Lionel Messi Signs A Multi-Year, $20 Million Deal With Socios

International sports star Lionel Messi has inked a multi-year, $20 million deal with fan token platform Socios, less than a year after signing a new club deal with PSG that included club fan tokens.

After North American sports players like Steph Curry, Tom Brady, and Odell Beckham Jr. announced their new deals over the last year, it’s the latest in athlete participation in crypto to generate huge news.

Socios Back For More

Messi made a splash last August shifting from long-time club Barcelona to Paris Saint-Germain. That deal included a partial cryptocurrency token payment in PSG fan tokens, which Socios created in collaboration with the club. European football clubs have been a major focal point in Socios early growth, with other teams such as Juventus and Manchester City – among others – joining in. It’s been a competitive space, but one that Socios has taken a relatively dominant position in.Messi will serve as an ambassador for Socios as part of the three-year, $20M deal, but the deal reportedly does not include cryptocurrency payments.

Fan Tokens’ Future

PSG sits alongside over 100 global clubs that have signed deals with Socios since their inception, and while many view fan tokens at large as a potential new lever to pull to engage fans in a way like never before – there have been some concerns raised regarding fan token viability as well. Critics argue that the potential level of fan engagement is superficial and not worth the spend, and simply adds on to the cost of fandom.

Arsenal was barred from promoting their fan token in December of last year after British regulatory organizations determined that it was in violation of advertising standards. The team was “taking advantage of consumers’ inexperience with cryptocurrencies,” according to the country’s officials.

Socios, in particular, has faced its fair share of difficulties. The company was accused of price manipulation earlier this month, with tiny reports claiming that the CEO withheld the platform’s CHZ token payments to employees in order to maintain the price consistent.

There is undeniable potential in the space, but properly employing fan tokens in a way that makes sense and delivers value for fans will be a significant challenge to overcome.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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