Chiliz Crypto allows you to have unique experiences and connections with your favourite sports teams. It is inspired by the socios of Spanish football teams, where fans pay for a subscription for voting rights or early access to season tickets. The Chiliz ecosystem uses blockchain technology to unlock new levels of fan engagement with their favourite sports teams.
CHZ is an ERC-20 token and the native crypto token of the Ethereum-based Chiliz blockchain. It serves as the currency of the platform and enables you to purchase NFTs at its Socios fan token marketplace. The Socios website allows you to buy NFTs for your favourite sports team. The CHZ crypto token enables you to buy branded NFTs and is the only crypto accepted in the Socios marketplace. You can buy NFTs, earn them in contests, trade them, or exchange them for branded merchandise on the Socios website or app. The Socios site offers branded NFTs for over 25 esports and sports teams. Before the introduction of Chiliz, sports fans could only engage with their team by watching games or buying merchandise.
The fan tokens offered by the Chiliz blockchain enable sports fans to influence the decision-making process of their favourite sports team. It also helps sports teams to monetize fan attention while providing extraordinary experiences to their loyal fans.
How does Chiliz work?
Its native crypto, CHZ, can work both as an ERC-20 token on Ethereum platforms and as a BEP2 token on the Binance Smart Chain. It can be bought from the Chiliz exchange or other crypto exchanges. Once you purchase CHZ, you can buy fan tokens for your favourite sports teams from the Socios website or app. Many sports teams, such as the Golden State Warriors, Arsenal, PSG, and the Alfa Romeo Formula 1 team, have organized fan token offerings (FTOs) for their supporters. Each sports team can customize its crypto token’s supply, price, distribution, rewards, and features. These tokens can be removed from circulation or burned, depending on the sports team’s performance. For example, scoring goals or winning races could make the fan tokens scarce and more valuable.
Proof of Authority (PoA)
Fan crypto tokens are built and verified on the Socios sidechain through a proof-of-authority (PoA) consensus mechanism. PoA differs from other traditional consensus systems in that it relies on a small number of known verifiers rather than a network of anonymous nodes to verify crypto transactions on the network. The PoA mechanism is considered less decentralized but is often deployed by blockchain networks that want to scale and be more efficient. VeChain (VET) and Energy Web Token (EWT) also use the PoA consensus method.
Oracles
It will partner with the decentralized Oracle network Chainlink to receive real-world data for smart contracts development. It aims to build unique NFTs to commemorate special sporting achievements such as league championships, race wins, or individual player milestones in real time through the Chainlink partnership.
How do fan tokens work?
Fan tokens give you the right to decide on issues related to your favourite sports team. The aim is to make loyal sports fans feel involved in the team’s decisions and future. For example, a team can let fans vote on their jersey, celebration style, and artwork in the locker room. Thus, fans can feel more involved and influence decisions about their favourite sports team.
What makes Chiliz unique?
The Chiliz blockchain has a clear business strategy based on fan tokens to leverage blockchain technology to build fan communities. This strategy has helped to manage the volatility of the crypto market and also attract investors. NFTs have proven valuable in the gaming industry, allowing gamers to achieve in-game rewards, customize profiles, or level up. They are often deployed in user loyalty programs. Chiliz leverages this blockchain technology to create unique experiences for sports fans and connect them with their favourite team.
How to stake Chiliz?
CHZ staking involves locking crypto to take part in the consensus process. You can earn crypto tokens in return and help secure the crypto network. First, visit the Chiliz Staking website, next, link your digital wallet with the platform. Choose a validator to stake your tokens and earn a portion of the block reward. Next, enter the number of crypto tokens to stake and press submit. Finally, open your crypto wallet to confirm the stake.
Chiliz coin future
The Chiliz blockchain has established partnerships with many big sports teams and brands, including the Philadelphia 76ers basketball team, the Arsenal football club, and the Aston Martin Formula 1 team. These sports teams have held fan token offerings (FTOs) for their loyal fans. Each team can customize its fan token’s distribution, price, rewards, and special features. It has a presence in many countries, including Spain, Brazil, France, and South Korea, and plans to expand to add more offices worldwide. It is also optimistic that more sports teams and franchises will join their initiative. It can transform the way sports fans engage with and connect with their favourite teams. Additionally, more features will be added to its ecosystem, such as Smart contract asset bridging and wrapped stablecoin support. This will result in improved performance and easy accessibility for all stakeholders in its ecosystem.
You can now buy CHZ on ZebPay. Join the millions already using ZebPay.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.
