Socios.com invests $102 million in the Web3 arm of FC Barcelona

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Socios.com, owned by Chiliz, a blockchain-based sports fan engagement platform, gave Barca Studios €100 million. Barca Studios is the audiovisual and digital business arm of the famous FC Barcelona. In exchange, Socios.com bought 24.5% of Barca Studios.

What will Socios.com use the investments for?

Socios.com’s official press release about the investment states that it will use the funds to take FC Barcelona’s NFT and metaverse strategy to new heights. It will also use the investment to improve the club’s online community, which would interact with fans using blockchain-based assets. One of these blockchain-based assets is $BAR, the “fan token” for FC Barcelona made by both organizations in February 2020.

Furthermore, the official announcement of the investment by FC Barcelona also states that it will use the funds to facilitate the club’s audiovisual, blockchain, NFT, and Web3 strategies. The CEO of Socios.com and Chiliz, Alexandre Dreyfus, also said this about the profitable investment his company made:

“We’re excited about how technology can help fans build communities that bring them closer to their teams and each other. Barca Studios can now use our technology, knowledge, and ability to work on a global scale.

The funds raised for FC Barcelona’s Web3 efforts were realized days after the club’s first NFT, “In A Way, Immortal,” sold at a Sotheby’s auction in New York on July 29 for an incredible $693,000.

What will the future of this investment look like

Alexandre Dreyfus started Socios in 2018 as a blockchain-based fan engagement platform under Chiliz. Chiliz has its CHZ cryptocurrency and has signed several deals with major sports clubs and players, like Lionel Messi, who has won multiple Ballon D’ors.

This new partnership will make the existing one stronger and give Barca and its fans a better Web3 experience.

Also, the BAR token will continue to be an important part of the football club’s Web3 ecosystem, which in the coming months may add new features like NFTs and other digital assets.

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