What Is Chiliz? All You Need to Know About CHZ
For a long time, fans of different sports brands did not have the opportunity to participate in the management and decision-making process of their favorite sports teams. These fans are loyal and passionate about their teams and invest time, resources, and energy in watching their team play.
They usually go as far as traveling with their team on both close and distant journeys to watch and support them. Yet they are mere spectators rather than stakeholders whose greatest joy is to have their teams win matches and trophies. They have always been passive fans instead of active supporters.
Chiliz birthed the idea of giving back to sports fans, allowing them to partake in some activities that go on behind the scene, and helping clubs monetize their huge followers to maximize income and equally get to know their supporters and interact with them.
What Is Chiliz?
Chiliz is a sports and entertainment company behind the Socios.com, fan tokens, and Chiliz.net exchange, founded in 2018 by its current CEO, Alexandre Dreyfus to provide sports fans the platform to engage with their favorite sports team and offer teams a new way to interact with their global fan bases.
Through private placement sales, Chiliz raised over $66 million from key partners, private investors, and businesses and within a few years of its launch, Chiliz has grown in popularity and relevance by successfully integrating blockchain technology with sports, opening up new entrants into the crypto space.
The Chiliz ecosystem can be said to be all about tokenizing the sports and entertainment sector by creating a fan engagement platform, giving fans a say in their team’s management as well as a new way to connect with their team.
Holders of the fan token can decide on certain features to be introduced into the team or which activities can be carried out in the field of play, such as voting on the design and rebranding of the team’s jersey, goal celebration songs, design of the stadium or team’s tour bus, pre-game warm-up music and in some cases choosing the starting lineup of the team.
Therefore, the Chiliz ecosystem incorporates blockchain technology into sports — a blend of non-fungible tokens (NFTs) and cryptocurrency offers sports fans the opportunity to engage and closely interact with their team.
Moreover, Chiliz is not a full-fledged crypto company but uses blockchain technology as an essential tool in achieving business goals in the sporting world. Chiliz applies blockchain technology such as the use of fungible tokens (fan tokens), cryptocurrency (Chiliz token, $CHZ), and smart contracts in bringing about fan inclusion into the activities and in the decision-making process of their teams, thus, expanding the scope of fan engagement, and elevating their stake in the team, from spectators to participators.
What Is a Fan Token?
Source: Socios.com
A fan token is a team’s branded fungible digital asset minted on the Chiliz blockchain and can be traded on the Socios.com platform and exchanged between users for profits. Its value is based on market valuation.
The fan token as a utility token can be used by fans to gain voting rights in polls, compete in leaderboards, and access exclusive promotions and VIP rewards, among others.
Each fan token is equivalent to one vote. So, a token holder’s vote depends on the number of fan tokens they have. Simply put, the more fan tokens, the more voting rights you have, thus, becoming a secondary stakeholder in the team. In addition, when you vote in team polls, you can be eligible for exclusive perks.
Chiliz.com Ecosystem
Two platforms make up the Chiliz ecosystem.
- Socios.com
- Chiliz.net Exchange
Socios.com
Source: Socios.com
Socios.com is an engagement platform or a marketplace that stores fan tokens. Fans can buy fan tokens using the Chiliz token, $CHZ, and trade them with other users as well as have voting rights in decision-making.
Each sports team has a unique fan token, launched through a Fan Token Offering (FTOs) and exchanged for $CHZ on the Socios.com platform. For instance, the soccer club Juventus ($JUV), was the first fan token launched on the platform in Q4 of 2019, followed by the FC Barcelona fan token, $BAR in Q1 of 2020. Others followed afterward, such as Paris Saint Germain, AC Milan, AS Roma, Galatasaray, Valencia, Man City, Arsenal, Leeds United, etc. They are the football teams to have carried out Fan Token Offering (FTO). The fan tokens are stored on the Socio’s Proof of Authority (PoA) side chain.
Further, the socios.com app has several interesting features that attract lots of users to the platform. Those features include; the opportunity to get badges by participating in the platform; having access to augmented reality (AR) based geolocation game, predicting game outcomes by locking up tokens, and lastly the notorious locker room — fans earn bonuses by staking or locking their fan tokens for 120 days in support of a yet to be listed sports team on the platform.
If the team joins socios.com, the fans get access to the team’s fan tokens and other perks. But if the sports team doesn’t get listed on the platform, the user receives their locked tokens.
Chiliz.com Exchange
Source: Chiliz
This is a platform where Chiliz users and sports fans can exchange fan tokens, using Chiliz tokens, $CHZ. It supports both web and mobile devices and has the listed fan tokens on it.
How Does the Chiliz Ecosystem Work? CHZ and Fan Tokens
Here is a general overview of how the Chiliz ecosystem works.
The Chiliz token ($CHZ) is the native cryptocurrency of the Chiliz ecosystem and can be bought from socios.com or Gate.io, stored in a crypto wallet, such as metamask or trust wallet, and used to buy fan tokens from the Chiliz.net exchange or Socios.com app.
The fan tokens are made available on the socios.com marketplace through a fan token offering (FTO), carried out by the sports teams in partnership with Chiliz and it is an ERC-20 token that exists on the Ethereum blockchain backed by smart contracts.
There is always a fixed number of fan tokens to be exchanged on the socios.com platform and burned when a team wins a match or records a great event.
Further, the fan token qualifies fans for exclusive benefits such as VIP rewards, promotions, perks, access to the team’s special events, and ultimately voting rights in some in-house decisions.
Voting influence is determined by the number of fan tokens the user has. One fan token qualifies for one vote while having an increased number of votes asserts your influence in the team’s decision-making process. Therefore, the more fan tokens, the more voting power and access to certain privileges.
Moreover, voting is facilitated by the use of smart contract technology that runs on the Chiliz blockchain.
In addition, some fans support more than one team and can acquire fan tokens for different teams, for example, a Juventus fan can also hold a fan token for New England Patriots — an American football club.
Chilizen Projects
The following are specific projects related to the Chiliz ecosystem and championed by the members of the Chiliz community.
FanTokenRank.Com
This project aims at providing authentic information in the form of an in-depth market analysis of the fan token through price monitoring, charts, trading volumes, statistics, market capitalization, and valuations.
Its focus is on providing vital information about the Chiliz ecosystem, sourcing its data from the Socios.com platform, the company’s website, and other relevant sources. Simply put, it is a go-to site for a detailed market analysis of the progress of fan tokens. The platform is independent of Chiliz and Socios.com.
FanMarketCap.com
This platform publishes the latest developmental information about the performance of the fan tokens and their respective sports teams.
Also, it provides information on the market cap and market performance of fan tokens, thus, guiding new entrants into the Chiliz community.
FanTokenStats.Com
The platform supplies up-to-date data, about Fan Token Offerings (FTO), fan token market cap overview and valuation, daily top gainers, and Chiliz blockchain data, etc, delivered in real-time.
Socios Journal
This is a blog run by the Chiliz community that educates and informs the entire crypto world and the Chiliz community about the activities of the ecosystem such as roadmap, partnership, Chiliz token pairs, news, and recent updates. It is powered by the Chiliz token, ($CHZ).
Chiliz’s Partnerships
Chiliz has partnered with leading sports teams across different sports — football, basketball, formula one, esports, UFC, etc.
Juventus FC, an Italian soccer club was the first team to launch its fan token ($JUV) through a Fan Token Offering (FTO) in Q4 of 2018. Holders of their fan token voted for a change of Chelsea Dagger — a celebration song that follows after the team scores a goal — to Blur’s song 2. Before the poll, the song had been played for eight years after the team scored a goal.
Similarly, FC Barcelona, one of the leading soccer teams in Spain and Europe, launched the $BAR token in Q1 of 2020 through FTO for its 300 million followers. Also, holders of its fan token voted for a mural to hang on the wall of the team’s dressing room.
AC Milan recorded a $6 million purchase of its fan token a few hours after it kicked off its FTO.
Notable soccer teams in partnership with Chiliz include Paris Saint Germain (PSG), Inter Milan, AS Roma, Lazio, Galatasaray, Valencia CF, and Athlético de Madrid. English Premier League teams include Manchester City, Arsenal, Everton, Leeds United, Aston Villa, etc.
Furthermore, Chiliz is in partnership with leading soccer teams in the American NFL and NBA.
Argentina and Portugal are countries whose national teams are in partnership with Chiliz.
Also, Chiliz is in alliance with leading esports teams, Formula One, and UFC among others.
The increased partnership recorded within the short period points to the fact that many sports teams are buying the idea of fans’ engagement in their team’s activities.
What Is the Chiliz Token ($CHZ)?
The Chiliz token ($CHZ) exists on both the Ethereum blockchain as ERC-20 tokens or BNB chain, formerly Binance smart chain as Bep-2 tokens, that serves the Chiliz ecosystem and enables sports fans to buy fan tokens, or any other digital assets on Socios.com — the fan token marketplace.
Also, $CHZ is fuel to the Chiliz ecosystem and is used to acquire any of the fan tokens for any of the sports teams in partnership with Chiliz.
Furthermore, $CHZ is not just a utility token that has the prospect of appreciating over time but is also listed and available on leading cryptocurrency exchanges, such as Gate.io. You can log into your Gate.io account and buy or sell $CHZ tokens.
The price of $CHZ is greatly affected by the team’s popularity, the law of demand and supply, and mostly by the volatile nature of the crypto market.
Is CHZ a Good Investment?
In the sporting world, emotions play a critical role in how fans react to issues concerning their teams. The adoption of Chiliz innovation offers sports enthusiasts the opportunity to engage in the management of their teams and contribute in a way to their development and progress. It also helps sports teams monetize these substantial fan bases.
Basically, Chiliz sees blockchain technology as an enabling technology for its main business which is building a vibrant and engaging fan community. This is a unique opportunity for sports teams to raise the bar and take sports entertainment to the next level.
How Can You Own Chiliz (CHZ)?
One way to own CHZ is to go through a crypto centralized exchange, so the first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy CHZ on the spot or derivatives market.
News on Chiliz
In November 2022, after the FTX crash, Chiliz CEO Alexandre Dreyfus shared a recovery strategy on Twitter. In this case, the creator would distribute 38 million CHZ to open accounts in order to pay up to $10,000 every FTX user who owned CHZ on the exchange.
In September 2022, Julian La Picque was named as the chief financial officer by Chiliz, the proprietor of the blockchain-based sports fan rewards network Socios.com (CFO). According to the company, they will be able to “continue its objective to offer gamified Web3 ready engagement and rewards communities for the world’s biggest sporting properties”.
Useful References
To learn more about Chainlink and upcoming developments in the company, you can visit:
Take Action on Chiliz CHZ
Check out the CHZ price today and start trading your favorite currency pairs.
Related articles
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What Is Dogecoin?
What is Blum? All You Need to Know About BLUM
What Is Chiliz? All You Need to Know About CHZ
What Is Chiliz?
What Is a Fan Token?
Chiliz.com Ecosystem
How Does the Chiliz Ecosystem Work? CHZ and Fan Tokens
Chilizen Projects
What Is the Chiliz Token ($CHZ)?
Is CHZ a Good Investment?
How Can You Own Chiliz (CHZ)?
News on Chiliz (CHZ)
Useful References
Take Action on Chiliz (CHZ)
For a long time, fans of different sports brands did not have the opportunity to participate in the management and decision-making process of their favorite sports teams. These fans are loyal and passionate about their teams and invest time, resources, and energy in watching their team play.
They usually go as far as traveling with their team on both close and distant journeys to watch and support them. Yet they are mere spectators rather than stakeholders whose greatest joy is to have their teams win matches and trophies. They have always been passive fans instead of active supporters.
Chiliz birthed the idea of giving back to sports fans, allowing them to partake in some activities that go on behind the scene, and helping clubs monetize their huge followers to maximize income and equally get to know their supporters and interact with them.
What Is Chiliz?
Chiliz is a sports and entertainment company behind the Socios.com, fan tokens, and Chiliz.net exchange, founded in 2018 by its current CEO, Alexandre Dreyfus to provide sports fans the platform to engage with their favorite sports team and offer teams a new way to interact with their global fan bases.
Through private placement sales, Chiliz raised over $66 million from key partners, private investors, and businesses and within a few years of its launch, Chiliz has grown in popularity and relevance by successfully integrating blockchain technology with sports, opening up new entrants into the crypto space.
The Chiliz ecosystem can be said to be all about tokenizing the sports and entertainment sector by creating a fan engagement platform, giving fans a say in their team’s management as well as a new way to connect with their team.
Holders of the fan token can decide on certain features to be introduced into the team or which activities can be carried out in the field of play, such as voting on the design and rebranding of the team’s jersey, goal celebration songs, design of the stadium or team’s tour bus, pre-game warm-up music and in some cases choosing the starting lineup of the team.
Therefore, the Chiliz ecosystem incorporates blockchain technology into sports — a blend of non-fungible tokens (NFTs) and cryptocurrency offers sports fans the opportunity to engage and closely interact with their team.
Moreover, Chiliz is not a full-fledged crypto company but uses blockchain technology as an essential tool in achieving business goals in the sporting world. Chiliz applies blockchain technology such as the use of fungible tokens (fan tokens), cryptocurrency (Chiliz token, $CHZ), and smart contracts in bringing about fan inclusion into the activities and in the decision-making process of their teams, thus, expanding the scope of fan engagement, and elevating their stake in the team, from spectators to participators.
What Is a Fan Token?
Source: Socios.com
A fan token is a team’s branded fungible digital asset minted on the Chiliz blockchain and can be traded on the Socios.com platform and exchanged between users for profits. Its value is based on market valuation.
The fan token as a utility token can be used by fans to gain voting rights in polls, compete in leaderboards, and access exclusive promotions and VIP rewards, among others.
Each fan token is equivalent to one vote. So, a token holder’s vote depends on the number of fan tokens they have. Simply put, the more fan tokens, the more voting rights you have, thus, becoming a secondary stakeholder in the team. In addition, when you vote in team polls, you can be eligible for exclusive perks.
Chiliz.com Ecosystem
Two platforms make up the Chiliz ecosystem.
- Socios.com
- Chiliz.net Exchange
Socios.com
Source: Socios.com
Socios.com is an engagement platform or a marketplace that stores fan tokens. Fans can buy fan tokens using the Chiliz token, $CHZ, and trade them with other users as well as have voting rights in decision-making.
Each sports team has a unique fan token, launched through a Fan Token Offering (FTOs) and exchanged for $CHZ on the Socios.com platform. For instance, the soccer club Juventus ($JUV), was the first fan token launched on the platform in Q4 of 2019, followed by the FC Barcelona fan token, $BAR in Q1 of 2020. Others followed afterward, such as Paris Saint Germain, AC Milan, AS Roma, Galatasaray, Valencia, Man City, Arsenal, Leeds United, etc. They are the football teams to have carried out Fan Token Offering (FTO). The fan tokens are stored on the Socio’s Proof of Authority (PoA) side chain.
Further, the socios.com app has several interesting features that attract lots of users to the platform. Those features include; the opportunity to get badges by participating in the platform; having access to augmented reality (AR) based geolocation game, predicting game outcomes by locking up tokens, and lastly the notorious locker room — fans earn bonuses by staking or locking their fan tokens for 120 days in support of a yet to be listed sports team on the platform.
If the team joins socios.com, the fans get access to the team’s fan tokens and other perks. But if the sports team doesn’t get listed on the platform, the user receives their locked tokens.
Chiliz.com Exchange
Source: Chiliz
This is a platform where Chiliz users and sports fans can exchange fan tokens, using Chiliz tokens, $CHZ. It supports both web and mobile devices and has the listed fan tokens on it.
How Does the Chiliz Ecosystem Work? CHZ and Fan Tokens
Here is a general overview of how the Chiliz ecosystem works.
The Chiliz token ($CHZ) is the native cryptocurrency of the Chiliz ecosystem and can be bought from socios.com or Gate.io, stored in a crypto wallet, such as metamask or trust wallet, and used to buy fan tokens from the Chiliz.net exchange or Socios.com app.
The fan tokens are made available on the socios.com marketplace through a fan token offering (FTO), carried out by the sports teams in partnership with Chiliz and it is an ERC-20 token that exists on the Ethereum blockchain backed by smart contracts.
There is always a fixed number of fan tokens to be exchanged on the socios.com platform and burned when a team wins a match or records a great event.
Further, the fan token qualifies fans for exclusive benefits such as VIP rewards, promotions, perks, access to the team’s special events, and ultimately voting rights in some in-house decisions.
Voting influence is determined by the number of fan tokens the user has. One fan token qualifies for one vote while having an increased number of votes asserts your influence in the team’s decision-making process. Therefore, the more fan tokens, the more voting power and access to certain privileges.
Moreover, voting is facilitated by the use of smart contract technology that runs on the Chiliz blockchain.
In addition, some fans support more than one team and can acquire fan tokens for different teams, for example, a Juventus fan can also hold a fan token for New England Patriots — an American football club.
Chilizen Projects
The following are specific projects related to the Chiliz ecosystem and championed by the members of the Chiliz community.
FanTokenRank.Com
This project aims at providing authentic information in the form of an in-depth market analysis of the fan token through price monitoring, charts, trading volumes, statistics, market capitalization, and valuations.
Its focus is on providing vital information about the Chiliz ecosystem, sourcing its data from the Socios.com platform, the company’s website, and other relevant sources. Simply put, it is a go-to site for a detailed market analysis of the progress of fan tokens. The platform is independent of Chiliz and Socios.com.
FanMarketCap.com
This platform publishes the latest developmental information about the performance of the fan tokens and their respective sports teams.
Also, it provides information on the market cap and market performance of fan tokens, thus, guiding new entrants into the Chiliz community.
FanTokenStats.Com
The platform supplies up-to-date data, about Fan Token Offerings (FTO), fan token market cap overview and valuation, daily top gainers, and Chiliz blockchain data, etc, delivered in real-time.
Socios Journal
This is a blog run by the Chiliz community that educates and informs the entire crypto world and the Chiliz community about the activities of the ecosystem such as roadmap, partnership, Chiliz token pairs, news, and recent updates. It is powered by the Chiliz token, ($CHZ).
Chiliz’s Partnerships
Chiliz has partnered with leading sports teams across different sports — football, basketball, formula one, esports, UFC, etc.
Juventus FC, an Italian soccer club was the first team to launch its fan token ($JUV) through a Fan Token Offering (FTO) in Q4 of 2018. Holders of their fan token voted for a change of Chelsea Dagger — a celebration song that follows after the team scores a goal — to Blur’s song 2. Before the poll, the song had been played for eight years after the team scored a goal.
Similarly, FC Barcelona, one of the leading soccer teams in Spain and Europe, launched the $BAR token in Q1 of 2020 through FTO for its 300 million followers. Also, holders of its fan token voted for a mural to hang on the wall of the team’s dressing room.
AC Milan recorded a $6 million purchase of its fan token a few hours after it kicked off its FTO.
Notable soccer teams in partnership with Chiliz include Paris Saint Germain (PSG), Inter Milan, AS Roma, Lazio, Galatasaray, Valencia CF, and Athlético de Madrid. English Premier League teams include Manchester City, Arsenal, Everton, Leeds United, Aston Villa, etc.
Furthermore, Chiliz is in partnership with leading soccer teams in the American NFL and NBA.
Argentina and Portugal are countries whose national teams are in partnership with Chiliz.
Also, Chiliz is in alliance with leading esports teams, Formula One, and UFC among others.
The increased partnership recorded within the short period points to the fact that many sports teams are buying the idea of fans’ engagement in their team’s activities.
What Is the Chiliz Token ($CHZ)?
The Chiliz token ($CHZ) exists on both the Ethereum blockchain as ERC-20 tokens or BNB chain, formerly Binance smart chain as Bep-2 tokens, that serves the Chiliz ecosystem and enables sports fans to buy fan tokens, or any other digital assets on Socios.com — the fan token marketplace.
Also, $CHZ is fuel to the Chiliz ecosystem and is used to acquire any of the fan tokens for any of the sports teams in partnership with Chiliz.
Furthermore, $CHZ is not just a utility token that has the prospect of appreciating over time but is also listed and available on leading cryptocurrency exchanges, such as Gate.io. You can log into your Gate.io account and buy or sell $CHZ tokens.
The price of $CHZ is greatly affected by the team’s popularity, the law of demand and supply, and mostly by the volatile nature of the crypto market.
Is CHZ a Good Investment?
In the sporting world, emotions play a critical role in how fans react to issues concerning their teams. The adoption of Chiliz innovation offers sports enthusiasts the opportunity to engage in the management of their teams and contribute in a way to their development and progress. It also helps sports teams monetize these substantial fan bases.
Basically, Chiliz sees blockchain technology as an enabling technology for its main business which is building a vibrant and engaging fan community. This is a unique opportunity for sports teams to raise the bar and take sports entertainment to the next level.
How Can You Own Chiliz (CHZ)?
One way to own CHZ is to go through a crypto centralized exchange, so the first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy CHZ on the spot or derivatives market.
News on Chiliz
In November 2022, after the FTX crash, Chiliz CEO Alexandre Dreyfus shared a recovery strategy on Twitter. In this case, the creator would distribute 38 million CHZ to open accounts in order to pay up to $10,000 every FTX user who owned CHZ on the exchange.
In September 2022, Julian La Picque was named as the chief financial officer by Chiliz, the proprietor of the blockchain-based sports fan rewards network Socios.com (CFO). According to the company, they will be able to “continue its objective to offer gamified Web3 ready engagement and rewards communities for the world’s biggest sporting properties”.
Useful References
To learn more about Chainlink and upcoming developments in the company, you can visit:
Take Action on Chiliz CHZ
Check out the CHZ price today and start trading your favorite currency pairs.
Related articles
What Are Altcoins?
What Is Dogecoin?