This year, the cryptocurrency industry has established many high-profile partnerships with major sports leagues, teams and individual players. Nowadays, players interact with fans by issuing limited edition NFTs and other benefits related to encryption and blockchain technology.
Cryptocurrency companies also demonstrate their existence by sewing their own names on jerseys, buying stadium naming rights, and paying for cleverly placed prime-time advertisements between games.
Due to its focus on the sports world and helping fans interact with their favorite teams and players, one project that has recently attracted people’s interest is Chiliz (CHZ), the blockchain network behind the Socios.com fan participation platform.
Data from Cointelegraph Markets Pro with Transaction view It shows that since hitting a low of $0.243 on September 29, the price of CHZ surged 171% to a daily high of $0.657 on October 31. Recent developments are pushing prices back to swing highs.
Three reasons for CHZ’s growing strength include: the launch of real-time in-game NFTs, CHZ’s recent exchange listing and its newly released fan tokens, and the rapidly expanding partner ecosystem of the agreement.
Real-time in-game NFT drop
The prelude to the current rally was the first live broadcast of NFT drops on the platform in the game, which took place in the match between AC Milan and AS Roma.
This Sunday, when we release the first ever, history will be created @AC Milan NFT.
-Socios.com (@socios) October 29, 2021
Through this design, new NFTs will be generated based on key moments in the live game, and then put into the wallet of fan token holders who correctly predict the outcome of the game.
After the announcement of this new method of distributing NFTs, demand for the token surged and continued to grow in the next few weeks.
CHZ and fan token support
Another reason for the strong momentum of CHZ is the addition of new exchange lists and the newly released fan tokens for clubs such as Sao Paulo Football Club, AC Milan and Manchester City.
-Binance (@binance) November 10, 2021
In addition to listing, Binance also allows fans to earn tokens from their favorite teams by collateralizing Binance Coin (BNB), Binance Dollar (BUSD) and CH.
OKEx also announced that it will support tokens from the Chiliz ecosystem, and CHZ seems to have benefited from eToro’s newly listed cryptocurrency exchange on November 9.
An expanding ecosystem supports the current rebound
Ecosystem expansion may be another recent development that is strengthening the fundamentals of CHZ.
More than 80 sports properties announced @chiliz X @partner, More than +100 have been signed. While improving our products and starting to prepare global marketing campaigns, we focus on building a leading new fan ecosystem (engagement x monetization). #Innovation pic.twitter.com/mZKOL6IyDH
— Alexander Dreyfus (@alex_dreyfus) November 6, 2021
Recently, the platform announced a partnership with Kraft Sports and Entertainment, which will allow the New England Patriots of the National Football League (NFL) and the New England Revolution of the Major League Soccer (MLS) to join Chiliz And the Socios ecosystem.
This cooperation marks Chiliz’s first foray into the NFL and MLS and indicates that the goal of the agreement is to extend to all major sports leagues because fans need more participation.
VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for CHZ began to be discovered on October 28.
Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.
As shown in the figure above, CHZ’s VORTECS™ score began to rise on October 27, and reached a high of 70 on October 28, and its price began to rise by 125% in the next two weeks.
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