Lionel Messi has signed up to promote Socios.com, a cryptocurrency company that specialises in fan tokens. The Argentine has penned a mouthwatering £15million deal, joining the likes of Tom Brady and LeBron James in venturing into the virtual currency world.
He becomes the latest athlete to enter the world of crypto, which has grown massively over the past few years. And the crossing of sports has proved fruitful for Socios.com.
Alongside Messi, the company has sports stars from football, NFL and NBA - making its presence in the United States huge. Socios.com specialises in digital fan tokens and further bolsters the relationship between crypto firms and sports, which has proved controversial as well as expensive.
In a news release, Socios revealed that Messi will be added as an ambassador to the brand and will be involved in promotion campaigns and publicity acts in the build-up to the Qatar World Cup in the winter. The seven-time Ballon d'Or winner knows all about the form of currency after crypto was used in the deal that took him to Paris Saint-Germain in the summer.
The deal that was signed by Messi and Socios does not include any crypto payments, though, and ties him to the company for three years. This is just the latest venture from the app, that has spread throughout football across the globe.
As well as now having Messi onboard, the likes of Manchester City, Juventus, Barcelona, Atletico Madrid, AC Milan and Arsenal have all been involved in some manner. Over 130 sport organisations have signed deals with Socios.
They deal with fan tokens bought specifcally from their company using "Chiliz" that can be traded on their app. It allows holders to vote on small matters concerning whatever club that has been signed up to.
In a statement, Messi said upon signing the £15m deal: "Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love.
“Socios.com exists to enhance the fan experience, to enable fans to ‘be more’. I’m proud to join Socios.com’s mission to create a more connected and rewarding future for fans around the world.”
Football clubs have been keen to get onboard the crypto train as a new method of revenue and players have also increasingly become interested. However, it has draw criticism for several reasons - including the fact it appears to be nothing more than a superficial way of garnering more cash from already hard-spending fans.
The lack of regulation, which has been illuminated as an advantage, also means that the assets in question can fluctuate wildly in value and could end up being worthless. There is also the worry that fan tokens can only be used for one purpose.
