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By Shubhangi Mathur, 4:06 PM ET
Argentinefootballer Lionel Messi will receive part of his signing-on fee from Paris StGermain as the French club’s cryptocurrency fan tokens.
Messi leftSpanish-club Barcelona and joined Qatari-owned Paris St Germain (PSG) signinga two-year contract on Tuesday with an option of extending it for the thirdyear.
PSG on Thursdaysaid the fan tokens are part of his “welcome package” which is estimated to bearound 25-30 million euros, or $29-35 million.
Fan tokensare also a kind of cryptocurrency allowing the person to vote on decisionsrelated to the clubs. Many clubs have launched their tokens includingBarcelona, English Premier League champions Manchester City and Italy'sAC Milan.
Fan tokens, similar to other digital currencies, can betraded on exchanges. Several clubs have started using tokens as a source of newrevenue and these token have generated nearly $200 million for them in 2021.
Since the deal with Messi, PSG said that its fan tokens areexperiencing high volume of trading and is already seeing revenue from thedeal.
Tradingvolumes exceeded $1.2 billion since Messi joining the club, said PSG.
We have been able to engage with a new globalaudience, creating a significant digital revenue stream, said Marc Armstrong,PSG's chief partnerships officer, reported Reuters.
(Withinputs from Reuters)
PictureCredits: Reuters