Socios.com Invests $100m in Barça Studios to Drive Web 3 Efforts

UTC by Babafemi Adebajo · 3 min read
Socios.com Invests $100m in Barça Studios to Drive Web 3 Efforts
Photo: Unsplash

Barça Studios can expect to benefit from Socios.com’s blockchain experience and global audience to deliver utility, reach more fans, and create additional revenue streams.

Blockchain-based fan engagement platform, Socios.com has acquired a 24.5% stake in Barça Studios. The firm will invest $100m into Barça Studios through its technological partner – Chiliz.

Barça Studios handles the club’s digital strategy and Web 3 projects aimed at improving global fan engagement. Consequently, the partnership will help design better fan-focused products and increase revenue for the La Liga giants.

What makes the partnership interesting is that Barcelona previously rejected an $80 million deal from an unnamed crypto exchange. According to the reports, Barcelona described the industry as unethical. However, the La Liga giants have welcomed Socios.com with open arms.

Recall that Socios.com first partnered with FC Barcelona in February 2020 launching the Barca fan token, BAR. The BAR token provides exclusive access to fan VIP tickets, merchandise, and other opportunities. Since then, fans have purchased over ($40.07 million) worth of BAR tokens from Socios.com.

According to FC Barcelona, the sale was in line with agreements made at the General Assembly meeting held in October 2021.

How the Partnership Will Drive Web 3 Efforts

Barça Studios can expect to benefit from Socios.com’s blockchain experience and global audience to deliver utility, reach more fans, and create additional revenue streams. Alexandre Dreyfus, CEO of Socios.com and Chiliz stated that Barça Studios can now leverage its technology, expertise, and global scale through the partnership.

Dreyfus believes this will help the Club’s Web3 content strategy and deliver sustainable revenue streams for the future. He reaffirmed the company’s focus on fan engagement saying, “We are passionate about the role that technology can play in building communities that bring fans closer to their teams.”

Dreyfus believes its blockchain tech will help Barcelona better connect with its 400 million fans globally. The firm will launch its layer 1 blockchain, CC2, in Q4 2022. Barça Studios will be able to use the blockchain to mint tokens, build DeFi products and play to earn games, among others.

Crypto Winter? Not for Socios

Since the market downturn began, several crypto companies have pulled out from sports sponsorship deals. However, Socios has continued to form new partnerships and deals. In February, it partnered with UEFA for fan tokens.

Recently, it also partnered with Benfica to introduce a fan token. It also partnered with AEG for its Soccer champions tour which ended on July 30. According to the firm, it now partners with more than 160 sports teams around the world.

Blockchain News, Cryptocurrency news, News, Technology News
Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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