The popular sports-focused blockchain Chiliz (CHZ) is entering a new era in the blockchain realm with a new independent subsidiary. The Chiliz Sports is directed towards nurturing new sports partnerships, hiring sports-passionate blockchain developers, and leveraging Chiliz Group’s expertise in the field.

Top European Clubs Joined Web3

The Chiliz blockchain has been up since 2018, powering the most popular soccer fan token platform, Socios.com. The Web3 platform is native to popular European soccer club fan tokens, such as Paris Saint Germain Fan Token (PSG), Juventus Fan Token (JUV), and FC Barcelona Fan Token (BAR). As the Champions League returns, these fan tokens registered slight gains since last week.

Initially onboarding over 70 sports franchises onto Socios.com, the synergy between sports and blockchain grew in 2023 when Chiliz introduced the Chiliz chain. Since the inception of the blockchain, 150 sports and crypto companies have been onboarded to drive innovation in both categories.

Chiliz Knows What Moves Crowds?

CHZ remains the largest cryptocurrency in the fan token sector, with a global market cap of $628 million. The new Chiliz Sports venture will be led by Daniel Maglietta, Chiliz’s Football Commercial Director, who has experience setting up partnerships between top European soccer clubs and major crypto brands. 

“Our existing customers know how valuable our network is, because we’ve been fostering synergies and opportunities since our foundation,” remarked Maglietta.

With a circulating supply of 9.08 billion coins, Chiliz is trading at $0.069 after picking up 22.7% gains over the past seven days. This year, Chiliz has already scored deals with South Korea’s top-tier K-League, the internet conglomerate Naver Pay, and the French Professional Football League (LFP).

Thanks to the partnership with LFP, the recent launch of a Web3 fantasy league, the French Coach Ligue 1, introduced a next-level Chiliz gaming experience with digital collectibles. Players can assemble their teams from real on-chain digital assets as the season progresses, competing for weekly prizes in the national and global crypto player ranks.

On the Flipside

Stagnant trading volumes have pushed Chiliz (CHZ) out of crypto’s TOP 100 by global market capitalization.

Reversal chances grow as Chiliz crypto retraced over 92% from the all-time high of $0.878 on March 13, 2021.

Why This Matters

Blockchain harnesses the power to directly own the revenue streams directly, enabling major sports franchises to build a more direct relationship with fans via Web3 engagement.

Source : DailyCoin - Sep 27, 2024