The host of Europe's largest football stadium Camp Nou is getting into crypto. FC Barcelona is partnering with fintech company Chiliz to build a blockchain-based token called the Barca Fan Token (BAR). BAR will be used by fans on the social app of Chiliz called Socios. Development of the Socios app started some months ago and quickly gained traction with some 100.000 users in the beta version.
CEO of Chiliz and Socios, Alexandre Dreyfus said the following regarding the partnership:
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.
Innovation is key
Being the fourth most valuable sports team in the world, it is essential for FC Barcelona to keep up with new trends and to change times. However, the club is not first when it comes to hopping on the tokenization train. Italian club Juventus and French club Paris Saint-Germain also have launched their very own token. Fans of all three teams are rewarded in tokens for being active on Socios and are able to spend those on products and events.
The tokens are priced against the native Chilizi token. For example, BAR/CHZ, JUV/CHZ and PSG/CHZ. Furthermore, the tokens are built on the Chiliz Proof of Authority, Ethereum-based blockchain, the clubs in this system act as the chain validators.