Crypto seeks to disrupt almost every industry, from logistics to business to finance. There is no exception in the sports industry. Socios.com is a crucial player in the blockchain sports industry, powered by the Chiliz token.
Chiliz is on a mission to turn sports fans from passive observers to active influencers as one of the leading sports-focused crypto businesses. The initiative thinks that passion should be recognized and that every fan has the right to make their voice heard, wherever they are in the world. The coin gained significant traction in the industry throughout 2021, thanks to a unique offering and several remarkable partnerships. The Chiliz (CHZ) currency regained in late March after falling in value in early 2022. However, a bearish run decreased the token price in April and May.
In this article, let’s learn more about the coin and whether it is a wise investment.
What Is Chiliz (CHZ)?
Chiliz is the company that created the Socios platform as well as the CHZ token.
CHZ is an ERC-20 token that runs on the Chiliz blockchain based on Ethereum. The token functions as a currency, allowing users to buy NFTs from Chiliz’s Socio Fan Token market. Chiliz is based in Malta and was created by Alexander Dreyfus. The platform aims to empower sports and esports fans by using cryptocurrency and blockchain-based fan networks to convert them from passive spectators to active influencers.
Chiliz is mainly focused on two issues: funding and engagement. The platform now allows fans to invest in and influence sports organizations and gives them access to vital funds. This way, they make fans feel more connected to their favorite teams. Chiliz’s team includes regulated gaming, sports-centered business development, and gaming technology professionals. However, football is the main focus.
Chiliz envisions providing sports fans the ability to purchase a direct vote for their favorite team. It also plans to develop a crows management platform for numerous sports, leagues, teams, and events.
How Does Chiliz Work?
Socios sells Fan Tokens, which are unlike ordinary collectibles. Fans can interact with teams and influence team decisions through team-branded NFTs. Fans who have purchased tokens can use them to vote in polls run by teams that have become Socios partners.
For example, when Juventus FC scores a goal, token owners can select a song to celebrate with that will be played through speakers. Juventus has celebrated scores with a Chelsea Dagger song for the past eight years. The song Blura, Song 2 was chosen as a replacement by Juventus fan token holders, with a slight change from the team.
FC Barcelona fans have picked a mural for the team’s locker room wall. Paris Saint-Germain fans have picked a message to be written on the captain’s armband during games. Fans can pick an in-game caption that appeared as the OG esports team played during the charity event. They pick a branded scarf design to wear throughout the event and sell it as fan merchandise, thanks to the Spanish esports side Team Heretics.
Premium seats at events, live streaming events, team meetings, branded products, gaming products, and scoreboards are some of the extra benefits that teams and entertainers can offer token holders. Fans enjoy additional benefits and a deeper relationship with the team by purchasing more team-branded NFTs. Socios partners issue NFTs in the Fan Token Offer. The tokens are kept on the Socios Proof-of-Authority (PoA) side chain. Prices of these fan tokens fluctuate based on team popularity and supply and demand laws.
What Makes Chiliz (CHZ) Unique?
Chiliz has a clear goal and a well-defined business model based on fan tokens.
Although cryptocurrencies and NFTs may be used in various ways, Chiliz sees cryptocurrency as the technology to support its main business of developing fan communities. This approach has helped Chiliz attract investors and minimize the volatility that frequently affects cryptocurrency markets. Chiliz is not a cryptocurrency company but rather a company that uses cryptocurrency as an important approach to fulfill business goals.
NFTs have demonstrated their worth in the gaming industry, where they enable players to progress, customize their profiles, and fulfill in-game goals. They are widely used in user loyalty programs.
Chiliz (CHZ) Price Prediction
Chiliz (CHZ) currently has a market cap of $566 million, with a circulating supply being 6 billion CHZ coins.
From its launch until last year, CHZ Coin has only gone through bearish trends with an average price of $0.004 in 2019 and $0.009 in 2020. In 2021, CHZ started to gain track and quickly reached its all-time high of $0.89. Since then, the coin fell and is currently trading at $0.09, which is an 89.41% fall from its all-time high.
We expect CHZ to rise and break its previous all-time high in the short term. For this year, we at Crypto Academy predict that the price of Chiliz might vary from $0.63 to $0.89. If the market is not on the Chiliz side, then the coin can fall to $0.42. In 2023, we expect that Chiliz might break its ‘barriers’ and reach a maximum price of $1.76 with an average of $1.29. However, its price can fall and reach $0.98.
If we talk long-term, Chiliz might perform better than ever. In 2024, we expect the coin to have a slighter increase compared to 2023, as such reaching $1.76. 2025 might have the coin increasing slowly, just like the previous year. This year, the maximum price could be $1.90 and the minimum $1.47. Chiliz might see a more bullish trend in 2026, with a maximum price of $3.01 and an average of $2.20.
Conclusion: Is Chiliz (CHZ) A Good Investment?
Chiliz might be an excellent investment. It is set to significantly impact the cryptocurrency market, thanks to a well-thought plan and vision.
Chiliz (CHZ) has the potential to overcome all barriers and remain a popular token on various cryptocurrency exchanges. To make a long-term profit, investors should conduct a risk ‘test’ before purchasing or selling any cryptocurrency they might be considering. Chiliz is now trading at $0.09 per coin. According to our predictions, Chiliz (CHZ) might reach $1.76 by the end of 2025.
In other words, if you are considering purchasing a coin that might make you profit in the long run, then Chiliz could be it.
Takeaways
- Chiliz aims to turn sports fans from passive observers into active influencers.
- Chiliz is the first sports and esports-based cryptocurrency.
- The Chiliz platform allows fans to interact with their favorite teams and influence their decisions through team-branded NFTs.
- The more team-branded NFTs you have, the more votes you get on the team votes.
- Chiliz is expected to reach $3.01 by the end of 2026.
- CHZ is considered to be an excellent long-term investment.
