According to Reuters, Leo Messi, also known as Lionel Messi, has signed an agreement worth more than $20 million to promote digital fan token company Socios.
KAMPALA | NOW THEN DIGITAL — Sources close to the deal told Reuters yesterday that Lionel Andrés Messi, aka Leo Messi, has signed a deal worth more than $20 million to promote digital fan token company Socios.
With this deal, Messi joins NFL quarterback Tom Brady and NBA superstar LeBron James as the latest global sports personalities to enter the crypto market. It is part of a growing wave of investments between crypto firms and soccer.
In a statement, Socios announced that Argentine forward Lionel Messi, whose move from Barcelona included a cryptocurrency payment, will promote Socios’ sponsorship of the Qatar World Cup. The World Cup starts in November.
The ‘ambassador’ agreement for Messi does not include crypto payments and is for three years, the source explained.
More than 130 sports organizations, including PSG, Barcelona, Juventus, and Manchester City, have signed deals and created tokens through Socios.
A fan token is a type of cryptocurrency that enables holders to vote on a variety of minor decisions pertaining to their favorite teams.
In recent years, clubs have increasingly viewed tokens as a source of new revenue, however, some supporters groups dispute their implementation as an addition to the already high cost of following their teams.
Last year Tom Brady took an undisclosed stake in FTX Trading Ltd, a platform for cryptocurrency exchange, and became an ambassador for the company.
Earlier this year, LeBron James announced a partnership with Crypto.com, a company that signed a sponsorship agreement with FIFA, the governing body of world soccer.