Non-fungal tokens (NFT) and decentralized financing (DeFi) are two of the most important concepts in the crypto sector, and both are changing the way companies and businesses interact with the public at large.
One of the projects that aims to realize these concepts as part of attracting sports fans is Chiliz, a blockchain platform created by the fan exchange platform Socios. The project is designed to enable fans to obtain brand codes that allow them to influence their teams through a referendum.
According to the project’s website, all fan tokens are stamped on the Chiliz blockchain, and voting on the platform is implemented through a series of smart contracts.
Data from Cointelegraph Markets and TradingView show that Chile (CHZ) has increased 760% over the past month, rising from $ 0.022 on February 8 to a new full-time high of $ 0.189 on March 8. The daily record is $ 1.92 billion.
The platform currently offers fan codes for some of the world’s most popular sports teams, including FC Barcelona, Juventus, Paris Saint-Germain, Rome, Galatasaray and Atletico Madrid.
Token launch triggered a strong rally
Momentum for Chiliz began to gain traction in late 2020 when the platform partnered with Binance to launch the ACM Fan Token for AC Milan on 24 February. The launch gave the CHZ ecosystem $ 6 million in revenue.
ACM is part of a network of 23 major sports and sports organizations that also plan to partner with Chiliz to release Fan Tokens.
CHZ’s price grew further on March 2, when CEO Alexander Dreyfus announced that the project would provide $ 50 million to expand its operations in the United States, and that there are already plans to start working with local leagues and sports franchises.
VORTECS ™ data from Cointelegraph Markets Pro opened an optimistic perspective for CHZ on March 1 before the last rally.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As shown in the chart above, the VORTECS 66 result 66 peaked on March 1, less than 5 hours before the CHZ price began to rise above $ 0.06. After prices rose and consolidated above $ 0.11, the VORTECS steg valuation rose to 69 on March 6, two days before the price climbed to a whole new height.
Chilez is currently in talks with Formula 1, and if the team includes well-known American sports teams, the project may be well positioned for further growth as blockchain and NFT technology are increasingly gaining ground in the sports industry.