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Young Monday: Polygon, Tesla and Bitcoin, Final Fantasy NFT

Polygon's zkEVM, Elon Musk, Final Fantasy's NFTs

Polygon announces an innovative Layer 2, Tesla sells Bitcoin due to liquidity problems and Enjin hosts Final Fantasy NFTs

Polygon is always on the move! After its participation in last week’s Disney Accelerator Program, the blockchain announced an Ethereum Layer 2 based on the very fast zero-knowledge protocols! For other news coming from the crypto world this week, Tesla, Elon Musk’s company,has decided to sell some Bitcoin to overcome some liquidity problems. Finally, Square Enix faces digital collectibles by announcing a Final Fantasy NFT collection together with Enjin.

Polygon and the layer-2 everyone was waiting for

The first news has left the entire crypto community stunned: Polygon (MATIC), the blockchain dedicated to Web3, has created a Layer 2 that could solve many of Ethereum’s problems. How? With a protocol called zkEVM (zero-knowledge Ethereum Virtual Machine). This new solution implemented by Polygon promises to significantly improve Ethereum’s performance by lowering both gas fees and transaction waiting times. But how does this new crypto technology imagined by Polygon work? The innovative Layer 2, instead of processing transactions individually, groups them together and then sends them to the Ethereum Layer 1. This way, gas fees are reduced because they are divided among all users involved and finalisation is faster.

The result? Fast, cheap and secure transactions. This system will have tangible benefits both for normal transactions and for the entire ecosystem of dApps and NFT marketplaces that will enjoy better performance. According to Polygon, its system will reduce the cost of using Ethereum by 90 per cent! In spite of this, however, Ethereum 2.0 continues to move forward fast, and its goal is to make Layer 2s like Polygon’s zkEVM unnecessary.

Elon Musk: Tesla sells 75% of its Bitcoin holdings

From Bitcoin enthusiast to paper hand? According to Tesla‘s new financial report, Elon Musk‘s company has sold 75% of its Bitcoin reserves. From $936 million in BTC, Tesla now holds only $218 million. Although it seems like a move by a crypto sceptic, Elon Musk was quick to explain that it is in no way a lack of confidence in digital gold. The reasons for the sale are to be found in the closure of factories in China due to Covid, so Tesla needs liquidity to protect itself against the lack of supply of electric car batteries.

Everyone knows the story of Elon Musk and Dogecoin, but the story of Tesla and Bitcoin also deserves to be told. The company bought its first Bitcoins in 2021 for a total of $1.5 billion. For a time, it was also possible to buy Tesla cars by paying in Bitcoin, however Elon Musk soon removed this option because he was concerned about the environmental impact of transactions with BTC. The news of Tesla’s sale, however, did not shake the price of Satoshi Nakamoto’s crypto too much: from $23,700, the price briefly dropped to $23,000 before returning to $23,400. In short, BTC confirms itself as a tough nut to crack in the crypto market, regardless of Elon Muskโ€™s support!

Final Fantasy enters the NFT space, Square Enix launches on Enjin

Square Enix’s legendary fantasy RPG saga Final Fantasy has been making millions of gamers dream since 1987 . Now it is jumping into the world of NFTs by relying on Enjin, the blockchain dedicated to video games! The Japanese company has decided to launch a collection of both physical and digital trading cards for all fans of the saga. For the price of $4, Final Fantasy fans will be able to buy sachets containing 6 cards and a code to redeem an NFT on Efinity, Enjin’s platform built on Polkadot. Additionally, in November 2023, Square Enix will release a limited edition figurine of Cloud Strife, the famous sword-wielding protagonist from Final Fantasy VII. The figurine will come with an NFT certificate of authenticity, while a digital version of the action figure can also be obtained directly on Efinity for a small extra charge.

Enjin is a blockchain completely dedicated to video games and play-to-earn, and this collaboration with Square Enix could be the beginning of a new way of developing video games. Unlike other blockchains such as Ethereum, Enjin is much more accessible and has very low gas fees, ideal for an ecosystem where transactions are the order of the day! But Square Enix doesn’t want to stop at collectible NFTs: it wants to do much more with Enjin! In fact, the Japanese company sold the Tomb Rider franchise for a sum of 300 million dollars. Part of the proceeds were used for the development of NFT games, which will probably be integrated with Enjin and Efinity. Eyes open: the next Final Fantasy could be on blockchain!

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Young Monday: Disney and Polygon, Reddit and the renaissance of Terra’s dapps

Polygon: Disney, NFT Reddit and Terraโ€™s dapps

Disney and Polygon unite for Web3-style entertainment, Reddit’s NFTs and the revival of Terra’s dapps!

Young Monday doesn’t go on holiday, and Polygon doesn’t take a breather either! The undisputed protagonist of the week, gave us the three most interesting news items from the crypto world. Disney has chosen MATIC‘s blockchain for its Web3 entertainment development programme, Reddit has built its NFT avatars on the same blockchain, and the dapps from the defunct Terra ecosystem are migrating to Polygon. Check out the news and Polygon’s week of fire!

The blockchain where ‘dreams are wishes’? Polygon!

Polygon has been selected by Disney for its Web3 development programme. MATIC’s network will participate in Disney’s Accelerator Program. Since the programโ€™s first edition in 2014, has been promoting research into technologies developed to innovate the most magical brand there is. This year’s edition of the Accelerator Program aims to develop projects focussed on augmented reality (AR), artificial intelligence (AI) and NFTs. This means that Polygon will have access to funds and facilities to work on these areas in touch with ‘Disney’s creativity, imagination and experience’ .

The participants in the programme were announced on the 13th of July. In addition to Polygon, among them are Flickplay, an app that allows NFTs to be discovered in the real world through augmented reality. Lockerverse was also included, a platform for companies that want to do storytelling in the context of Web3 ; as well as Obsess, an immersive e-commerce platform and Red 6, which developed a headset and interface for AR. Registration for the programme, which opened on the 22nd of April, closed on the 13th of May. Disney explained that the intention was to intercept ‘growth-stage companies with a vision to impact the future of technology and entertainment’.

Bonnie Rosen, general manager of the Disney Accelerator programme said: ‘For nearly a century, Disney has been at the forefront of harnessing technology to build the entertainment experiences of the future. We look forward to continuing our commitment to innovation and continuing to bring magical experiences to Disney audiences and guests for the next 100 years.” On the other hand, Polygon’s Ryan Watt pointed out that Polygon was the only blockchain selected by Disney. A great source of pride that “speaks volumes about the work [Polygon] has done and the direction we are taking as a company.“

Avatars on Reddit will be NFTs

New Reddit avatars in the form of non-fungible tokens will be released in the coming weeks. Created by independent artists and loyal users of the platform, the NFT avatars will use Polygon as their reference blockchain! According to the official press release, Polygon was chosen for its low transaction costs and its commitment to environmental sustainability. The avatars are currently in pre-sale for a selected part of the community, and will also be available for purchase in fiat currency in the Avatar Builder section, already used by Reddit users to create their virtual characters. The difference of these new NFT avatars on Polygon lies in the blockchain registration that allows for verification of ownership and the calculation of royalties. Artists will receive compensation for all secondary sales of their digital works. Reddit’s NFTs will provide exclusive benefits within the platform and can also be used outside of it. On Reddit, it is already possible to use NFT as a profile picture.

More than 48 Terra projects are migrating to Polygon

What’s left of Terra’s DeFi ecosystem? Polygon is gathering the ashes of Terra’s dapps and a few months after the collapse of LUNA Classic and USTC, some 50 projects are migrating to MATIC’s blockchain for good. Well-known dapps such as One Planet NFT, one of the leading marketplaces for non-fungible tokens on Terra, and Derby Stars, a play-to-earn crypto video game, have already begun this process. Ryan Watt, CEO of Polygon Studios, announced on Twitter that over 48 blockchain projects are coming to Polygon. Watt hinted at his satisfaction and the success of the Terra Developer Fund, which has attracted successful talent and dapps.

One Planet NFT has been a catalyst in this migration, as the marketplace has become a reference point for all projects with the intention of switching blockchains. One Planet started the ‘Ark*One‘ initiative, or its own version of Noah’s Ark, “to save Terra’s thriving NFT biodiversity and bring it to a new home”, providing technical and financial support. “A total of 48 NFT projects, comprising 90 NFT collections, have applied for the mass rescue operation. This is a large percentage of Terra projects, including some that were not launched on One Planet before the cataclysmic de-peg event.”

The One Planet team is also in charge of tracking the progress of this transition and communicating it to the crypto community, the Polygon network is preparing to host some of the most innovative projects! One Planet NFT is expected to complete its migration to Polygon in August.

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Young Monday: Italy allocates 45 million euros for blockchain, ENS and Lamborghini GT

The Italian government allocates 45 million euros to blockchain

The Italian government allocates 45 million euros for blockchain, NFTs of Lamborghini GT cars and new Ethereum Name Service records

Summer continues and although the market suggests a ‘wintery’ atmosphere, there is no shortage of hot news from the crypto world! The first news comes to us from Young Platformโ€™s home country, Italy. The Ministry of Economic Development has issued a decree to finance artificial intelligence, blockchain and projects related to the internet of things. Blockchain for the country’s innovation! The most interesting NFT news of the week concerns the production and distribution of Lamborghini cars in the GT circuit. Achille Lauro, now accustomed to crypto art, created five non-fungible works of art during his last concert. Finally, we recap the latest Ethereum Name Service records, what is the reason for its remarkable growth in recent days?

The Italian government allocates 45 million euros for blockchain projects

The Italian Ministry of Economic Development has published a decree setting out the terms and conditions for applying for funding regarding the development of technologies related to artificial intelligence, blockchain, and the internet of things. A total of EUR 45 million has been made available for companies and research centres that are working on projects of this nature, each of which will be able to receive an incentive of between EUR 500,000 and EUR 2 million each. Applications to access the Italian government’s fund can be submitted from 21 September, the initiative is designed to innovate ‘strategic priority’ sectors, namely industries, the education system, agricultural businesses, healthcare, logistics, aerospace, the environment and infrastructure, culture and tourism, security and information technology. Minister Giancarlo Giorgetti commented: ‘we support companies’ investments in cutting-edge technologies with the aim of fostering the modernisation of production systems through increasingly interconnected, efficient, safe and fast management models. Blockchain projects take it to the next level!

A Lamborghini GT team authenticates its cars on the blockchain

The components and cars of the GT team Vincenzo Sospiri Racing (VSR), will be registered on blockchain with NFTs. Vincenzo Sospiri Racing is one of the teams supported technically and operationally by Lamborghini Squadra Corse, in fact, there are more than 60 cars made by Lamborghini in the GT circuit. In concrete terms, the components of the cars will be associated with non-fungible tokens made in collaboration with Go2NFT, a platform for creating ‘commercial’ NFTs and digitising physical products. Go2NFT‘s mission is to embed blockchain in the supply chain of businesses. Products from industries to consumers have all the information and guarantees they need stored in an NFT. Once Lamborghini’s components and cars for VSR are made, they will be marketed with an associated NFT describing all product characteristics from the serial number to the paintjob colour. For Vincenzo Sospiri, manager of the racing team, this partnership will allow the quality of the components to be monitored and guaranteed impeccably.

Tracing the origins and ensuring the authenticity and safety of products is a challenges for contemporary brands. Using blockchain will also have an impact on the business model of companies like VSR, because the costs and intermediaries of the processes will change. In February, even Alfa Romeo announced NFT digital certificates for their cars.

A memorable week for Ethereum Name Service

These days, Ethereum Name Service is astounding the crypto world with its numbers! The first figure concerns the registrations of new domains on blockchain, over 126,000 ENS names were created in one week. The surge in registrations occurred over the weekend, between Sunday and last Monday, 64,000 domains were registered. The total growth is +216%. The data was released by ENS developer Nick Johnson in a dashboard. What is the reason for the growth? Probably to the fact that Ethereum fees have dropped to $1.57, a number not seen in two years. In addition to registrations, sales of Ethereum Name Service domains have also been remarkable in the past few days; on 3 July there was the second largest sale ever. The domain 000.eth was sold for 300 ETH (about 115 thousand dollars). During this same period, secondary sales on NFT marketplaces such as OpenSea exceeded 7 million.

Ethereum Name Service has 1.1 million names, 504 integrations and over 400,000 owners, including Vitalik Buterin, Jimmy Fallon and Paris Hilton. After the ’10k club’, the latest trend in domains on blockchain concerns those with non-Roman characters, such as Arabic, Chinese or symbols.

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Young Monday: Bill Murray, GTA, and the strange case of the +800% UST Classic pump

Bill Murray's NFT, GTA 6 crypto, USTCโ€™s price pump

Bill Murray’s NFT extravagances, crypto gossip about GTA 6, USTC’s suspicious pump

The first week of July in the crypto world began with some rumours about the possible crypto capabilities of the new Grand Theft Auto (GTA) edition. There is still nothing certain about the video game that has been in development since the beginning of the year, but a rumour was enough to make fans curious. From a classic video game, we move on to a movie star! The actor Bill Murray has made collectable NFTs to tell some of the absurd stories and events of his life and career. In the past few days, you may also have noticed that the price of USTC, the defunct stablecoin of the Terra ecosystem (LUNA), has soared. What happened? Find out in this edition of Young Monday, with the week’s most interesting news from the crypto world! Spoiler: all that glitters is not gold!

Will GTA 6 be a play-to-earn?

The blockchain gaming industry is giving us truly extraordinary projects and gameplay, and by now all the major blockchains, from Avalanche to Solana, have their own crypto games. The play-to-earn model is also fascinating the off-chain gaming industry. In this regard, rumours have been leaked in recent days by alleged insiders from Rockstar Games about the upcoming release of the new Grand Theft Auto volume. According to the rumours, the sixth GTA video game will be available in 2024 (more than ten years after the last release) with the introduction of a cryptocurrency payment system. Earlier this year Rockstar Games announced that GTA 6 was in development, but the release date and the new crypto feature are still to be confirmed. However, open world fans are already itching to find out if the new GTA will be a play-to-earn and how involved it will be with the crypto world.

Bill Murray celebrates his crazy career with collectable NFTs

An unconventional autobiography of an equally unconventional artist will be available on the 15th of July. The life and career of Bill Murray (71) will be told through 100 stories in NFT format. You may know Bill Murray for his filmography, from playing Professor Venkman in Ghostbusters to being the favourite face of Wes Anderson. Moreover,his artistic life is full of incredible stories and anecdotes that go beyond his acting talents. The NFTs of ‘The Bill Murray 1,000′ collection are also designed to tell all those little stories and details that feed the personality of an artist of his calibre, such as his mania for stealing crisps from strangers’ packets or his passion for gatecrashing weddings. Murray made the non-fungible tokens together with his son and the startup Project Venkman (a platform on Acala, one of Polkadot’s parachains) named after the most famous character Murray played. Each NFT is based on a single original painting by artist David Grizzle, to which backgrounds, unique decorations and the actor’s life story have been added. The first NFTs in the collection will be for sale on the 15th of July with a price floor of 1.5 ETH. The remainder will be released later this year.

Why is the price of UST Classic pumping?

Over the past few days, you may have noticed that UST Classic, the failed algorithmic stablecoin of the Terra ecosystem, is showing signs of life after the loss of its dollar peg and the collapse of the entire blockchain structure. In fact, the price of USTC has risen 800% in a single week. Apparently the growth is unjustified, so what is happening to USTC? Some speak of the return of the living dead, others of zombie stablecoins, is USTC really hovering between life and death? Actually, it would seem not. Although at the same time LUNC, the original version of LUNA, is enjoying a sudden rise (from a market cap of $388 million to $922 million between 26 and 29 June), this is not a real revival of Do Kwon’s project. The price increase, according to some financial analysis groups, is only due to users looking to make money from a possible USTC and LUNC push. However, the underlying technology is dead, USTC has failed to achieve its goal of offering a stable, digital version of the dollar, which is why Terra’s comeback seems rather unlikely.

Solana and the crypto smartphone

Our tech news of the week comes from Solana! The Proof-of-Stake blockchain that promises super-fast and low-cost transactions has announced that in 2023 it will release Saga, an Android smartphone designed to facilitate access to and use of Web3 services. With Saga, you will be able to easily manage wallets, dapp, NFT, all from your mobile phone. Saga will also have competitive specifications in terms of screen, memory and camera. According to Anatoly Yakovenko, co-founder of Solana, the way people approach the crypto world could be revolutionised by this new model of smartphone that aims to solve the usability problems of decentralised products. Solana wants to bring crypto into everyone’s pockets!

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Young Monday: Pride parades on The Sandbox, Polygon is now carbon neutral and Pharrell Williamsโ€™s NFT

Pride in the Metaverse, Carbon neutral Polygon, Pharrell Williams NFT

The events of Pride find a home in the Metaverse, Polygon announces it has made MATIC a crypto green and Pharrell Williams is hired by an NFT collection!

Our final edition Young Monday for the month of June? If thatโ€™s the case, then we absolutely need to report on the crypto initiatives of Pride month! In fact, the most interesting news of the week takes us to the main metaverses and their events to celebrate the LGBTQ+ community. You will also discover the incredible sustainability milestone reached by the Polygon network, the blockchain expansion of eBay e-commerce and Pharrell Williams’ new career in the NFT industry!

NYC Pride marches in The Sandbox and Decentraland

On the 26th of June in New York, the streets were swept by a wave of Pride, which annually attracts up to 2 million people, and is the largest event for the LGBTQ+ community in North America. This year, NYC Pride went outside these continental borders to march all around the world, but how so? By making use of the Metaverse! Thanks to LGBTQ+ associations organising Web3 events, The Sandbox and Decentraland, the rainbows of Pride shine brightly in the metaverse. One of these associations is MetaPride Land. According to its founder Matt Stevenson, a former Time Magazine executive, the metaverse is ideal for building a community that is unaffected by geographical limitations: “there are still 68 countries in the world where it is illegal to be gay. In the US, there are over 200 bills targeting our community in one way or another. I felt it was really important that this June we provide an accessible space, no matter where you are, to come out and celebrate your life“. Concretely, a collection of inclusive avatars will be presented at The Sandbox, and People of Crypto, another of the Web3-related realities, unveiled ‘The Valley of Belonging’ on 24 June, a project to promote work in the minority metaverse.

In Decentraland, however, Pride-related events are organised by Cash Labs. The ultimate goal behind this expansion of Pride in the Metaverse is to be able to give visibility and space to the Queer community all year round, not just in June.

Polygon is officially a carbon-free network

On 21 June 2022 in its official blog, the Polygon project announced that it had reached its goal and had become a 100 percent carbon neutral network. Last April, Polygon had published its Green Manifesto pledging to make MATIC a fully-fledged green cryptocurrency. Carbon neutrality was achieved with the purchase of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gases, or all the CO2 Polygon has emitted since its inception. Carbon credits are tokens of the on-chain carbon market whose purchase finances green initiatives. This was achieved thanks to the collaboration with KlimaDAO, which analysed the energy footprint of the network especially concerning staking and smart contract operations.

Polygon’s Green Manifesto also includes the allocation of $20 million for green projects on its network such as Bull Run Forest Conservation to protect forests in the state of Belize or the Ghani Solar Power Project, a renewable energy generation project in India. On 13 July Polygon will host the Green Blockchain Summit, dedicated to ‘Web3 leaders to develop solutions to the most pressing environmental problems facing the blockchain industry’.

eBay buys an NFT marketplace, its expansion on the blockchain continues

eBay has acquired KnownOrigin NFT marketplace, with the aim of expanding further into the world of blockchain technology and digital collectibles. The deal was finalised on the 22nd of June but negotiations remained confidential. KnownOrigin was founded in 2018 in Manchester and allows people to create, buy and sell NFTs on the Ethereum blockchain. Jamie Iannone, CEO of eBay, said, “eBay is the first stop for those around the world looking for the perfect hard-to-find or unique item to add to their collection, with this acquisition, we will remain a leading site as our community adds more and more digital collectibles.”

Pharrell Williams is now a consultant for Web3

The artist and record producer Pharrell Williams has joined the Doodles NFT project as Chief Brand Officer and board member. Williams will take care of partnerships and projects between the Doodles collection and other brands related to events, music, artwork and entertainment. In this regard, a music album dedicated to Doodles entitled ‘Doodles Record: Volume 1’ is already in production, in collaboration with Columbia Records and other leading musicians. Williams explained that Doodles is preparing to become known by mainstream audiences and reach new levels of popularity. Doodles are 10,000 NFTs representing various cartoon-style and pastel-coloured characters. Launched in 2021, the project has quickly become one of the most exciting emerging NFT collections with a trading volume of over $400 million. Doodles recently announced its first funding round led by venture capital firm Seven Seven Six. These two pieces of news have given a boost to the price of these NFTs, within 24 hours their cost has risen by about 10%.

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Young Monday: Boateng, a new stablecoin pegged to the Euro and the record-breaking PSG fan token

Boatengโ€™s wedding in the metaverse, a euro-pegged stablecoin and PSGโ€™s fan token

Weddings in the Metaverse, Circle’s new stablecoin, Lacoste’s NFT collection and Paris Saint Germainโ€™s record breaking fan token

June is the month of weddings, and no bear market can prevent this: people are now getting married on the blockchain! In fact, just a few days ago, the wedding between the footballer Kevin-Prince Boateng and Valentina Fradegrada took place in the AR Over The Reality metaverse. It is one of the first weddings celebrated in the Metaverse and the event has attracted a lot of attention. Focussing on the NFT sector, the headline of the week involves Lacoste. The brand launched its first collection of non-fungible tokens featuring the iconic crocodile and promises of exclusive benefits. In this edition of Young Monday, you will also learn about Circle’s new stablecoin (pegged to the Euro) and Paris Saint Germain’s new record-breaking fan token!

Swearing eternal love on the blockchain

Kevin-Prince Boateng and Valentina Fradegrada took their wedding vows on Polygon. On the 11th of June, the footballer and the influencer (also multiple Wushu Kung Fu champion) got married in a location in the province of Siena, Tuscany, as well as in the Over The Reality metaverse. The ceremony was organised by Enzo Miccio, Italy’s most famous wedding planner, who took up the couple’s challenge: to organise a wedding where no one else had celebrated one before. Miccio therefore suggested a ceremony in the Metaverse that recreated a lunar landscape through 3D graphics. Miccio himself officiated the virtual wedding! Guests of the Boateng-Fradegrada couple participated by logging in with an NFT. Their fans, who were not invited to the festivities, were able to purchase a spectator ticket at a cost of around 50 Euros. Over The Reality is a decentralised metaverse that allows for augmented reality events of any kind, using the Ethereum and Polygon blockchains. Its token is called OVR.

Lacoste NFTโ€™s collection sells out immediately after launch

The French clothing brand released UNDW3, an NFT project designed to build an online community by experimenting with new Web3 technologies. The collection was released on the 14th of June, and it consists of 11,212 pieces that were sold for 0.08 ETH each. Within a short space of time, the collection was sold out. The number 11,212 is linked to the name of the iconic polo shirt, the L1212. These NFTs depict a hypnotic looking crocodile, a clear homage to the Lacoste logo. Owners of these tokens will have access to exclusive experiences, benefits and dedicated products.

Circle’s Euro-pegged stablecoin arrives

After USDC, the dollar-backed stablecoin, Circle announced that a stablecoin pegged 1:1 to the euro is on the way. The new stablecoin will be called EUROC, and it is scheduled to be launched on the 30th of June 2022.

Euro Coin (EUROC) was built on Ethereum with the support of several partners from the crypto world such as Curve, Uniswap and Metamask. For all intents and purposes, EUROC will be an ERC-20 token. It will mirror USDC’s operating model: “designed to ensure stability, our Euro Coin is backed 100% by euros held in bank accounts, so it is always redeemable 1:1 in euros. EUROC, unlike USDC, will be entirely backed by cash and not by government bonds. The new stablecoin comes at a delicate time for this kind of product. After the collapse of UST, stablecoins have lost the confidence of many people. Will EUROC succeed in gaining credibility in the industry?

The record-breaking Paris Saint Germain fan token

The โ€œPSGโ€ token of Paris Saint Germain tops the football fan token charts with a market cap of over 20 million dollars! PSG continues to reach great heights. On the 14th of June it recorded a peak in sales volume of around $15.36 billion. This puts the Parisian club’s fan token ahead of those of Atletico Madrid, Juventus, AC Milan and FC Barcelona. Despite being far from its August 2021 ATH, PSG seems to be well liked by fans! PSG holders can vote on and suggest decisions concerning their favourite team, such as choosing the message to write on the captain’s armband or voting for the best goal of the season. PSG is a fan token of Socios, the platform built on Chiliz.