Have you ever wished to take part in your favourite football team decisions? Thanks to fan tokens, now you can. Chiliz is a project that enables sports organizations to engage with their fans, letting them take part in some of the club decisions.
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What is Chiliz?
Chiliz describes itself as “the world’s leading blockchain fintech provider for sports and entertainment”. It is a network powered by the native cryptocurrency $CHZ. The mission? Provide a different type of fan experiences for sport consumers.
The company, founded by Alexandre Dreyfus (go follow him on Twitter if you don’t), believes that this technology will revolutionize the way people interact with the digital world. They seek to start materializing this vision by developing real-world applications for everyday life. In this case, within the world of sports.
Fan tokens and Socios.com
The Chiliz method is simple and effective. Partnering with different sports organizations (you’d be surprised by the distinguished roster they’ve already locked up), the company mints what they call “fan tokens”. These are cryptos specific to a team or a club that allow whoever holds them a vote on that team’s polls and surveys and lets them participate in contests, raffles and giveaways. Only by holding these tokens can fans join in all the activities and games hosted by their club. Therefore, owning a fan token would be like owning a little piece of your membership to your club. Pretty cool, right?
First, fans must download the Socios.com app, which acts as the interface for Chiliz functionalities. Then, fans can purchase $CHZ, fan tokens, participate in different activities, and even go token-hunting: a fun, immersive way to achieve all of Chiliz available cryptos without expending a penny. It is extremely user-friendly, simple, and fun.
The process goes like this: A fan downloads the Socios.com app. In it, they can buy $CHZ with their credit card or via bank transfer. After they buy $CHZ, they can both hold it or swap them for any club’s fan token, let’s say AC Milan’s $ACM. Once they have $ACM in their Socios.com wallet, they can participate in every activity hosted by AC Milan, whether it’s a poll, a contest, a trivia or a giveaway. Finally, when the fans are no longer interested, they can sell their $ACM for $CHZ or any other crypto. Even more, if the $ACM price rose after they bought it, they got the chance to participate in every event and sell at a profit!
Fan tokens have a limited supply which makes them more valuable as they become less and less available. Their price depends on the market laws of supply and demand. That said, it is common to see the teams’ performance and recent form affecting the price. For example, if a team starts winning all its games and runs to the top of the league, their excited fans want to become more involved and buy more fan tokens, which generates buying pressure and drives the price up.
$CHZ, Chiliz blockchain fuel
As we said, the $CHZ token is the native cryptocurrency of the whole Chiliz network. With it, fans can purchase any fan tokens through the Socios.com app. However, they can also trade it like any other cryptocurrency, as major exchanges like Binance and Bitfinex have already listed it.
$CHZ has a maximum supply of 8.888.888.888, although Chiliz demands most of it to cover operational expenses, corporate structuring and platform support.
You can track $CHZ and fan tokens’ price and market capitalization using The Crypto App. Download the app here.
Chiliz unique value
The reason why Chiliz is such a promising project is that it portrays the perfect win-win situation. It brings fans and clubs closer together. The former get to enjoy taking an actual part in their favourite team’s decisions and contests. The latter have a new, direct channel to interact and engage with their fan base.
Thereupon, it is no surprise that industry giants like FC Barcelona, AC Milan, Paris Saint-Germain and Juventus all jumped on board when they saw the possibility. The business model and system work so well that it has already reached other disciplines. The company has secured football, esports and gaming, basketball, and mixed martial arts organizations, with more to come soon.
Thanks to Chiliz, a PSG fan who lives outside France, for example, can now interact with their favourite club. Also, they save both time and money since they can do it comfortably sitting on their couch. And they even get the chance to make a profit out of it!
Blockchain has reached the world of sports, and it’s good news
Hard work, sustainable plans, innovative ideas and outstanding business development have brought Chiliz to become an industry leader a lot quicker than everyone expected. Moreover, it has succeeded in channelling something invaluable to every project, which is human passion. Chiliz gives fans a way to express themselves, show support, and get involved. Long story short, the company encourages fans to become more than that, but actual partners of their favourite teams.
However, it doesn’t end there. Chiliz has shown the world that the blockchain is much more than a ledger in which you can store data. It has vast real-world possibilities and applications. Fan engagement within the world of sports is merely a taste of it. It is only a matter of time that other companies like Chiliz and other visionaries like Alexandre Dreyfus follow their steps and start developing practical use cases for the blockchain. We, the people, will be thankful.