The price of $PSG, the team’s Fan Token released on blockchain platform Chiliz, saw a price increase of 110% on 10 March, reaching a price of nearly $24. The price of Barcelona’s $BAR token briefly dropped by 6% following the team’s loss but continued to consolidate with the rest of the Fan Token market.
According to Chiliz, PSG’s progression to the Champions League quarter-finals sparked a huge increase in Fan Token trading activity. Several other Fan Tokens increased in price during the same period. Trabzonspor and Juventus lead the way, increasing 82% and 79, respectively.
The total Fan Token market cap currently stands at around $360 million, having hit $390 million on 10 March after the Champions League-led trading frenzy, Chiliz said. Alexandre Dreyfus, the CEO of Chiliz and Socios.com, said this number is set to increase as the company adds more partners and increases the number of Fan Token listings on major exchanges. Earlier this month, he revealed the company will invest $50 million in an expansion to the United States to target the country’s top sports franchises.
The Fan Tokens for Paris Saint-Germain, Juventus, Atlético de Madrid ($ATM), AS Roma ($ASR), and AC Milan ($ACM) are trading on leading global exchanges, including Binance. Another 18 Fan Tokens are traded on Chiliz.net, the company’s proprietary exchange platform.
As digital assets, Fan Tokens provide users with exclusive access to voting rights, VIP rewards, AR features, superfan recognition, and promotions on Socios.com, a fan engagement and rewards platform.
“Rallies like last night create great opportunities for our Fan Token partners to generate additional revenue,” Dreyfus said in the company’s announcement.