Upward momentum for CHZ is building after a new partnership between Socios.com and several NFL teams.
One of the biggest challenges cryptocurrency projects face is finding the right kind of real-world integration and use case that can spark a new wave of adoption.
Blockchain and cryptocurrency integration into pro sports has been an anticipated “next wave” for some time, and Chiliz (CHZ), a protocol focused on building a fan engagement platform for various sports leagues, made its mark this week new developments headlines.
Data from Cointelegraph Markets Pro and TradingView shows that CHZ’s price has surged 69% from a 2022 low of $0.144 to an intraday high of $0.256 on April 13.
CHZ/USDT 1-day chart. Source: Trade View
CHZ’s price is gaining traction, and a new partnership between fan engagement platform Socios.com and thirteen National Football League (NFL) teams, as well as the success of the platform’s European football team tokens, appear to be adding to the bullish spirit. The project also plans to publicly launch the Chiliz Chain 2.0 testnet.
New NFL partnerships could spur growth
The latest move to boost prices in CHZ was the April 13 announcement that sports fan engagement platform Socios.com had signed multi-year marketing deals with 13 NFL teams.
This agreement marks a significant escalation of the project’s presence in American sports leagues and specifically the NFL, having previously only worked with the New England Patriots.
European soccer team badge success
Another reason for the rapid development of Chiliz was the success of fan tokens created for several European football teams.
With soccer being the most popular sport in Europe, Socios has focused on partnerships with some of the most popular teams, leagues and players to expand its presence and reach new users.
Most recently, the platform signed a marketing partnership with Lionel Messi, making the star the platform’s first global ambassador.
Related: Chiliz launches public testnet for its new Tier 1 blockchain
Like other mainnet launches, Chiliz Chain 2.0 could be a catalyst
On March 31, Scoville’s public testnet launched a new Layer 1 blockchain network called Chiliz Chain 2.0.
CC2 is designed to help sports and entertainment brands adopt Web3 capabilities, including the ability to mint NFTs and fan tokens. It will also develop decentralized finance (DeFi) products and play-to-earn games, organize events, and run loyalty and merchandising programs.
The new chain has adopted a Proof-of-Stake (PoSA) model that is estimated to be 2,000 times more energy efficient than Proof-of-Work models and will be compatible with the Ethereum Virtual Machine (EVM) but offer transaction costs of 200 times cheaper than on the Ethereum network.
Cointelegraph Markets Pro’s VORTECS™ data began revealing a bullish outlook for CHZ on April 12, ahead of the recent price rally.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS™ score (green) compared to the CHZ price. Source: Cointelegraph Markets Pro.
As you can see in the chart above, CHZ’s VORTECS™ score moved into the green on April 12, peaking at 81 approximately 16 hours before the NFL partnership was announced, an increase of 17.3% .
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