Socios.com backs FC Barcelona’s Web3 vision with US$100 million fund

Spanish football giant FC Barcelona has announced a partnership with sports-focused blockchain platform Socios.com. According to the agreement terms, Socios.com will provide a US$ 100 million fund to Barca Studios while it gets a 24.5% stake in the division.

Barca Studios is the digital content creation arm responsible for FC Barcelona’s Web3-related strategies. It also handles FC Barca’s metaverse ventures and is involved in creating projects to connect with fans and improve fan engagement.

FC Barca said the new capital will help 'accelerate the club’s audiovisual, blockchain, NFT and Web3 strategy.' The club plans to use the funding to develop new Web3-based products, which would also serve as long-term sustainable revenue streams.

This partnership will also allow Barca Studios to take advantage of Socios.com’s experience in blockchain technology to reach more fans and offer utility to the entire fanbase. Reportedly, the $BAR Fan Token will play a pivotal role in that aspect.

Socios.com and FC Barcelona have been partners since February 2020, when the platform agreed to create and launch the $BAR Fan Token for the club. The tokens allow fans to participate in FC Barca’s community and redeem rewards, including VIP tickets and merchandise, among other unique experiences.

Following the club’s new agreement with Socios.com, Barca Studios now has access to the company’s blockchain, Chilliz Chain, which will allow developers to issue NFTs and fan tokens, build DeFi products, and play-to-earn games.

FC Barca is one of several European football clubs in partnership with Socios.com. Clubs like Manchester City, Paris Saint-Germain, Juventus, and Benfica have also launched their respective fan tokens via the platform.

Photo: Socios.com