Chiliz In-Game NFT Innovation Positions CHZ for Gains
Sports fans are increasingly flocking to the Chiliz blockchain, and the token price shows it. Chiliz, which is behind the Socios sports-fan engagement app, has seen its ecosystem grow by leaps and bounds. Its profile has risen as it has taken new ground with in-game NFTs and forged key partnerships that will expand its footprint into the NFL and major league soccer (MLS).
Meanwhile, the CHZ price has been rewarded for this innovation and has been on a roll. CHZ is up more than 30% in the month of November so far. Since mid-September’s closing price, Chiliz has seen the value of its token, which fuels Socios.com, balloon by 60%.
Chiliz is known for its fan tokens and boasts more than 100-plus sports organizations on its platform. The project has started making an NFT push and recently featured AC Milan as its maiden partner to jump in. AC Milan, a Serie A team, introduced an NFT line on Chiliz’s Socios app. These are not just any NFTs.
Instead, AC Milan has minted what’s been dubbed in-game NFTs with Chiliz that reflect snapshots from live matches. To start, 100 limited edition NFTs were minted and dropped to holders of the ACM Fan Token during the A.C Milan and A.S Roma matchup. The content of the NFT is taken from game highlights, which is an innovative spin on these popular digital collectibles.
Chililz said this would be the “first of many similar launches to be held with the club and other Socios.com partner clubs.” Token holders can trade any Socios NFTs on the Ethereum blockchain, the most widely used platform for non-fungible tokens.
— Tomislav Ditrih (@tomislav_ditrih) November 8, 2021
Chiliz is also gearing up for the launch of the Chiliz Chain 2.0, which will give “whitelisted smart contract developers” the opportunity to create NFTs and fan tokens. This will strengthen the use case for the CHZ token, which will be used to pay any fees on Chain 2.0.
Chiliz is no stranger to leading exchange Binance, and its token has been trading on the exchange since 2019. Now Binance is listing Manchester City’s Fan Token (CITY), which the sports club launched with Chiliz on Socios earlier this year.
In addition, Chiliz’s Socios has inked partnerships with NFL and MLS teams, giving it the project’s first exposure to these American sports leagues. In particular, the deal is with Kraft Sports + Entertainment, through which Socios is linking up with the NFL’s New England Patriots and MLS club New England Revolution. Through the partnership, fans will be incentivized to participate in activities on the Socios mobile app.
If Chiliz and Socios can continue to innovate and score new deals, it bodes well for CHZ token demand.