Blockchain-based sports fan engagement platform Socios.com, owned by crypto firm Chiliz, has inked a multi-million dollar deal with FC Barcelona.
The deal sees Socios.com invest $102 million (or €100 million) into Barça Studios, the club’s audiovisual productions, and a digital business arm. Such an amount now means that Socios.com owns nearly a quarter of Barça Studios.
As per Socios.com’s announcement of the endeavour, the funds will be used to enhance the club’s NFT and metaverse projects and improve its approach to engaging with fans and building a digital community through the use of blockchain-based assets.
Similarly, FC Barcelona’s announcement of the deal stated that the funds would be used to accelerate the club’s audiovisual, blockchain, NFT, and Web3 strategy.
Through these areas of improvement, the partnership also hopes to increase the utility of BAR, the token in which Socios.com and the club created back in February 2020.
