Chiliz (CHZ) rallies 60% to a $1B market cap as fan token offerings expand
The success of the AC Milan Fan Token launch and plans to expand to the United States support Chiliz's 1,000% rally over the past month. Nonfungible tokens (NFTs) and decentralized finance (DeFi) are two of the hottest concepts in the crypto sector, and each is altering the way projects and companies interact with the public on a wide scale. One project that is looking to apply these concepts into a framework for sports fan engagement is Chiliz, a blockchain platform created by the Socios fan engagement platform. The project is designed to allow fans to purchase branded Fan Tokens that let....
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Scalability is one of the possible reasons for the fan token industry to grow despite the ongoing bear market, according to Chiliz and Socios.com CEO. Blockchain company Chiliz, creators of fan token platform Socios.com, has continued to expand its workforce despite the ongoing bear market, reflecting a growing trend in the fan token sector.The overall cryptocurrency market has seen a massive selloff in 2022, with the total market capitalization plummeting 60% since the beginning of the year. Some major crypto companies, including Coinbase and Gemini, had to cut their workforce by 10%–20%....
Chiliz has burst through to the limelight by helping entertainment and sports firms with blockchain-backed tools to allow them to monetize their viewership. The subscription is the access link through which fans obtain voting rights and early tickets. Also, the direct access fans have to their desired soccer teams is a function of Chiliz blockchain technology and token. Through the CHZ token, fans can easily access the Fan Tokens of their desired soccer teams. The CHZ token is the native digital currency of Chiliz. Fans purchase these tokens through a platform known as socios.com. Socios....
A new exchange listing, mainnet launch and competitive token burn mechanism led to a sharp rally in Socios fan tokens. In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world. Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains. Top 7 coins with the highest 24-hour price change.....
The growing popularity of NFTs and the improving infrastructure supporting the nascent market has resulted in triple-digit rallies from Chiliz, Flow and Basic Attention Token. Strong hands view a correction in an uptrend as a buying opportunity and data from CryptoQuant shows that Bitcoin (BTC) whales have been buying near $48,000. This activity can be seen in the large Coinbase outflows, most of which went to custody wallets and this suggests that the institutional investors believe the Bitcoin rally has room to run. Even Kraken CEO Jesse Powell is ultra bullish on Bitcoin. In a recent....
Since a prospective trend reversal appeared on the charts, Chiliz bulls have been hesitating. The Scoville Testnet’s fourth and final phase, Cayenne, was released by the Chiliz team on October 24. A new developer’s guide and associated GitHub repository were also made available. In addition to this, Chiliz has seen other positive changes. The token issued by the Italian Football Federation has just been offered on many cryptocurrency platforms. A few days ago, Chiliz also launched ChilizX, a token exchange specifically for Chiliz fans. The network’s native coin, CHZ, is....