Football star Lionel Messi’s signing fee in recent major names endorsing new digital assets, at Paris St.Germain includes a number of cryptocurrency fan tokens.
The Argentine, age 34, departed the Spanish side of Barcelona and signed a two-year deal with Qatar-owned Paris St. Germain (PSG) on Tuesday.
Fan tokens are a cryptocurrency that enables holders to vote on mainly minor decisions of their teams. This year, the English Premier League Champions, Manchester City, and AC Milan are among the launching clubs. The old Barcelona club of Messi launched one last year.
Furthermore, clubs increasingly see the tokens as a new revenue source. While Socios.com provides tokens for PSG and other elite clubs. Moreover, in 2021 over EUR 200 million were produced for its partner clubs, and PSG already saw the revenues from the Messi arrangement.
Fan tokens may be exchanged on exchanges like Bitcoin and other digital currencies. They also tend to extreme price fluctuations and other cryptocurrencies, prompting several authorities to issue cautions to investors regarding digital assets.
Messi Effect All Over
However, many prominent people in industry and entertainment have supported backing crypto assets, like Tesla’s CEO Elon Musk, Twitter’s founder Jack Dorsey, and musician Jay-Z who showed bitcoin support. PSG stated the trading volume in its fan tokens was high after news of Messi joining the club.
Accordingly, in the days leading up to the arrival of the six-time winner of the world’s greatest soccer player prize. PSG added that the trading volumes were above $1.2 billion.
Moreover, in only five days, speculation of Messi’s arrival. PSG’s token, which has a market value of about 52 million dollars. Increased over 130% to over 60 dollars on Tuesday. It was last down 10 percent at about 40 dollars, according to the CoinMarketCap website.
