CHZ’s bullish momentum increases following a new partnership between Socios.com and several NFL teams.
One of the biggest challenges facing cryptocurrency projects is finding the right kind of real-world integration and use case that can trigger new waves of adoption.
Integrating Blockchain technology and cryptocurrencies with professional sports has been the expected “next wave” for some time and Chiliz (CHZ), a protocol focused on creating a fan engagement platform for various sports leagues, has made headlines for their new developments this week.
Data from Cointelegraph Markets Pro and TradingView shows that the price of CHZ has increased 69% from its 2022 low of $0.144 to a daily high of $0.256 on April 13.
The price of CHZ has been gaining momentum and a new partnership between the Socios.com fan engagement platform and thirteen National Football League (NFL) teams, seems to contribute to the bullish sentiment. The project will make its public launch on the Chiliz Chain 2.0 test net.
New NFL Partnerships Could Fuel Growth
The most recent event to trigger a price hike in CHZ was the announcement on April 13 that the network’s sports fan recruitment platform Socios.com had signed multi-year marketing agreements with 13 NFL teams.
This agreement represents an important escalation in the presence of the project in the American sports leagues and in the NFL in particular since until now it had only worked with the New England Patriots.
Success of Football Team Tokens from Europe
Another reason for Chiliz’s push has been the success of fan tokens, created for a handful of European soccer teams.
As football is the most popular sport in Europe, Socios has focused on forming partnerships with some of the most popular teams, leagues and players to help expand their presence and attract new users.
The platform recently signed a commercial partnership with Lionel Messi, making the star striker the platform’s first global ambassador.
On Twitter, @WeAreMessi posted that, “Lionel Messi and Fan Token creators @socios have joined forces, uniting to build a more inclusive, exciting and rewarding future for fans across the world.”
Like Other Mainnet Releases, Chiliz Chain 2.0 Could Be a Bullish Catalyst
On March 31, the “Scoville” public testnet launched a new layer 1 Blockchain network called Chiliz Chain 2.0.
CC2 aims to help sports and entertainment brands introduce Web 3.0 capabilities, including the ability to mint NFTs and fan tokens. It will also create decentralized finance (DeFi) products and play-to-earn games, create events, and run loyalty and merchandising programs.
The new chain has adopted a proof-of-stake authority (PoSA) model, which is estimated to be up to 2,000 times more energy efficient than proof-of-work models and will be compatible with the Ethereum virtual machine (EVM), but it will offer transaction costs 200 times cheaper than the Ethereum network.
VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for CHZ on April 12, prior to the recent price rally.
According to a chart published by Cointelegraph Markets Pro, CHZ’s VORTECS™ Score climbed into the green zone on April 12, reaching a high of 81 about 16 hours before the announcement of the NFL partnership, sparking a 17.3% rally.
By Audy Castaneda
