Barcelona has sold a 24.5% stake in its Barca Studios production arm to blockchain specialists Socios for $10m as the La Liga giants continue to raise fast capital.
The Spanish side has been looking for cash injections in order to register new signings in what is being described as using ‘economic levers’ to improve its financial situation.
Having already sold 25% of its domestic broadcast income and 49.95% of its merchandising business, the Socios deal provides it with extra cash and revenue streams.
All well as a much-need cash injection, Barcelona claims it will create revenue streams as it successfully adds Web 3.0 expertise to help it focus on NFTs and metaverse app offerings.
Socios chief executive Alexandre Dreyfus said: “Barca Studios can now leverage our technology, expertise, and global scale to help roll out the club’s Web 3.0 content strategy and deliver new long term revenue streams that will benefit the club for seasons to come.
“We are passionate about the role that technology can play in building communities that bring fans closer to their teams and each other. Blockchain technology can provide fans with a role and membership in their communities that cannot be removed, revoked, spent or expire.
“Moreover, the application of blockchain technology can take the fan experience far beyond an app-based engagement and reward structure and deliver utility and connectivity across the metaverse, providing a way to connect a limitless number of web 3.0 projects.
“As their trusted technology partner we’ll do everything we can to support them in their efforts to build new and rewarding digital connections with their 400 million followers worldwide.”
The partnership will see both parties develop Barca Studios’ digital portfolio by working with leaders in the Web 3.0 environment as well as focus on the sport-focused Chillz Chain 2.0.
It’s the latest of hundreds of deals Socios has made in recent years, having already signed up other football teams across major European leagues as well as the National Football League.
Barcelona launched its fan token in February 2020 and has sold more than $39m worth of blockchain collectibles allowing users to access digital services of their favourite clubs.
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