The expansion of cryptocurrency in 2021 integrated blockchain technology with a variety of new industries. The sudden onset of sports-related cryptocurrency projects allowed developers to tap into a rich, untouched market of voracious sports fans – fans willing to spend money freely if it involves their team. Leading the pack is Chiliz Coin, a project designed to facilitate direct engagement between fans and athletes. Reaching an apex at 20-times their prior price, Chiliz is one of the stand out successes of 2021.
Unlike the proliferation of sports-related NFTs, Chiliz’s main focus is the creation of ‘Fan Tokens’ within their ecosystem. These tokens are limited supply and act as governance tokens towards the associated team or athlete – allowing the holders to vote on decisions impacting the sport. Further, holders can experience exclusive perks tailored to their specific team.
The Introduction of Cryptocurrency to Sports
Despite the popularity of cryptocurrency-based gambling, there was little crossover between cryptocurrency projects and traditional sports prior to 2021. Most moves in this direction were publicity stunts for one coin or another, rarely leading to anything major. In contrast, 2021 saw an explosion of NFT offerings – many related to high-profile sports agencies. Like next-generation trading cards, these NFTs gained rapidly in price and flooded the industry.
Beyond that, Chiliz’s approach brought the more financial aspect of cryptocurrency to the forefront. Disparate teams like the NHL’s New Jersey Devils, Football’s Manchester City and Formula 1’s Aston Martin and Alfa Romeo have launched their own Chiliz based fan tokens. Beyond that, AC Milan used the engagement system to vote on a motto for their home dressing room. A recent Professional Fighter’s League game featured combatants chosen through the same engagement process.
As the CHZ coin’s main ecosystem, Socios.com allows for the aforementioned fan engagement. Bypassing traditional tripping hazards in the cryptocurrency onboarding process, Socios allows direct purchase of Chiliz. It also features a mobile app and professional user interface that smooth out the rough edges of cryptocurrency use.
Bringing new investors into the industry remains highly dependent on reducing the steep learning curve involved. In this way, Socios and Chiliz measurably succeeded – pushing CHZ into the list of top cryptocurrencies during the recent boom. Fans will always be eager to get more involved in their beloved sports teams, and Chiliz remains poised to capitalize on that fact.