What is Chiliz (CHZ)?

Chiliz (CHZ) is a leading cryptocurrency geared toward the sports and entertainment industries. It runs Socios.com, the world’s first fan engagement and reward network based on the blockchain. Fans can buy and sell Fan Tokens, participate in surveys and polls about their favourite clubs, and have their opinions heard.

This blockchain is based on the Ethereum network, and CHZ is the native ERC-20 token of the platform. You can use the ticket to buy NFTs from Chiliz’s Socios fan token marketplace.

Who Created Chiliz (CHZ)?

Current CEO Alexander Dreyfus started it in Malta. Dreyfus is a multi-time entrepreneur with a long track record of success. Previously, he developed Winamax and Chilipoker (both online poker enterprises) and Webcity, a virtual travel guide, before founding Chiliz in 2017.

Nicolas Maurer, Former NBA Vice President, is a partner and Dr. DisRespect of the world’s most popular video game streamers, Vitality’s esports team CEO. The private token sale of Chiliz, which featured participation from OK Blockchain Capital, Binance, and FBG Capital, raised $66.1 million in 2018.

How Does Chiliz (CHZ) work?

Chiliz (CHZ) runs as an ERC20 and BEP20 token on Ethereum and Binance Smart Chain, respectively. Fans can use their CHZ tokens to purchase their favourite team’s Fan Tokens on Socios.com once they have purchased CHZ tokens.

Many sporting outfits worldwide, including FC Barcelona, and the Aston Martin Cognizant Formula1 team, have offered Fan Token Offerings (FTO) to reward their die-hard fans. Each franchise can customize tokens in terms of pricing, supply, distribution, and the unique benefits and abilities they enable. Exclusive meet and greets, souvenirs, and voting rights for team direction are just some of the perks available with Fan Tokens.

When a team does well, the Fan Tokens can also be burned or removed from circulation. This makes them more valuable because of their performance, such as winning games or scoring points.

Is Chiliz (CHZ) a Good Investment?

Tokens like Chiliz CHZ might be helpful for sports fans who want to impact their favourite teams and players directly. As an added benefit of purchasing CHZ, your favourite teams will grant you access to exclusive offers and benefits.

These tokens could be a good investment for those who see value in the new forms of fan involvement that the platform provides. It is possible to buy CHZ tokens from the platform’s exchange, Chiliz.net, and world-class cryptocurrency platforms like Gemini.

Chiliz entered into a strategic partnership with Chainlink, a decentralized oracle network providing smart contracts with real-world data. This cryptocurrency is aimed at producing non-fungible tokens (NFTs) to mark special occasions, such as player anniversaries or championship triumphs, through this collaboration. If you are looking to invest in NFTs, this is also an excellent opportunity to keep an eye on.