and partners in 2020, while in December of the same year Fan Tokens for Juventus and Paris Saint-Germain were listed on the world leading exchange Binance, driving trading volumes of $300M in 24 hours.  Chiliz has multiple office locations around the world, including Malta, France, Turkey and Asia. In 2021 the company will open a new Madrid based office.

Contact

Andrew Clarke – Head of PR

[email protected]

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