Paris Saint-Germain (PSG) has become the first major sports club to join the Chiliz (CHZ) chain as a validator. This move significantly enhances the club’s role in the Chiliz ecosystem governance.
Following the announcement, the PSG fan token’s value surged 8%.
Will Sports Club Partnership Act as a Catalyst For CHZ’s 105% Surge?
PSG stepping in as a node validator marks a new chapter in integrating sports into Web3. It also bridges the gap between the club and its fans through blockchain technology. Consequently, PSG can now influence the protocol’s governance decisions. This democratic approach in sports sets a path for other clubs to follow.
The Chiliz chain is known for its partnerships with top sports teams. It aims to transform fan engagement through blockchain. Involving clubs like PSG as node operators fulfills Chiliz’s vision of true Web3 adoption in sports. For clubs with existing fan tokens like PSG, this move is a boon for their dedicated fans.
Furthermore, PSG has committed to using all node operation revenues for PSG fan token buybacks. This initiative, executed via smart contracts and decentralized exchanges on the Chiliz chain, ensures a sustainable fan engagement model.
“This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. We’re confident that this move will pave the way for other clubs to join us in this innovative journey,” Alex Dreyfus, CEO of Chiliz, told BeInCrypto.
Read more: What Is Chiliz (CHZ)? How Does This Crypto Elevate Fan Engagement?
The addition of well-known entities like Animoca Brands as a Chiliz Chain validator in November 2023 highlights the chain’s growing appeal. Animoca’s expertise in non-fungible tokens (NFTs) and gaming could significantly benefit the Chiliz SportFi ecosystem, blending digital entertainment with sports fan engagement.
Amid these developments, the pseudonymous analyst Astekz on X predicts a significant uptick in CHZ’s value. They foresee a 105% increase in 2024, setting a target price of $0.275.
“Many updates are to come, and now they just announced a partnership with K league and updates to the token model. My target will be hit this year,” Astekz said.
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