Lionel Messi’s joining Paris Saint Germain has helped the football club to boost its fan token sales by a great amount.
Sports fan tokens have been a massive rage among investors and football club Paris Saint Germain is making the most of it. Fan tokens representing the soccer stars of the French club have turned quite popular. Per the BeInCrypto team’s research, Paris Saint Germain (PSG) token recorded a total sales volume of a staggering $15.36 billion as of June 14. This is also a major boost to the sales of the global fan tokens. Earlier this year in March, Paris Saint Germain recorded fan token sales of $3.51 billion. However, the numbers took a bit of dip during May when sales touched $2.87 billion.
The latest milestone has put Paris Saint Germain ahead of other football fan clubs such as Juventus, Atletico Madrid, Manchester City, AC Milan, FC Barcelona, ASRoma, Inter Milan, Valencia CF, Galatasaray, and Arsenal.
PSG launched its fan token in partnership with Socios back in February 2020. Back then, Marc Armstrong, Chief Partnership Officer of PSG, commented:
“Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the club’s overall business strategy and the way we engage with our fan base.”
The Reason Behind PSG’s Roaring Success
One of the overwhelming factors behind the PSG fans is the transfer of soccer start Lionel Messi from FC Barcelona to Paris Saint Germain in August 2021. Before joining PSG, Messi had been with Barcelona for a very long time.
The soccer start has moved to PSG on a two-year deal. Messi can further decide to extend his term for the third year. The football star receives a pay of $30 million per year after tax, plus bonuses. Messi’s joining PSG has brought all attention to the football club allowing it to capitalize on its fan token sale. As BeInCrypto explains:
“There was a 343% increase from March 2021’s $539.09 million to $2.39 billion in April 2021. Sales spiked in May and by the end of the fifth month of 2021, the volume was $1.74 billion. In August, token sales reached an all-time high of $4.19 billion, and this corresponded to a market capitalization in the region of $93.05 million”.
It will be interesting to see whether PSG can continue their roaring success amid this crypto market slowdown.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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