Paris Saint-Germain (PSG) has become the first major sports club to join the Chiliz (CHZ) Blockchain as a validator. This move significantly increases the club’s role in Chiliz ecosystem governance. Following the announcement, the PSG fan token and altcoin Chiliz’s native token jumped.
Paris Saint-Germain steps into Chiliz (CHZ) Blockchain!
The introduction of PSG as a node validator marks a new era in integrating sports into Web3. It also bridges the gap between the club and its fans through Blockchain technology. As a result, PSG now has the ability to influence the protocol’s governance decisions. This democratic approach in the field of sports creates a path that other clubs should follow. Chiliz CEO Alex Dreyfus announced the development as follows:
Paris Saint-Germain begins its Web3 drive as a new Blockchain validator for Chiliz Chain.
Chiliz Chain is best known for its partnerships with sports teams. It aims to transform fan engagement through blockchain. Including clubs such as PSG as node operators fulfills Chiliz’s vision of true Web3 adoption in sports. For clubs with existing fan tokens, such as PSG, the move is a boon for their dedicated fans.
“There will be followers of this innovative step!”
Additionally, PSG has committed to use all node operation revenues for PSG fan token buybacks. This initiative, executed through smart contracts and decentralized exchanges on the Chiliz Blockchain, provides a sustainable fan engagement model. Alex Dreyfus said: “This development marks a significant milestone in the adoption of web3 by fans, clubs and leagues. “We are confident that this move will pave the way for other clubs to join us on this innovative journey.” said.
Will the PSG partnership cause a boom in the altcoin price?
The addition of well-known organizations such as Animoca Brands as Chiliz Chain validators in November 2023 highlights the growing appeal of Blockchain. Animoca’s expertise in Non-Fungible-Tokens (NFT) and gaming can significantly benefit the Chiliz SportFi ecosystem, which blends digital entertainment with sports fan engagement.
Following this news, the altcoin price made a strong move northward. CHZ jumped from $ 0.117 to $ 0.1332 during the day. The token, which later lost ground, was still trading at $0.1292 with a gain of over 8%. Meanwhile, an analyst with the pseudonym Astekz predicts a significant increase in the value of CHZ. According to analysts, a 105% increase is possible in 2024. Accordingly, analysts set a target price of $ 0.275 for the altcoin. In this context, the analyst makes the following statement:
There will be many updates coming and now they have announced a partnership with K league and updates to the token model. My goal will be achieved this year.
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