FC Barcelona Looking to Launch its own Cryptocurrency.!!
FC Barcelona is willing to launch its cryptocurrency as the club fan tokens market cap drops. Previously, the club has declined the offers to partner with other crypto companies like Polkadot and Binance because they want to create their metaverse and cryptocurrency.
According to ESPN, The president of the club Joan Laporta revealed their plan to develop a new cryptocurrency to boost club finances.
“We want to make our own cryptocurrency, and we have to do it ourselves,” stated Laporta. “We’re unique in that we rely on the revenue generated by the sports business to make ends meet.”
Several football clubs such as Juventus, Paris-Saint Germain, Lazio, Galatasary, Manchester City, and more have launched their fan tokens. Even Barcelona already has a token, BAR with a market cap of $29 million, making it the third most valued fan token.
However, the total market cap for fan tokens has decreased since last year and currently stands at $354 million. This is about a 15% drop from the $417 million market cap at the end of last year.
Also, most fan tokens don’t have any special perks attached to them, making them unattractive for core fans.
It's unknown what Barcelona's crypto will be used for at this time, whether it'll be a fan token similar to those supplied by Socios or a way to pay for tickets and stuff. Let's see how things roll out in the future.
Until next time.....
Written By- Shriyansh jain