What is Chiliz ($CHZ)
Chiliz ($CHZ) is a leading digital currency for sports tokenization, powering the world’s first scalable fan engagement & rewards app where fans can buy & trade branded Fan Tokens as well as vote in club-focused surveys & polls.
Chiliz.net is the world’s first cryptocurrency exchange for sports, allowing crypto-enthusiasts and traders to speculate and trade Fan Tokens. Chiliz raised all funds through private placement in 2018, meaning that there was not, & never will there be a public sale. Chiliz raised just over $66 million through private placement in 2018.
History of Chiliz ($CHZ)
Chiliz (CHZ) is a cryptocurrency used by the Socios.com project to create a platform for voting, rewards, and fan engagement. It’s the world’s first sports and entertainment cryptocurrency that allows fans to vote on their favorite stars and teams, as well as win prizes in-game. Fans can also earn rewards by signing up for partnerships with brands like Nike or EA Sports.
Using blockchain technology, Socios provides an innovative way for clubs and celebrities to connect directly with their fans in a transparent manner. The platform offers premium content such as exclusive interviews, live streams, or behind-the-scenes footage through its mobile app. Fans can also buy products from their favorite clubs or athletes using this virtual currency.
At the time of writing during World Cup 2022, the Chiliz price has attracted a high 24 trading volume of upwards of $500 million, and its price action has been volatile – spiking up and down by double-digit percentages within days and currently trading around the $0.15 – $0.20 range.
Chiliz (CHZ) has a circulating supply of 6.14 billion CHZ and a max supply of 8.89 billion.
In the past, Chiliz had been a currency that fluctuated in price very often, and it was quite difficult for investors to speculate as an asset they could trade with. These fluctuations have led many people to believe that there is something wrong with the market. In fact, this is among the main reasons why many people are hesitant when investing in cryptocurrencies. However, there are some factors that can explain why Chiliz has been fluctuating so much lately.
However, these fluctuations have not deterred investors from acquiring tokens. The reason for this is that Chiliz has seen a great rise in popularity recently. The platform has shown the ability to create some of the best crypto projects available today, and many players are excited about what they can expect from it in the future.
In order to get a good idea of what exactly is going on with these fluctuations and how they affect the value of such currencies, here are some things you should know:
What is Chiliz Crypto?
Chiliz is a platform that uses blockchain technology to give the ultimate fan experience for sports and entertainment. They aim to provide fans with a new way to engage with sports teams and help sports enterprises monetize through tokens that let fans hold a stake in their team.
The Chiliz (CHZ) token is an ERC-20 utility token on the Ethereum blockchain that serves as the digital currency for ChiliZ and Socios.com – a sports fan engagement platform where fans can buy branded non-fungible tokens to show their support for their favorite athletes, teams, and entertainers. Chiliz also has several other projects, such as Fantokenstats.com, FanTokenRank.com, and Socios Journal.
What Is Chiliz Token Used For?
Chiliz operates on a side chain of the Ethereum network, and this side chain is the basis of Socios.com. It hosts any team, league, game title, or other organization that connects with the platform. Each organization’s crowd-voting procedures operate as a semi-autonomous entity on this blockchain.
Chiliz allows sports fans to enjoy a one-of-a-kind experience with their favorite teams. Fans may purchase branded fan tokens for their favorite teams using the CHZ token, the platform’s native cryptocurrency.
The fan tokens on Socios.com that are for sale are more than just collectibles. NFTs come as team-branded tokens that provide fans with interactive experiences with their teams and control over team decisions. The fans may purchase and trade fan tokens and have the power to participate, influence, and vote in club-focused surveys & polls. Chiliz aspires to develop a blockchain ecosystem geared toward sports and entertainment. Fans who have obtained tokens may express themselves by casting votes in polls organized by teams that have partnered up with Socios.
For example, the football club Juventus FC allowed token holders to choose the celebration song that would play over loudspeakers after the team scored a goal. Juventus celebrated goals with a song called Chelsea Dagger for eight years. Now, the Juventus fan token holders chose ‘Song 2’ by the band Blur as a replacement, and so the team moving forward will play that song.
Additionally, Chiliz is not just about paying for tournaments; it can also be used as an investment tool for players who wish to use their skills to build up a portfolio of cryptocurrencies. In addition, there are also opportunities for individuals who do not wish to play games but simply want an alternative way of making money by investing in cryptocurrencies such as Chiliz Crypto Coin (CHZ).
Chiliz Crypto Project Background
Chiliz was created by a group of developers based in the UK who wanted to create a cryptocurrency that would be easy to use and accessible to everyone. The creators of Chiliz are also responsible for other projects including the CasinoCoin cryptocurrency, which sees more than 100 million dollars in deposits each month.
Founded in 2018 by Alexandre Dreyfus, Chiliz was conceptualized based on the fact that fans had little to no connection or collaboration with their preferred teams or players in the present sports and esports scene. Chiliz was built on the urge that exists to ‘activate’ followers as influencers. Through this, Chiliz aims to establish a platform where fans receive a direct vote in their favorite sports organizations, can network with like-minded fans, and help finance new sports and esports businesses.
It was launched privately with an initial supply set at 8,888,888,888 CHZ tokens while being backed by investors such as Binance Labs, CeYuan Ventures, Jump Capital, Kosmos Capital, and many more. In the second quarter of 2018, Chiliz raised $66 million through private placement. After that CHZ became listed on many crypto exchanges.
Most of the initial investment fund that Chiliz earned from its private sale was directed towards constructing a fan interaction and incentives app, Socios.com, which launched at the end of December 2019. As the only on-platform currency, fans may use CHZ to acquire branded ‘fan tokens’, digital assets that give them important decision-making power by allowing them to vote on Chiliz’s partners’ posts inside the blockchain-based Socios app. Ownership also allows fans access to special prizes, engagement, gamification, social interaction, leaderboard features, etc.
Chiliz Price History
Chiliz (CHZ) is a cryptocurrency used by the Socios.com project to create a platform for voting, rewards, and fan engagement. It’s the world’s first sports and entertainment cryptocurrency that allows fans to vote on their favorite stars and teams, as well as win prizes in-game. Fans can also earn rewards by signing up for partnerships with brands like Nike or EA Sports.
Using blockchain technology, Socios provides an innovative way for clubs and celebrities to connect directly with their fans in a transparent manner. The platform offers premium content such as exclusive interviews, live streams, or behind-the-scenes footage through its mobile app. Fans can also buy products from their favorite clubs or athletes using this virtual currency.
Chiliz Price Action in 2018
The project was founded in 2018 at a price of US$ 0.0125. Three months after its launch, Chiliz’s (CHZ) price mostly declined to hit a low of US$ 0.0038.
Then, in early November, the price experienced a reversal and rose to the figure of US$ 0.02. This was largely due to Juventus, a soccer club from Italy, who became the first professional sports club to produce fan tokens, holding a fan token offering and giving their fans voting rights. team decisions. This was followed by Paris Saint-Germain joining the circle.
This decision marked a major milestone for the blockchain industry and sports tokenization in general. It hugely impacted the company, as they could now offer all users access to the platform without having to pay any transaction fees or commissions while they play games using CHZ tokens.
Chiliz became the world’s first sports and entertainment cryptocurrency. It aims to be the central hub for fans who want to engage with their favorite teams, players, and brands in a more meaningful way through a secure digital currency that can be used within any of our partner platforms.
But unfortunately, the uptrend did not last long as CHZ’s price dropped and closed 2019 with a value of US$ 0.0071.
Advantages of Chiliz ($CHZ)
- Fan engagement: CHZ provides a new way for fans to engage with their favorite celebrities, sports teams, and brands, and to participate in unique experiences and opportunities that they might not otherwise have access to.
- Access to exclusive content: CHZ offers fans access to exclusive content, such as behind-the-scenes videos, interviews, and special events, that they might not otherwise be able to see.
- Increased fan engagement: By providing fans with more ways to engage with their favorite celebrities, sports teams, and brands, CHZ is helping to increase fan engagement and strengthen the bonds between fans and the entities they follow.
Disadvantages of Chiliz ($CHZ)
- Limited adoption: CHZ is still a relatively new platform, and its adoption has been limited so far. This may limit its potential for growth and impact the fan engagement industry.
- Competition: CHZ faces competition from other fan engagement platforms, which may make it difficult for it to gain a foothold in the market.
- Technical challenges: CHZ is a complex technology that may pose technical challenges for users and developers. This may limit its appeal to a wider audience and hinder its growth.
