Former Barcelona soccer player and current Paris Saint-Germain player Lionel Messi has signed a three-year, $20 million contract to promote the fan token platform Socios.
Messi will reportedly take part in multiple advertising and educational campaigns as a brand ambassador. He has said:
"Fans deserve recognition. They should be able to influence the teams they love."
The price of the PSG token has seen an increase of around 1.3% to $13.82 after the news broke, according to CoinMarketCap. At press time, the token is trading at $14.03 after posting a 1.44% increase.
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The Socios platform has previously teamed up with more than 130 of the world's largest sports organizations, including famous soccer clubs, the UFC mixed martial arts league and Formula 1 teams.
Socios’ fan tokens, which are based on the Ethereum blockchain, offer their owners exclusive benefits. For example, they can vote on team kit designs, select pre-match introduction music and receive additional VIP rewards and products.