Messi signs a deal to promote crypto fan token firm Socios for $20 million

Messi signs a deal to promote crypto fan token firm Socios for $20 million. 

On Tuesday, a person close to the deal told Reuters that Lionel Messi had inked a deal worth more than $20 million to promote digital fan token business Socios.com.

Following NFL quarterback Tom Brady and NBA star LeBron James, Messi is the latest global sports figure to enter the crypto realm. 

The arrangement is part of a growing wave of collaborations between crypto enterprises and soccer.

Socios said in a press release that Argentina forwards Lionel Messi, whose August transfer from Barcelona included a cryptocurrency payment, will be involved in a PR and advertising campaign for Socios in the run-up to the Qatar World Cup, which begins in November.

According to the source, Messi’s ‘ambassador’ pact does not include crypto payments and is a three-year deal.

Over 130 sporting organizations, including PSG, Barcelona, Juventus, and Manchester City, have signed arrangements with Socios, including creating tokens.

Fan tokens are a sort of cryptocurrency that allows holders to vote on various minor club decisions.

“Fans are entitled to be thanked for their support. Furthermore, they are entitled to have a say in the clubs they support, “In a statement, Messi remarked.

“The goal of Socios.com is to improve the fan experience by allowing fans to ‘be more.'” I’m thrilled to be a part of Socios.com’s objective to connect and reward fans worldwide.”

Clubs increasingly consider the tokens as a source of new cash. Still, they have been criticized by certain supporters groups, who see them as a gimmick that adds to the already rising costs of supporting their teams.

Last year, Brady became an ambassador for crypto exchange platform FTX Trading Ltd after taking an undisclosed equity position in the company.

James announced a multi-year relationship with Crypto.com in January. This company recently struck a sponsorship agreement with FIFA, the world soccer regulatory body.