FC Barcelona, a football powerhouse from Spain, has joined forces with the Chiliz platform so as to create a blockchain-based token designed for over 300 million Barca fans around the world. Fans will be able to buy the BAR token as soon as in the second quarter of this year.
FC Barcelona places importance on blockchain
The Spanish football club, FC Barcelona, together with its captain, Lionel Messi, has made a decision abou issuing its own token. The token is supposed to provide voting power to over 300 million club fans from around the world. As a consequence, Barca joins a small group of sports clubs with their own tokens. The group includes, for instance, the Italian club Juventus FC, which released its token in December last year. According to the statement of the Spanish club, the new token is to be introduced to the market in the second quarter of this year.
Barca Fan Token (BAR) was created in cooperation with a startup blockchain Chiliz and is based on the Ethereum blockchain. The founder and CEO of Chiliz, Alexandre Dreyfus, said that the conclusion of the contract took 17 months because of the fact that the cooperation had to be approved by the FC Barcelona's management board.
As Dreyfus claims, it will be possible for the holders of tokens to vote for some club decisions that will be announced after the launch of the token. Moreover, fans will be able to use the token as payment for various products and events. The reason standing after it, as he explained, is the need to increase the involvement of the club's supporters.
"This agreement will give us the chance to set up innovative marketing and partnership activations with a clear focus on the digital realm to take the Club closer to our fans around the world."
- said Josep Pont, a Board Member and Head of Commercial Area at FC Barcelona.
According to the announcement, initially the BAR token, with a total supply of 40 million, will be worth 2 euros per unit. Fans will be able to buy it through two applications: Socios and Chiliz.
What is vital, though, is that there will be no possibility for the users to transfer tokens to their own wallets and exchanges, as it is in the case of other digital assets.
"At this stage, Barca tokens will be only available on Socios.com and Chiliz.net, our exclusive crypto exchange for sports and entertainment tokens to be launched in Q1. Over time, we will open a bit more to strategic partners who want to grow the ecosystem."
- said Dreyfus.
Sports clubs and tokenization
As there is more technological progress, there need for new methods of engaging customers increases, especially when it comes to clubs as big as FC Barcelona, which, according to Forbes, is the fourth most valuable sports team in the world.
The Italian football club Juventus FC and the French club Paris Saint-Germain FC also have their own tokens: JUV and PSG, created in cooperation with Chiliz and Socios as well.
Dreyfus stated that when looking ahead, Chiliz hopes to tokenize more clubs in various sports, including Cricket. The company plans to enter non-sport sectors, for example music and entertainment.
"We are very close to launching partnerships with majors telecom corporations and entertainment groups."