After 21 years of playing with Barcelona, Lionel Messi made his way to Paris Saint-Germain as the newest member of its team. Arguably the most decorated football player of this generation, Messi’s departure from Barcelona was seen as a big surprise by many.
While the transfer was quite heartbreaking to witness, it also brought about one of the most interesting announcements. The former Barcelona player received an amount of his salary in cryptocurrency fan tokens. It was a landmark move, which resulted in quite the uplift for the cryptocurrency. After news of the transfer broke, the fan token’s market capitalization, within five days, was able to rise by 130%. The price also jumped to $33, showing the incredible rise in interest for the coin.
Although PSG has yet to announce the exact value that he received in fan tokens, they did say that it was a large part of his welcome bonus. Many outlets have reported that Messi’s welcome bonus has ranged between $29 and $35 million.
PSG said that there was a lot of hype surrounding their Fan token when they made Messi’s announcement. And as the price and market cap show, that is exactly the case.
But they were not the only ones to launch unique fan tokens. Italy’s AC Milan and Champions of the English Premier League Manchester City also announced their respective fan tokens. However, their tokens have not been as successful as their contemporaries. Manchester City’s tokens stand at $21.47, whereas AC Milan’s tokens were worth $8.78. While not terrible, they still have a ways to go.
Fan tokens are very similar to other cryptocurrencies, with a few key differences. For one, holders of these coins can vote on various decisions, though only minor ones, with regards to the club. It is a unique way to engage with the audience, and it can allow fans to get more invested into the team.
Another major difference between the two is their blockchain. While cryptocurrencies like Bitcoin have a unique blockchain, tokens do not. They instead rely on the existing blockchain, which helps more cryptocurrencies to enter the market. For example, Ethereum on the Ethereum blockchain is a cryptocurrency. However, any other crypto on the Ether blockchain will be a token.
Of course, both crypto and fan tokens also have a lot of similarities. Both are available on exchanges ready to trade, allowing investors to buy or exchange their fan tokens for another. Furthermore, both of them also happen to be very volatile, with drastic changes in price.
With all things considered, fan tokens are not going anywhere. Even clubs like Juventus and Liverpool have moved in to make their own fan tokens as well.