Socios.com Invests $100M in FC Barcelona to Facilitates Web3 Ventures
- FC Barcelona and Socios.com first partnered in February 2020 to launch the club’s fan token ($BAR).
FC Barcelona has announced Socios.com as its strategic tech partner to explore the Web3, blockchain, NFT, and crypto space. Socios.com is a blockchain-built fan engagement and rewards platform. Under the terms of the partnership, socious.com will provide technical assistance for FC Barca through Chiliz (its technology provider).
Also, it would invest $100 million in the football club’s studios. Socios.com will be entitled to a 24.5 percent stake in FC Barcelona’s digital content creation and distribution center. Barca studios represent the football club’s interest in the design of metaverse projects and NFTs.
Socios and FC Barcelona Strengthens Partnership
Reportedly, Socios is also leading the club’s digital content strategy to create contents that build connections, reward, and engage the club’s fanbase worldwide. Socios.com will assist the club’s aspirations of launching useful digital products for its fans. Thus, helping the club achieve sustainable revenue streams for the long-term.
Barca studios will leverage Socios.com’s blockchain tech experience to build products that increase the fans’ engagement with the club regardless of location. Also, it hopes to generate additional revenue streams for the club in these locations. Fans will need the $BAR tokens to access multiple opportunities within the Socios.com app and the Chiliz-powered digital ecosystems.
Socios.com will build these ecosystems in collaboration with Barca studios. The terms of the partnership also state that the new projects must attract new partners in the blockchain and Web3 space. Thus, there can be additional features in Barca FC’s digital ecosystem but not necessarily built under the Socios. com-Barca studios partnership.
This $100 million investment extends a previous agreement between the partners. FC Barcelona and Socios.com first partnered in February 2020 to launch the club’s fan token ($BAR).
Since the launch, the club has earned over $39 million in fan token sales. Fans use this token to participate in an engage-to-earn community where they can earn various rewards. Such rewards include access to VIP tickets, playing on the Camp Nou pitch, and other merchandise and unique experiences.
Side Notes
FC Barcelona is not Socios.com’s only La Liga partner. The rewards platform has invested in Spanish football for more than three years and partners with five other La Liga clubs. It also offers fan engagement projects for these different clubs. Globally, Socios.com delivers fan engagement projects for over 160 sports teams which include 13 NFL teams and 20 NBA teams.
A significant side benefit of this partnership is that Barca can leverage Chiliz’s tech expertise. Chiliz is the top blockchain provider for the majority of those in the entertainment and sports industry. It is also the technology that powers Socios.com’s infrastructure. Also, this partnership enables Barca studios to gain exposure to Chiliz’s layer-1 blockchain, CC2 (Chiliz chain 2.0).
CC2 is strictly for those in the entertainment and sports industry. Brands can use CC2 to create loyalty, events and merchandising programs, mint NFTs or fan tokens. They can also use it to build DeFi products. Thus, they can unlock the full benefits of the Web3 metaverse.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
