Footballer Lionel Messi To Be Partly Paid In Crypto By PSG
In a move that reinforces the position of digital currency in sport, footballer Lionel Messi’s transfer to Paris St Germain (PSG) will include a payment in crypto fan tokens.
It was first reported by Reuters that the welcome package to Messi’s two-year contract would include tokens. Although the value of the deal remains undisclosed to the public, PSG said Messi will receive a “large number”.
The tokens are being provided by Socios.com and can be traded on exchanges. Over the last year, Socios.com has set several other clubs up with crypto assets, and fan tokens have soared in popularity during this period. The fan token market now has an overall value of $516.6 million. In the same month of 2020, its value stood at approximately $56.4 million.
As reports of Messi’s move to PSG emerged, there was a high volume of trading of its fan tokens. Over just five days, PSG’s token soared over 130% amid speculation over the club’s deal with Messi. However, the value of tokens is volatile, with the market’s total value dropping by over half in June before making a recovery in more recent weeks.