Lionel Messi is the latest big-name sports star to assign his name to Socios.com, a cryptocurrency company, which also lists LeBron James and Tom Brady as sponsors of the digital token business.
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Leo Messi has signed up to promote Socios.com, a cryptocurrency company that specializes in fan tokens. The Argentine has signed a delicious £15m deal, joining the likes of Tom Brady and Lebron James to venture into the world of virtual currencies.
He becomes the latest athlete to enter the world of cryptocurrencies, which has grown tremendously in recent years. And the crossover of sports has been fruitful for Socios.com.
Alongside Messi, the company boasts sports stars from soccer, the NFL, and the NBA, making its presence in the United States huge. Socios.com specializes in digital fan tokens and further strengthens the relationship between crypto companies and sports, which has proven controversial and costly.
In a press release, Socios revealed that Messi will be added as a brand ambassador and will participate in promotional campaigns and publicity events in the build-up to the Qatar World Cup in the winter. The seven-time Ballon d'Or winner knows all about the shape of the currency after cryptocurrencies were used in the deal that landed him at Paris Saint-Germain in the summer.
However, the agreement that Messi and Socios signed does not include any crypto payment and binds him to the company for three years. This is just the latest adventure for the app, which has spread throughout the world of football.
In addition to now having Messi on board, people like manchester city, juventus, BarcelonaAtletico Madrid, AC Milan and Arsenal everyone has been involved in some way. More than 130 sports organizations have signed agreements with Socios.
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Icon Sport via Getty Images)
They deal in fan tokens specifically purchased from their company using "Chiliz" that can be traded in their app. It allows holders to vote on minor matters related to any club in which they have joined.
In a statement, Messi said on signing the £15m deal: "The fans deserve to be recognized for their support. They deserve opportunities to influence the teams they love."
“Socios.com exists to improve the fan experience, to allow them to 'be more'. I am proud to join Socios.com's mission to create a more connected and rewarding future for fans around the world."
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USA TODAY Sports)
Football clubs have been eager to jump on the crypto bandwagon as a new method of income and players have also become increasingly interested. However, it has drawn criticism for a number of reasons, including the fact that it appears to be nothing more than a superficial way to get more money from already big-spending fans.
The lack of regulation, which has been highlighted as an advantage, also means that the assets in question can fluctuate wildly in value and could end up worthless. There is also a concern that fan tokens can only be used for one purpose.
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