Have you been looking for that one software that could open the floodgates and lure hundreds of millions of users into cryptocurrency? Obviously, that elusive unicorn would be worth a lot of money. This means that if you came in at the appropriate time, you could make some incredible returns.
What is that initiative, though, that combines NFTs, sports, and crypto? This is the type of rocket fuel that may propel it into orbit. If you’re nodding your head, I believe I’ve located the project for you, which is Chiliz.
So, I’m going to inform you about all you ought to know about the Chiliz ecosystem, as well as why I believe it’s one of the most exciting crypto projects right now. I’ll also discuss the CHZ token, fan token offerings, and a slew of other topics.
Simply stated, Chiliz is a tool that allows teams to make team management more fun. Turn it into a stand-alone entertainment experience and monetize the appetite for voting rights. On the other hand, fans will have a new avenue to support their club and will be able to vote on key team decisions.
All of this has an impact on actual athletic events. As a result, it’s a victory for both the team and the supporters who are excited about the prospect. Now that you’ve learned about Chiliz’s primary value proposition, I’d like to expand on things by looking into the Chiliz ecosystem.
Chiliz is made up of two main platforms
1. The first is called socios.com
It is a crowd management tool for teams. This allows fans to participate in numerous decisions and have an impact on events involving their beloved sports teams. All of this is because of blockchain-based fan tokens, which enabled the reliable and trustless deployment of tokenized voting privileges. All of this is done through the Socios platform’s smart contracts.
Several essential aspects of the Socios app are currently operational
The first is that it functions as a fiat on-ramp into cryptocurrency. Chiliz tokens can be purchased using the app using Master Card, Visa, Skrill, and Rapid. And get your own hands on the supporter tokens for your preferred team. You’ll require those Chiliz tokens.
After that, there’s a trading area where you may purchase and sell fan tokens. Then there’s the fact that the all-in voting feature wasn’t available to those who had fan tokens. This enables you to vote on t-shirt designs, the title of the training fields, and other topics.
Lastly, you’ll have access to systems known as the locker room. The app’s current focus with respect to accepted sports is football. Nonetheless, several Esports and basketball teams are already involved, and MMA will be available soon.
2. The Chiliz Exchange
The major attraction is all of the fan token trading pairs, which are limited to CHZ trading pairs. For example, there are a few more common crypto trading pairs, such as CHZ to USDT or CHZ to BTC. However, to be honest, the exchange of fan tokens is the major focus.
Alright, I understand that I’ve looked at a lot, but I still haven’t gotten into the tokens.
Chiliz ecosystem tokens classified into four types
1. Fan tokens
To begin with, there are the fan tokens, which were distributed to all sports teams that partnered with Chiliz on Socios. A limited number of fan tokens are distributed for each team, each with specific voting rights and the capacity to access rewards and the privileges I mentioned before. Fans obtain voting rights by exchanging Chiliz tokens for fan tokens, which grants them decision-making authority over that team.
What’s even more intriguing is that these fan tokens have spawned a new type of crypto-backed fundraising called the Fan Token Offering (FTO). On the socios.com platform, new partners are introduced in this manner. Another thing to remember is that Chiliz unveiled fan token-burning methods earlier this year. In other words, the better the club plays and the more fans that own fan tokens, the fewer tokens will be available.
2. The Chiliz or CHZ token
That’s the one that previously flew to the moon and captured the majority of the media headlines. It’s worth noting, though, that it’s an ERC20 utility token as well as a BEP-2 token on the Binance Smarty Chain. If you’re depositing or withdrawing from an exchange, be careful not to mix things up.
CHZ tokens serve as the backbone of the Chiliz ecosystem, allowing fans to obtain the all-important fan tokens for any of the socios.com-partnered teams. It’s also accurate that, like any other cryptocurrency, CHZ may be utilized to hold and transfer value, and it can be transacted on exchanges.
3. Locker Tokens
There’s a function called the “Socios Locker Room” in the Socios app. Its goal is to demonstrate to potential partner clubs how high the demand for their team’s fan tokens is.
With every potential partner club, a locker is established. These are available for a period of 120 days. Users can deposit CHZ tokens in the locker in exchange for Locker Tokens. If the partner agrees to introduce a fan token, these locker tokens are exchanged for legitimate fan tokens.
When a prospective partner does not choose to activate their fan token within the stated time frame, you will receive a refund of your CHZ tokens. If the club does go through with that utilization, you’ve guaranteed your allotment of fan tokens and will receive an extra CHZ payback of 10% of your initial investment.
4. The ERC1155 NFTs
It is the last kind of token in the Chiliz ecosystem. Socios collaborated with Enjin (ENJ) to develop Ethereum-based collectibles for partner teams. On the Chiliz NFT side, I believe it all comes down to the benefits that may be obtained by keeping these NFTs. I have no question that if they unlock excellent limited benefits or distinctive experiences that fans genuinely want, they’ll come at exorbitant pricing.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
