Blockchain technology can provide a novel way for sports fans to engage with their teams, and consequently, the teams can have a new way to monetize their global fanbase and their engagement to the sports platform. Chiliz, via Socios.com - a fan engagement and rewards app, has brought forth a generational shift in the sports industry via digital assets called fan tokens. Let’s discuss what makes the CHZ token so unique.
Chiliz is a blockchain that offers blockchain-backed products and services for mainstream consumers to elevate their everyday experiences, including fan engagement and alternative payment solutions. Chiliz also provides blockchain-based tools to sports and entertainment companies to monetize and engage their audience. Its native token is CHZ.
The Chiliz blockchain powers the fan engagement platform Socios.com. Fans can use the CHZ token to purchase the fan tokens of their favorite teams on Socios.com. These tokens allow the fans to influence their teams via popular vote in surveys and pools. The fans can partake in the governance and decision-making of their favorite sports brands and become active fans. While for the sports clubs and associations, Chiliz offers multiple routes to enhance and monetize fan engagement.
Any sports organization which uses the Chiliz technology has a limited supply of fan tokens distributed via an initial FTO (Fan Token Offering). The tokens are distributed on a first-come-first-serve basis. Chiliz discloses the opening price and fully diluted market cap of these fan tokens beforehand.
CHZ is used to purchase fan tokens and fuel the platform's internal economy. Socios.com uses smart contracts to allow the fans to vote using their fan tokens in the decision-making process of clubs and institutions on its network.
The CHZ token has a circulating supply of 5.98 billion tokens, while its total supply is hard-capped at 8.88 billion tokens.
CHZ token is trading near $0.20 today and is ranked among top 75 crypto by market cap.
The token is currently respecting a descending parallel channel, with a minor ‘fakeout’ - where it left the channel for a short while before resuming bullishness in the last week of February.
Source: Binance, TradingView
CHZ may now present long opportunities at support levels located at $0.195 and $0.183. If the resistance at $0.21 is overcome and held, it will indicate a bullish trend that may hold until $0.22 and $0.24.
Chiliz has entered into partnerships with some of the biggest sports institutions globally, including FC Barcelona, Juventus, Turin, Manchester City, and Paris Saint-German. The digital currency has also partnered with UFC and other gaming associations. The company also established the Chiliz Blockchain Campus - a privately owned crypto incubator. The company has over 80-100 sports teams on its network and estimates that it has reached only 10% of its potential.
Since CHZ tokens offer the fans the opportunity to own a stake in their favorite club or team, the token opens up new possibilities for sports lovers to partake in the success of their favorite club while the token opens up new revenue streams for the sports institutions. This two-way deal holds massive potential in the near future as fan engagement apps and tokens go mainstream.
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Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.