Originally published 2021-08-16.
When Lionel Messi signed for Paris Saint-Germain on 10 August 2021, part of his welcome package was reportedly paid in PSG fan tokens, a type of cryptocurrency issued through the Socios.com app. Reuters broke the story two days later. The exact number and value of the tokens were never officially published, so figures quoted at the time should be treated as estimates.
Below is what fan tokens are, what was reported about Messi's deal, how the token market behaved afterwards, and what anyone tempted to buy them should understand first.
Why Messi left Barcelona for PSG
Messi joined Barcelona's youth academy in 2000, aged 13, and played for the senior team from 2004 until 2021. His departure shocked fans. The club was in deep financial trouble and could not register a new contract for him under La Liga's spending rules, so he left as a free agent.
PSG, owned since 2011 by Qatar Sports Investments, offered a two-year contract with the option of a third. Reported wages were around half a million euros a week, though neither side confirmed the figure. The Qatari ownership had already funded record signings such as Neymar and Kylian Mbappé, and the club had won almost every domestic trophy in France. The Champions League, Europe's top club prize, was still missing.
What fan tokens are
Fan tokens are digital coins created on the Chiliz blockchain and sold through Socios.com, a platform founded in 2018 by French entrepreneur Alexandre Dreyfus. Juventus and PSG were the first clubs to launch official tokens, in 2019. Barcelona, Manchester City, Atlético Madrid, Inter, Arsenal, AS Roma and dozens of other teams followed.
Owning a club's token lets you vote in polls the club chooses to run. These are small decisions: the message on a captain's armband, a goal celebration song, a design detail on a shirt or the name of a training facility. Tokens do not give ownership of the club, a share of profits or any say in transfers, tactics or finances.
To buy them you first purchase Chiliz's own coin (CHZ) and then swap it for a club token. Token prices then rise and fall on crypto exchanges, which is where much of the trading activity, and much of the risk, comes from.
What was reported about Messi's token payment
According to Reuters, Messi's welcome bonus included a quantity of $PSG tokens. Some outlets went further and put the overall welcome package at €25–30 million, but that was never confirmed, and it is not clear how much of it, if any, was in tokens rather than cash. It is safest to say only that tokens were part of the deal.
Dreyfus, speaking to Reuters, framed it as a first for football. He said he believed this could be the start of a new trend as fan tokens and Socios.com play an increasingly prominent role
in sport. For Socios, having the world's most famous footballer hold its product was a huge marketing moment.
The $PSG token did jump in the days around the signing, with reports of very large percentage gains as rumours spread. Like most fan tokens, it later fell back well below those peaks. Prices for these tokens tend to spike around big events, such as star signings and major tournaments, and then drift lower.
Why clubs liked crypto in 2021
The year 2021 was the height of the crypto boom. Bitcoin hit record prices, Tesla announced it had bought $1.5 billion of bitcoin, and large banks began offering crypto services to wealthy clients. Football clubs, hit hard by empty stadiums during the pandemic, saw token sales and sponsorship deals as a fresh source of income that also kept younger fans engaged.
El Salvador made bitcoin legal tender in September 2021, the first country to do so. Contrary to some reports at the time, Panama did not follow; a bill on crypto assets was proposed there, but bitcoin was not made legal tender. El Salvador itself later scaled the policy back, and in February 2025, as part of an agreement with the International Monetary Fund, it amended the law so businesses no longer have to accept bitcoin.
How the story ended
Messi spent two seasons in Paris. He won Ligue 1 in 2021–22 and 2022–23 and the Trophée des Champions in 2022, but PSG still did not win the Champions League during his time there. In July 2023 he joined Inter Miami in Major League Soccer.
The fan token idea survived, though more quietly. Many clubs still run tokens, but the hype of 2021 faded after the crypto crash of 2022, and several advertising regulators have since warned clubs about promoting tokens without explaining the risks.
What to know before buying fan tokens
- They are speculative. Prices can fall sharply, and there is no guarantee of any return. Treat them as entertainment spending, not savings.
- Voting rights are limited. Polls are chosen by the club and cover minor matters.
- Fees and conversions add up. Buying CHZ and swapping it for tokens can involve several charges.
- Protection is weaker than for regulated investments. Crypto assets are often outside deposit guarantee schemes.
- Only use money you can afford to lose. If you are unsure, talk to an independent financial adviser.
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Sources: Reuters, exclusive report on Messi's PSG package and fan tokens (12 August 2021); Wikipedia: Lionel Messi; Wikipedia: Chiliz; Wikipedia: Socios.com; Wikipedia: Bitcoin in El Salvador.
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