Lionel Messi signs a $20M deal with crypto fan token firm Socios

Lionel Messi has signed a contract worth over $20 million with the digital fan token company Socios.com, However, the three-year deal doesn't include any forms of cryptocurrency transactions.

Socio's news release that Messi, whose transfer from Barcelona to Paris St Germain in August included a cryptocurrency payment as a signing bonus, will be "involved in a publicity and promotion campaign for Secios in the build-up to the Qatar World Cup" which will start in November."

The company has partnered up with more than 130 football clubs and leagues for fan tokens introduced the star as its first global ambassador in a tweet, and changed its Twitter Bio to "Lionel Messi approved"

Messi said that he was proud of joining Socios's mission and helped create a more connected and rewarding future for global fans. 

Sports clubs issue fan tokens to allow fans to vote for certain listed decisions as dictated by the team, Perceived by many clubs as a new stream of revenue, fan tokens exist as a new way of integrating cryptocurrency with sports.

Socios has been drawing criticism lately. The company's relationship with the cryptocurrency project Chiliz, caused controversy, as users have to use CHZ tokens in exchange for any fan coin listed on the platform. 

The founder of Socios, Alexandre Dreyfus, was declared of price manipulation, as he failed to pay advisors in CHZ for maintaining the price not plummeting from high selling pressure.

Read: PSG Soccer Club files trademark application to get into the metaverse and NFTs