PSG’s token increases with Messi’s arrival at the French club

The former Barcelona player also recently unveiled a collectible non-fungible token (NFT)

Lionel Messi received a large amount of crypto fan tokens as part of his two-year contract with Paris St Germain (PSG), reported the Reuters.

PSG also confirmed that the 34-year-old player received the tokens as part of a “welcome pack” on your website, noting:

“On a world premiere with such a high profile signing, Leo Messi received a huge number of ‘$PSG Fan Tokens’.”

The news follows the quick transfer of the Argentine football star to the French club, days after leaving FC Barcelona. The club’s statement also indicates that the crypto-tokens will connect Messi to millions of fans around the world.

People with fan tokens can participate in club activities, such as choosing the goal of the season or voting for the player of the year. But because tokens have functional similarities to other cryptocurrencies, they attract more and more investors interested in capitalizing on their price movements.

For example, one investor noted that on Aug. 9, as developments continued to tie Messi to the move to PSG, the club’s fan token price jumped 25% to over $50 per token.

According to data from CoinGecko, the token has risen more than 81% in the last seven days. Most of the upside came just before the deal was officially announced, with the PSG/USD reaching a 7-day high of $58.04, just before its historic high of $58.79 recorded on April 27, 2021.

At time of writing, the Paris Saint-Germain token has fallen about 3% in the past 24 hours to trade around $41.07. Although the current price is about 30% below its April peak, it is currently trading more than 1,050% from its lowest point of $3.57 on July 1, 2020.

The token, ranked 333rd, saw over $317 million in daily volume, with the market capitalization rising to $118 million, as seen on CoinGecko.