Chiliz (CHZ)
As stated on their website, Chiliz is the ‘leading blockchain fintech provider for sports and entertainment’. The token was created by Socios.com and is used to purchase the range of sports fan tokens offered by the fan engagement platform. Mentions of this trending cryptocurrency have increased by a massive 500% over the past day. This drastic shift in buyer sentiment is likely part of the reason the token soared. Over the past 24 hours, the price of Chiliz has shot up by more than 15% from around $0.273 to $0.315 as a result of a new partnership announcement.
Positives
The news on everyone's mind is Linolel Messi. One of the world’s best-known footballers, has just signed a contract worth $20 million to act as a brand ambassador for Socios.com and Chiliz. This is huge for the platform, which is already partnered with more than 130 sports teams. If Socios managed to get Messi on board, most sportspeople are likely within their grasp.
Along with partnering with Messi, there’s a ton of hype building for the upgrade to the Chiliz network aptly dubbed ‘Chiliz 2.0’. The Messi announcement seems planned to coincide with the 31/03/22 release of Chiliz 2.0. Both of these factors together should continue to bolster the price of Chiliz over the coming days.
With NFTs growing in popularity and becoming generally more accepted by the masses, the news that Chiliz 2.0 could facilitate NFT trading at a rate 500x cheaper than the Ethereum network is another reason why Chiliz is likely to see a great few months.
Alongside cheap NFT trading, Chiliz and Socios have started to release live NFTs based on in-game moments. The first of these NFTs was dropped during a football match between AC Milan and AS Roma. These NFTs are limited and already seem to be a hit with fans.
Holders of the fan tokens created by Chiliz and Socios.com are able to vote on things like new uniforms, celebration songs, and social media activities. Furthermore, some tokens give you the potential to win exciting rewards like signed memorabilia along with meet-and-greets.
Negatives
Not everyone is a fan of NFTs and blockchain technology. Several of these fan tokens have received harsh criticism from fans. Although what new projects don’t?
Another chink in Chiliz's armor is Binance. Previously, Chiliz was the sole operator in their sector. However, Binance has continued expanding, recently releasing a sports fan token platform of its own. While Chiliz has the first-mover advantage, Binance certainly has the cash to splash for big marketing efforts.
Hype Asset of the Day - Conclusion
All in all, Chiliz is a relatively small-cap cryptocurrency with huge potential. In terms of partnerships, no other sports token can compare to Chiliz. It’s had huge success in the Football market so it’s likely only a matter of time before we see even more big-name partnerships. Although CHZ has recently pumped by 15% the release of Chiliz 2.0 could certainly push the price even higher, making it a potentially worthwhile short-term play. If you’d like to get more trending cryptocurrencies straight to your inbox check out our premium plans or to find out more about the services offered by HypeIndex, head over to our FAQ page.
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