Sports is one of the biggest markets on earth. Combine this with blockchain technology and you have a rock-solid combination. Why? Because the coin Chiliz (CHZ) has a platform called Socios. Socios is a tokenized platform where sports fans can vote on the decisions of their favorite teams.
We take a look at this project with the goal of giving you an objective view in a way that everyone can understand. This article is not intended for promotion.
Chiliz aims to transform the passive relationship between sports, sports clubs and their global fan bases using tokenization. In other words, it is a platform in which fans of a specific club are involved and with which you can influence certain decisions of your favorite team. According to their official Medium channel, the CHZ token is a digital currency for “sports tokenization that enables the world’s first scalable app for fan engagement and rewards where fans can buy and trade branded tokens and vote in club-centric surveys and polls.”
The company, founded in Malta in 2018, aims to offer millions of sports and esports fans a token that allows them to purchase a symbolic “share of influence” in their favorite clubs. And this token in turn feeds socios.com, their consumer-facing platform where fans can use their fan tokens to participate in polls and surveys and be rewarded for active engagement.
What to imagine? Juventus fans chose which ‘goal tune’ would be used and fans of Apollon Limassol decided the lineup for a practice match. And they won 6-0. Chiliz has also announced a partnership in the Netherlands: Fortuna Sittard is the first Dutch soccer club to have its own token ($FOR).
Chiliz is pushing hard. Soccer clubs? They’ve got it. Formula 1? Same thing. Esports, cricket, UFC and the National Hockey League? In all these disciplines there is at least one party on board. And with an investment of 50 million euros, Chiliz wants to further conquer the American sports market.
For example, Chiliz has released a fan token for:
the CEO points out they have big plans for soccer club (fan) tokens, on Twitter on May 28, 2021:
Chiliz in a nutshell:
Chiliz brings sports and their fans closer together. Have you ever wanted to participate in decisions of your favorite sports team? Thanks to fan tokens, now you can. Fan tokens are cryptocurrencies that are specific to a team or a club. And just by holding these tokens, fans can participate in all activities and games organized by their club. The main coin $CHZ is thus a catalyst for all fan tokens and the value of the Chiliz company in general.
The founder, Alexander Dreyfus, is a serial entrepreneur with more than 22 years of experience building and developing tech companies. For example, he pioneered webcity, one of the first tourism guides on the Internet. An acquisition by Yelp caused Dreyfus to focus on online poker (and sold those companies) and now focuses primarily on Chiliz. To further stimulate blockchain innovation, Dreyfus founded the Chiliz Blockchain Campus.
The team counts the following members:
For 2021, Chiliz has the following plans:
Due to a combination of continued growth in the sports market and more than enough potential for sports clubs not yet affiliated to join Chiliz, Chiliz has good growt potential. The team has set aside a fair amount of money in 2021 to make this happen. In the longer term, therefore, the potential seems great.
At the same time, Chiliz is and will remain a cryptocurrency and these are volatile by nature. The highest price, the all-time high of Chiliz is $0.8915, and at the time of writing the price is 67% lower than this all time high.
Because Chiliz is a sports token, major sporting events affect its price. For example, one day before the start of the European Football Championship (EURO 2020), the coin price rose by 40%. Logically, other major sporting events, such as the South America Cup (Copa America), the World Cup (FIFA World Cup) will affect the daily price of Chilliz. In addition, winning a national championship, Champions league or Europa League for fan tokens will again affect the price.
Wondering what other investors think about Chiliz of fan tokens? Or what our current opinion is? Be sure to join our Telegram group.
This report was written by Johan Boons, who’s an active CryptoBieb/YourCryptoLibrary community member.
Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.