Chiliz cryptocurrency works with sports and entertainment companies offering Blockchain-based tools.
With the Qatar 2022 World Cup getting closer, the enthusiasm in the population is unmatched and the rage over the Panini figurine album proves it. But it is not the only thing: with a cryptocurrency project closely related to the World Cup in Qatar, interest is also growing.
This is the Chiliz cryptocurrency, focused on sports fans. Chiliz works with sports and entertainment companies offering blockchain-based tools. Thus, clubs can participate in and monetize their activities and loyalty programs. The cryptocurrency is also behind sports fan loyalty platform Socios.com.
Barça, Juve, Manchester City, Milan, Atlético Madrid, Roma, and PSG, among others, have already jumped on the bandwagon of Chiliz and the world of cryptocurrencies.
How It Works
Chiliz is a cryptocurrency designed for the tokenization of the sports business, which operates in conjunction with a scalable loyalty and sports rewards platform: Chiliz.net.
It is also the first exchange to allow fans to trade custom tokens and participate in club-based surveys and giveaways. As such, the tokens give fans voting rights: the more you own, the more voting rights they have.
The tokens also allow fans to access discounts, promotions, and limited content, test their sports knowledge against each other, and win prizes such as signed club items, CoinGecko reports on its crypto profile.
In October 2018, Chiliz issued a fixed supply of approximately 8.8 billion CHZ tokens on the Ethereum blockchain and distributed some to interested parties. The company did not hold any public sales other than what it sold through cryptocurrency exchanges.
Although CHZ started out as an ERC-20 token, it was redesigned to fit the BEP-2 token standard due to Binance’s role in issuing new hobbyist tokens as part of its strategic partnership with Chiliz.
The cryptocurrency is currently trading at US$0.22, which represents a growth of 957.41% since its launch.
Is it Worth Investing in Chiliz?
Today there are hundreds of cryptocurrency projects with the same use cases and similar workflows. After the rise of Bitcoin, Ethereum, and other altcoins, many new projects tried to imitate similar strategies and stand out as better than Ethereum and with more transactions per second.
Unfortunately, most new cryptocurrency startups have not achieved that success, and many crypto investors are tired of seeing the same promise broken over and over again.
Chiliz, however, has supposedly come to make a difference, as it is trying to tackle a different problem, which is to help the tokenization of entertainment platforms and the sports industry.
In conclusion, Chiliz is said to be a unique project that tries to bring the world of Blockchain to the traditional sports and entertainment industry. He is doing well, and he has great partners in his pocket.
Apparently, the team is solid, with partners who are big names. Juventus, FC Barcelona, Atlético de Madrid, City, and PSG are huge football clubs with worldwide reputations. Binance Chain and Chainlink are also big names in the crypto space.
By Audy Castaneda
