One of the biggest sports brands in the world strikes a deal to dive deeper into crypto.
FC Barcelona, one of the biggest football clubs in the world, is sale social token platform Socios.com a 24.5% stake in Barca Studios for $100 million.
“Barça Studios leads the club’s creation of NFT [non-fungible tokens] and metaverse projects and leading FC Barcelona’s digital strategy to deliver projects that engage, reward and connect with its global fan base. The new partnership will strengthen the Club’s ability to deliver meaningful digital products to fans and create new, long-term, sustainable revenue streams.
Socios.com started its business relationship with Barcelona in 2020 with the creation of the FC Barcelona Fan Token (BAR), which has so far sold more than $39 million worth of tokens, according to the announcement.
Barcelona currently find themselves over $1 billion in debt despite a busy off-season which has seen them add several expensive superstars.
Club fans had been expecting FC Barcelona president Joan Laporta to make such a deal for months in order to conform with La Liga’s complicated Financial Fair Play system.
Socios.com now partners with six La Liga teams in total, including Barcelona.
Chiliz Fan Engagement Token (ZCH) provides the infrastructure for Socios.com. Chiliz is a platform for tokenizing sports and esports to encourage fan engagement. The CHZ token is the exclusive currency on the Chiliz platform.
The token is used to pay for goods and services and to transfer value. It also allows users to participate in decision-making and various activities related to clubs and sports teams such as surveys and polls.
CHZ is responding well to the news, up 14.3% over the past 24 hours.
BAR is up 17% on the day.
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