Spain-based major football club Barcelona – Barca for short – has forged an alliance with fintech firm Chiliz, to establish a blockchain-powered token for its sporting empire.
Specifically, Chiliz will be in charge of issuing Barca Fan Tokens (BAR), which will be available on the social mobile app Socios.
“We are really proud to launch the Barca token on the Chiliz blockchain platform. This is the ultimate goal and the best confirmation of our long term vision about fan engagement and monetization.” hiliz and Socios CEO and founder Alexandre Dreyfus remarked regarding the development.
A few months prior, Chiliz has initiated its Socios project, which has witnessed a number of 100,000 clients participating in the beta testing phase. Dreyfus has later confirmed that the platform has completed its beta testing.
FC Barcelona – ranked 4th in the global list of sports teams with the highest value – is one of a few names where new approaches to boost customer engagement are crucial.
Other major clubs in the football world, such as Juventus and Paris Saint-German, also issued their own tokens, together with Barca’s, will all be capped against the native token developed by Chiliz.
“Our model is to issue BAR/CHZ, PSG/CHZ, JUV/CHZ, etc. on our platforms. Each team issues their own fan token, with a limited amount of supply based on the potential over five years. Barca has 40 million tokens for example.”