Football Star Lionel Messi signs $20M deal with Socios

One year after signing a deal with Soccer power PSG to produce fan tokens, crypto sports company Sorios, has now inked a multi-year $20M deal with superstar Lionel Messi.

European football teams have played a major factor in the early success of Socios, with many teams including Italian side Juventus, and last season’s English Premier League Champion Manchester City signing their own deals as well.

Lionel Messi is the latest in a long line of professional athletes to join the crypto frenzy, adding his name to the mix of athletes such as Steph Curry, Tom Brady, and Odell Beckham Jr, who all announced their deals in the past year.

Messi shocked the football world last summer when he moved from Barcelona to PSG after 17 seasons. His new deal with PSG included a partial crypto payment in PSG fan tokens which Socios created for the club.

PSG is among over 100 teams globally who have signed deals with Socios. Many view fan tokens as a potential push to engage fans in the soccer experience that would never have been possible before. But there have also been some concerns based on the tokens viability. Critics have argued that fan interaction will be subpar, and will not offset the costs of producing the tokens. 

English Premier League Side Arsenal was banned last December from producing a fan token after British regulatory officials agreed that it was a violation of advertising regulations. UK regulators said in a statement, “ The team was taking advantage of the consumer’s inexperience in cryptocurrencies”.

And also earlier this month, Socios was accused of price manipulation, with reports stating that the CEO, Alexandre Dreyfus, had withheld their platform’s token payments to employees to keep the price stable.

The potential is growing in this sector, but tokens must be used in a common-sense manner, and more importantly, one that makes the fans feel valued.