The famous Spanish soccer club, FC Barcelona, has collaborated with Fintech platform Chiliz to develop a blockchain-based token for the franchise. As a part of the association with FC Barcelona, Chiliz built BAR (Barca Fan Tokens) for use on its social application called Socios.

“We are really proud to launch the Barca token on the Chiliz blockchain platform,” Socios CEO and Chiliz and founder Alexandre Dreyfus said, pointing to Chiliz’s Ethereum-based blockchain. “This is the ultimate goal and the best confirmation of our long term vision about fan engagement and monetization.”

Many months ago, Chiliz started working on Socios, observing 100K users during beta testing, in an email, Dreyfus said to Cointelegraph verifying that the platform is no longer in the beta form.

Teams Adopting Blockchain

FC Barcelona is the fourth most worthy sports team in the world, as ranked by Forbes.

Being a prominent team, there is a need to reshape new customer techniques. The press release detailed, after getting the token as a reward for participation in Socios, supporters and interested individuals can spend the asset on events and goods.

As reported earlier, Paris Saint-Germain (PSG), a French soccer organization, and Juventus soccer club also have their own tokens. The price of these assets will be against CHZ (Chiliz native token).

“Our model is to issue, JUV/CHZ, PSG/CHZ, BAR/CHZ, etc. on our platforms,” Dreyfus said, adding:

“Each team issues their own fan token, with a limited amount of supply based on the potential over five years. Barca has 40 million tokens for example.”

BAR Tokens Design for Platform

Dreyfus explained that FC Barcelona’s BAR token is like JUV and PSG. Tokens are based on Chiliz’s Proof of Authority as ERC-20 tokens, with the corporations working as chain validators.

However, unlike other digital assets, users cannot send these assets to exchanges and their wallets.

“Currently, on Chiliz.net and Socios.com, Barca tokens will only be available, our exclusive crypto exchange for sports and entertainment tokens to be launched in Q1,” Dreyfus said. “Over time, we will open a bit more to strategic partners who want to grow the ecosystem,” he added. “We aim to approve the model toward supporters and customers.”

Socios intends to launch “casual trading” at some point close to the finish of the first quarter or the start of the second quarter this year, Dreyfus explained, pointing that Chiliz.net will be a cryptocurrency exchange for entertainment and sports tokens, including the tokens declared earlier this year.