- Sports and blockchain find synergies in Chiliz’s new venture.
- According to CoinGecko, the market capitalization of the SportFi token sector is approaching $2 billion.
- Since the return of the Champions League, Chiliz has recorded a 22% increase.
Popular sports-focused blockchain Chiliz (CHZ) is entering a new era in the blockchain space with a new independent subsidiary. Chiliz Sports aims to foster new sports partnerships, hire blockchain developers passionate about sports, and leverage Chiliz Group’s expertise in the field.
Top European Clubs Joining Web3
The Chiliz blockchain began supporting Socios.com, the most popular soccer fan token platform, in 2018. The Web3 platform is based on popular European football club fan tokens such as Paris Saint-Germain Fan Token (PSG), Juventus Fan Token (JUV) and FC Barcelona Fan Token (BAR). With the return of the Champions League, these Fan Tokens have recorded a slight uptick since last week.
Initially, over 70 sports franchises were registered on Socios.com, but the synergy between sports and blockchain grew in 2023 when Chiliz introduced the Chiliz Chain. Since blockchain’s inception, 150 sports and cryptocurrency companies have participated to drive innovation in both categories.
Does Chiliz know what makes the crowd tick?
CHZ remains the largest cryptocurrency in the fan token sector with a global market capitalization of $628 million. The new Chiliz Sports venture will be led by Daniel Maglietta, Chiliz’s Commercial Director of Football, who has experience building partnerships between Europe’s top football clubs and leading cryptocurrency brands.
“Our existing customers know how valuable our network is, because we’ve been fostering synergies and opportunities since our foundation,” remarked Maglietta.
Chiliz, which has a circulating supply of 9.08 billion coins, is trading at $0.069 after registering a 22.7% rise over the past seven days. This year, Chiliz has already signed contracts with Korea’s No. 1 K-League, internet giant Naver Pay, and the French Professional Football League (LFP).
Thanks to its partnership with LFP, the recently launched Web3 fantasy league, French Coach Ligue 1, has introduced the next generation of Chiliz gaming experiences through digital collectibles. As the season progresses, players can build teams with real, on-chain digital assets to compete for weekly prizes in national and global cryptocurrency player rankings.
On the flip side
- Due to stagnant trading volume, Chiliz (CHZ) was pushed out of the top 100 cryptocurrencies by global market capitalization.
- The possibility of a reversal has increased as the price of the Chiliz cryptocurrency has retraced more than 92% from its all-time high of $0.878 on March 13, 2021.
Why This Matters
Blockchain leverages its ability to directly own revenue streams, allowing major sports franchises to build more direct relationships with fans through Web3 engagement.
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