If you’ve been asking yourself ‘What is ChiliZ?’, you are not alone. This cryptocurrency is getting a lot of attention because its price has soared 2,780 % in the last 90 days! Only three other crypto currencies have outperformed ChiliZ in this time frame.
What Is ChiliZ?
According to chiliz.com, ChiliZ (CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the ChiliZ. This crypto was created for the purpose of tapping into the sports market. Sports fans can purchase CHZ to acquire Fan Tokens. These tokens are specific to a team or a club, are of limited supply, and provide access to an encrypted ledger of voting and membership rights ownership.
What Are Fan Tokens?
Fan tokens are limited supply fungible tokens, which means their prices are driven by supply and demand. Typically fan tokens are minted for a specific team or a club. These tokens provide access to an encrypted ledger of voting and membership rights ownership.
Fan tokens permit teams and clubs to better engage with their fans. For example, a team or a club can seek fans opinions on anything by running polls on the mobile app. In addition, Fan Tokens can grant fan access to rewards, games, leaderboards, and anything the teams and clubs chose to share with their fans.
ChiliZ has engaged in multiple partnerships with top European soccer teams. Many of the world’s popular soccer teams already have their branded tokens and are benefitting heavily from this technology. They include FC Barcelona, Juventus, Paris Saint-Germain, Atlético de Madrid, AS Roma, Galatasaray, OG, Team Heretics, UFC, Apollon Limassol, Trabzonspor, BSC Young Boys, Sint-Truidense V.V., PFL, Novara Calcio, Natus Vincere, Team Alliance, Universidad de Chile and A.C Milan.
Why The Recent Run Ups?
It appears a perfect storm has formed in ChiliZ favor. First it is clear ChiliZ has been benefiting from a global boom in the Non-Fungible Token (NFT) market. But more importantly, ChiliZ recently announced plans of expanding int o the US Market.
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organizations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million,” CEO Dreyfus
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