Sat, June 15, 2024

FC Barcelona and Blockchain-Based Token

Football and crypto industry

FC Barcelona is a famous football club. Moreover, the fourth most valuable sports team in the world. Lionel Messi and his teammates won many titles. It is not surprising that FC Barcelona makes a lot of money. Recently, the world-famous club partnered with fintech platform Chiliz to create a blockchain-based token for the sports franchise.

Chiliz created Barca Fan Tokens (BRT) for use on its social, mobile app called Socios.

The CEO and founder of Chiliz and Socios Alexandre Dreyfus made a comment regarding this news. According to Dreyfus, they are proud to launch this project on the Chiliz blockchain platform. He referred to Chiliz’s Ethereum-based blockchain.

It is worth mentioning, several months ago, Chiliz began working on Socios. Moreover, 100,000 users tested this platform. Currently, the platform is no longer in the beta phase.

Fans, as well as interested parties, will be able to spend the asset on products and events. Fans will have the opportunity to receive BAR’s as a reward for participation in Socios.

Moreover, crypto-related projects are becoming more popular among football clubs. For example, Italian football club Juventus and French football organization Paris Saint-Germain also have their tokens.

These assets will be priced against Chiliz’ native token CHZ.

As in the case of PSG and Juventus, Barcelona’s tokens are based on Chiliz’s Proof of Authority Ethereum-based blockchain as ERC-20 tokens.

Game tokens and U.S. Internal Service

Tax reporting and cryptocurrencies

Another news connected with crypto comes from the U.S. According to the information, the Internal Revenue Service clarified its position regarding the game tokens. The IRS pulled confusing language from its definition of virtual currency.

As a result, owners do not have to worry about this topic. As a reminder, game tokens operate within “closed” digital economies. Usually, gamers are using such assets for in-game purchases. Occasionally, game developers can withdraw their tokens. However, game companies already file such transactions.

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