Why Are Sports Fans Going Crazy Over This Glowing Crypto?

While Chillies (CHZ) ranks as a top-50 crypto by total market cap, chances are most crypto investors have never heard of it. The first time someone mentioned Chiliz to me, I thought they were talking about the restaurant chain. And yet, this relatively unknown crypto has been gaining serious momentum lately. Over the last month, Chiliz has increased by more than 100% (from last week).

Chiliz is a crypto token that powers fan engagement. To do this, it partners with top sports teams around the world. When fans purchase fan tokens that trade on the Socios.com fan engagement platform (which sits on top of the Chiliz blockchain), they can have a voice in the decisions of their favorite sports teams or gain access to special VIP events. Understandably, sports fanatics are going crazy right now over Chiliz.

A world of fan tokens

The first reason why Chiliz is unique is that it has pioneered the use of fan tokens. Each fan token enables its holder to gain access, benefits or advantages. For example, you can gain access to a private VIP event or the right to vote in a team-related issue. In one case, fans could vote on the mural to be painted in the team’s locker room, and then a lucky winner got the opportunity to meet the team there. If you’re a sports fan, Chiliz has real tools. And it provides holders with these capabilities in a way that is seamlessly integrated with the websites and apps of sports teams via the Socios.com platform.

Image source: Getty Images.

Chiliz has already partnered with the likes of FC Barcelona and AC Milan, both of which have rabid fan bases around the world. In total, Chiliz has entered into more than 145 partnerships with sports teams in a variety of different sports (including F1, esports and cricket). Since the Chiliz blockchain development team is based in Europe, it makes sense that the initial focus has been on European sports teams. But Chiliz has also partnered with high-profile sports teams within the NBA, NFL and NHL.

Scalability

For Chiliz, the concept of crypto tokens for sports fans offers almost unlimited scalability. For example, when it first cooperates with one sports team, it becomes relatively easy to cooperate with all other teams in the same league. American sports leagues continue to talk about expanding internationally, and using the Chiliz fan token could be one way to do this. When the NFL plays football games in London, for example, it can use Chiliz fan tokens to create unique VIP experiences for our friends across the pond.

Until recently, scalability has been limited by the fact that Chiliz was built on Ethereum (ETH) blockchain. This meant high transaction fees and a lot of congestion on the blockchain. But Chiliz is transitioning to a brand new blockchain called Chiliz Chain 2.0, which will make Chiliz much more scalable, as well as cheaper and easier to use. As a result, Chiliz is asking developers to create new decentralized applications for the brand new blockchain upgrade. And Chiliz’s development team now refers to itself as “the world’s leading blockchain fintech provider for sports and entertainment.”

The last part – “and entertainment” – is very interesting. It suggests that the Chiliz blockchain could be used to create fan tokens for almost any industry with star appeal. How about fan tokens for foodies and their favorite chefs and restaurants? Or fan tokens for entertainment projects, like movies? Or fan tokens for (ahem) writers and journalists?

Should I buy Chiliz now?

The Chiliz crypto appeared on my investment radar almost by accident and I’m glad it did. I was simply looking for altcoins that had popped up by more than 100% recently and Chiliz kept making the list. Learning more about why Chiliz has been successful has taught me a lot about what is working right now in the crypto world. Chiliz has figured out how to harness passionate fan communities and unite them around crypto.

In some ways Chiliz reminds me of ApeCoin (MONKEY), which has attempted to create an online fan community around digital images of Bored Apes. Obviously Chiliz has much more mainstream appeal. Moreover, it has much more to offer in terms of utility and worldwide appeal. I’m positive about Chiliz, especially at the bargain basement price right now. Next time I watch a sports game, I’ll check to see if Chiliz is part of the action.