Crypto Firm Chiliz Acquires $100 Million Stake in Digital Studio of FC Barcelona
- Chiliz has purchased a 24.5 percent stake in Barca Studios, the division of the Spanish soccer powerhouse that produces digital content.
- The cryptocurrency used by the sports and fan engagement website Socios.com is called Chiliz.
- With the release of the FC Barcelona fan token (BAR) on Socios.com in February 2020, a new investment was made to expand an already-existing collaboration.
The blockchain-based fan engagement and rewards platform Socios.com has joined FC Barcelona as a proactive technology partner, advancing the club’s Web3, NFT, and blockchain approaches. These initiatives of FC Barcelona have received a $100 million investment from Chiliz, the proprietor of the blockchain-based fan rewards platform Socios.com.
It is important to note that Chiliz (CHZ) cryptocurrency increased on Monday evening in Asia by as much as 25% following the announcement of a US$100 million investment in FC Barcelona’s Barça Studios for 24.5 percent stake in the soccer club’s digital content and distribution hub.
The investment was made after Socios.com and the team started working together in February 2020 with the introduction of FC Barcelona’s “fan token,” known as BAR. Chiliz, the owner of Socios.com and a technology company, will invest $100 million in Barça Studios as part of the partnership in order to take a 24.5 percent stake in the Club’s center for the distribution and production of digital content.
In order to construct initiatives that partake, incentivize, and forge connections with its global fanbase, FC Barcelona’s digital strategy is being led by Barça Studios, which also oversees the Club’s creation of NFTs and metaverse projects.
The new partnership will improve the Club’s capacity to provide fans with valuable digital products and create fresh, long-term self-sustaining revenue sources.
The investment, according to a press release from Socios.com, will allow the team to develop better NFT and metaverse projects and improve how it interacts with fans and fosters community through the use of digital assets. Through the partnership, BAR tokens will have access to uses outside of Socios.com’s platform.
Since 2019, Socios.com has made investments in La Liga and Spanish football. As a result, it now collaborates with six La Liga teams to provide fan engagement projects to a global audience. For more than 160 sports teams around the world, Socios.com is the go-to partner for fan engagement and rewards.
According to Alexandre Dreyfus, CEO of Socios.com and Chiliz, “We are passionate about the role that technology can play in building communities that bring fans closer to their teams and each other.” Now that we have the technology, the knowledge, and the global reach, Barça Studios can benefit.
On Twitter, FC Barcelona announced the news and said it would advance the team’s “audiovisual, blockchain, NFT, and Web.3 strategy.”
Socios claimed it intended to give Barcelona’s Web3-related plans more momentum by introducing fresh goods and features for the team’s online environment.
Many well-known players have begun to improve their game in the web 3-NFT space. Reddit also recently introduced a brand-new NFT avatar market called “collectible avatars.” Users can purchase blockchain-based profile photos through this company to be used both on and off the platform.