Thursday, May 19, 2022

Lionel Messi signs $20 million deal with Socios.com fan token

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Lionel Messi has signed a $20 million deal with Socios to become the fan token site’s global brand ambassador, according to a report by Reuters† Messi, who plays for the Paris-Saint Germain football club and captains the Argentina national team, will promote the exchange over the next three years.

A source close to the situation told Reuters that the transaction will not include cryptocurrency. When Messi moved from Barcelona to the Paris-Saint German club last August, ESPN says: he received a “large number” of Socios fantokens as part of his entry fee.

Fantokens are a type of cryptocurrency that usually represents different sports teams, allowing fans to have input into small decisions within their teams’ communities, such as squad numbers and celebration songs. Socios organizes fan tokens for a number of different teams in football, soccer, hockey, basketball and more.

“Fans deserve recognition for their support,” Messi said in a statement. “I am proud to participate in Socios.com’s mission to create a more connected and rewarding future for fans around the world.”

More athletes and sports teams are crossing the field in crypto, with some football players, like Odell Beckham Jr. and Aaron Rodgers, taking part or all of their salary in crypto. The NFL has also approved teams looking to promote blockchain companies (as long as they don’t promote specific cryptocurrencies).

However, the intersection of sports and crypto has not come without controversy. In December, the UK banned two ads promoting the Arsenal FC fantoken as it failed to properly portray the risks associated with buying the cryptocurrency. Earlier this month, a report was published by Off the field accused Socios of failing to make promised cryptocurrency payments to advisors and consultants on time. It published messages it said were sent by Alexandre Dreyfus, CEO of Socios, about not giving “free money” to protect the investors who bought chiliZ, the cryptocurrency it also owns. Dreyfus refutes this claimsaying that “Like other currencies and cryptocurrencies, any change in the price of CHZ is primarily driven by prevailing market conditions. With such a significant market cap of CHZ, any compensation structure for eligible employees has a negligible impact on its price. “

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