PSG chip soars as Messi joins French club

The former Barcelona player also recently unveiled a non-fungible token (NFT) to collect.

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

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

“In a world first for such a high-profile signing, Leo Messi has received a large number of ‘$PSG Fan Tokens'”.

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

People who hold 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 the tokens have functional similarities to other crypto-currencies, they are increasingly attracting investors looking to capitalize on their price movements.

For example, one investor noted that on Aug. 9, as developments continued to link Messi to PSG, the price of the club’s fan token jumped 25 percent to more than $50 per token.

According to data from CoinGecko, the token has risen more than 81% in the past seven days. Most of the rise took place just before the official announcement of the deal, with PSG/USD hitting a 7-day high of $58.04, right next to its all-time high of $58.79 recorded on April 27, 2021.

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At the 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% off the April peak, it is currently trading over 1,050% off its all-time low of $3.57 recorded on July 1, 2020.

The 333rd-ranked crypto token has seen over $317 million in daily volume, with market cap rising to $118 million, as seen on CoinGecko.