This year several high-profile partnerships have been established between cryptocurrency companies and major sports leagues, teams, and professional players. Today, gamers interact with their fans by issuing limited edition NFTs and other advantages associated with cryptocurrencies and Blockchain technology.
Cryptocurrency companies are also making their presence known by putting their names on T-shirts, buying the rights to stadium names, and paying for cleverly placed prime-time commercials between the breaks of each match.
A project that has seen a recent surge of interest thanks to its focus on the world of sport and helping fans to interact with their favorite teams and players is Chiliz (CHZ), the blockchain network behind the fan engagement platform, Socios.com.
Data from Cointelegraph Markets Pro and TradingView show that Since reaching a low of USD 0.243 on September 29, the price of CHZ soared 171% to reach a daily high of USD 0.657 on October 31, and the latest events are pushing the price back to new heights.
Three reasons for the growing strength of CHZ are the launch of NFT amid matches, the listing of the native token on various exchanges, as well as its new fan tokens and the protocol’s rapidly expanding ecosystem of partners.
Time-minted NFTs
The event that marked the beginning of the current rebound It was the launch of the function that NFT coined in the middle of matches, which occurred in a match between AC Milan and Roma.
This Sunday, history will be made as we release the first ever @AC Milan NFT.
Here’s how you can be one of ONLY 100 to own one #ACMNFT | $ ACM So?? $ CHZ pic.twitter.com/0z1aGyFgAC
– Socios.com (@socios) October 29, 2021
History will be made this Sunday with the launch of AC Milan’s first NFT.
Here’s how you can be one of those who own one of AC Milan’s UNIQUE 100 NFTs.
With this design, the new NFTs are minted as a match unfolds, based on key moments in the match, and then delivered to the wallets of fan token holders that correctly predict the outcome of the match.
The announcement of this new NFT distribution method was followed by a spike in demand for the token that has continued to rise in the weeks since.
CHZ support and new fan tokens
Another reason for the CHZ momentum has been the inclusion of the asset to various exchanges, as well as its new fan tokens for clubs such as São Paulo FC, AC Milan and Manchester City.
Introducing Manchester City @ManCity Fan Token $ CITY on Binance Launchpool! Farm $ CITY by Staking #BNB, $ CHZ and $ BUSD Tokens
âž¡ï¸ ?? https://t.co/LvGgKeympQ pic.twitter.com/4V5OP63GFS
– Binance (@binance) November 10, 2021
In addition to inclusions, Binance also allows fans to earn tokens from their favorite teams by staking Binance Coin (BNB), Binance USD (BUSD), and CHZ.
OKEx also announced that it will add support to the Chiliz ecosystem tokens and CHZ appears to have benefited from its listing on the eToro cryptocurrency market on November 9.
Expanding ecosystem supports current rebound
The expansion of the ecosystem could be another recent development that is improving the fundamentals of CHZ.
More than 80 sports properties announced partnerships with @chiliz x @partners, more than +100 already signed. While improving our product and starting to prepare a global marketing campaign, we focus on building a leading new fan ecosystem (engagement x monetization). #innovation pic.twitter.com/mZKOL6IyDH
– Alexandre Dreyfus (@alex_dreyfus) November 6, 2021
More than 80 sports entities announced partnerships with Chiliz y Socios, more than 100 have already signed. As we improve our product and start preparing a global marketing campaign, we focus on building a new leading ecosystem for fans (commitment to monetization).
The platform recently revealed a partnership with Kraft Sports and Entertainment, which will see the New England Patriots of the National Football League (NFL) and the New England Revolution of Major League Soccer (MLS) join the Chiliz y Socios ecosystem.
This partnership marks Chiliz’s first foray into the NFL and MLS and indicates that the protocol has its eyes on expansion to cover all of the major sports leagues where fans are looking for ways to engage with their favorite teams.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for CHZ on October 28, ahead of the recent price surge.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity in Twitter
As seen in the chart above, CHZ’s VORTECS ™ Score began to rally on October 27 and hit a high of 70 on October 28, just as its price began to increase 125% in the next two weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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