Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing

• PSG has become a frontrunner to become Lionel Messi’s new home.
• The club’s crypto token has appreciated by over 100% in less than a week.
• The rise in the token’s price shows that fans are excited about the footballer’s arrival.

Star footballer Lionel Messi may not have made up his mind about which football club he’s going to join after over two decades with Barcelona, but the alleged front runner is France's Paris Saint Germain (PSG).

Even though there is no confirmation on the cards yet, PSG fans are using cryptocurrencies to show that they're on board. The PSG fan token, also called PSG, soared by over 100% after reports of possibly signing the six-time Ballon d'Or winner made the headlines.

Barcelona's loss is PSG' gain

Barcelona’s financial mess, which is keeping Messi from staying on despite agreeing to a 50% wage cut, is PSG's gain, even if they don't sign him at the end of the day.

The club’s token started rising despite Messi confirming that no deals have been signed at the moment. “Paris Saint-Germain is a possibility, yes. At the moment nothing is confirmed, I received a lot of calls after the Barcelona statement. We’re talking about it,” the Argentine footballer said during his farewell press conference yesterday.

According to the Chiliz exchange, the PSG fan token jumped from $21.95 to $44.97 over the past four days, hitting a three-month high. And, it's continuing to rise.

The token was priced at over $50 at around 1:00 pm Indian Standard Time (IST) on August 9.

Crypto to represent fan sentiment

The rise in PSG’s fan token is an interesting case study in how cryptocurrencies and the blockchain can play a role in spots. Fan tokens are like Bitcoin or Ethereum, in the sense that they also trade on exchanges, but their purpose is to allow clubs to interact with fans and involve them in integral decisions.

Billion-dollar clubs like Manchester United, AC Milan, Messi’s current club Barcelona and more have joined the crypto bandwagon by launching their tokens. Fans could use these to vote on important decisions, buy collectibles, and more.

The fact that PSG’s token has been rising since the club became a frontrunner to become Messi’s next home is a sign that its fans are looking forward to Messi’s arrival. The club's fans had gathered at the Le Bourget airport on August 8, expecting Messi to arrive in Paris. The footballer is expected to land in the city today.

The Argentine, who is often considered to be the best footballer in the world, is also a free agent right now, meaning PSG could escape the huge transfer fees attached to such players. Since clubs signing big players also has an impact on betting odds, their fan tokens could also help fantasy sports players and those who bet on football make more informed decisions.

Don't buy a PSG jersey just yet

PSG has a history of signing big players like Messi during the later stages of their careers too. Swedish footballer Zlatan Ibrahimovic and Brazilian legend Ronaldinho also played for the club before retiring.

However, it's also possible that this is Barcelona's last-ditch effort to call the Spanish league, La Liga's bluff. The loss of Messi may assuage Barcelona's massive debt but it could also worsen La Liga's already dwindling revenues.

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

SEE ALSO:
India’s oldest crypto exchange is now allowing users to buy pizza, ice cream and coffee using Bitcoin
This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs