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Chiliz Bringing Power Back to the Fans

Chiliz has created a reputation for itself through working with over 40 companies, ranging from huge football clubs like Juventus FC to esports groups like Natus Vincere.

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Chiliz has created a reputation for itself through working with over 40 companies, ranging from huge football clubs like Juventus FC to esports groups like Natus Vincere. Chiliz sells Fan Tokens for each team via the Chiliz Exchange and mobile app, Socios.com. Holders of Fan Tokens can use this platform to interact with their teams and win incentives. The Chiliz Token (CHZ), which is the primary token for both sites, may acquire Fan Tokens on both platforms.

CHZ is supported by the Ethereum and Binance Chain networks. however, not by the Binance Smart Chain network. All fan tokens on the Chiliz Exchange are linked to CHZ. You’ll need to get some so you can begin making choices and demonstrating your support for your favorite team. Alternatively, you can purchase Fan Tokens with other cryptocurrencies on platforms like Binance and OKEx.


The exchange has a strong track record

With more than 30 Fan Tokens accessible for trading across a variety of sports. The platform contains a varied and comprehensive choice of Fan Tokens to appeal to the ever-increasing number of crypto sports lovers, from renowned brands in Formula 1 to tiny, unknown clubs.

On the 19th of July alone, the Chiliz exchange handled upwards of $140 million in trading. That’s approximately 18 times the daily turnover of OpenSea and approximately seven times the Axie Infinity Marketplace. It is undoubtedly one of the most popular gaming and NFT platforms in the market right now.

Fan Tokens on Chiliz blockchain

All Fan Tokens are created on the Chiliz blockchain. It is an EVM-compatible blockchain that validates transactions using the Proof-of-Authority process. Instead of employing a decentralized network, new blocks are created by a group of “authorized” nodes or validators. To ensure the network’s security, these nodes, or “validations,” are typically public institutions. In actuality, the majority of Chiliz’s partners are validators. The company aims to enlist the help of more of their sporting clubs to operate authority nodes too. Rakuten Europe has previously expressed interest in being an official node validator. Exchanges like Huobi and Binance have incorporated withdrawals and deposits into and out of the Chiliz network to make it simpler for clients to access the blockchain.

You can partake in Fan Token Offerings (FTOs) on the Socios.com app in addition to exchanging Fan Tokens on the Chiliz Exchange. A predetermined number of fan tokens from a new club entering the platform will be available for purchase at a preset price through these FTOs. It is before they are formally issued to the public. This means that every fan has the opportunity to buy these tokens and demonstrate their support. It is before they are on the market. On the other hand, FTOs are only held for a specified duration, so be prepared to have some CHZ on hand!

As said before, these coins can be employed to impact team decisions, such as selecting a slogan for the captain’s armband or even designing a new team bus by voting or partaking in team polls! The greatest feature is that you only require one token to vote. However, the more tokens you have, the more authority you have to impact the end result.

Holders of tokens are also eligible to win once-in-a-lifetime experiences

Fans previously had the privilege of meeting and greeting their favorite footballers from the Paris Saint-Germain soccer club. The FC Barcelona Fan Token holders have the option to play a game at Camp Nou, the team’s home stadium.

When utilized for voting, Fan Tokens never burn and have endless usage. But, in order for your votes to be genuinely counted, you must utilize the Fan Tokens on the Socios app. The Socios voting mechanism is managed using smart contracts on the Chiliz blockchain. This ensures that the process is transparent and open to anyone.

The Socios app is much more than a way for you to utilize one of your Fan Tokens. It’s an all-in-one adventure for sports fans. You may make match forecasts and battle with others for incredible prizes like autographed jerseys and VIP matchday packages. You can also participate in their daily Token Hunt to gain free Fan Tokens, which is similar to Pokemon Go.

Fans “HUNT”

Fans can ‘hunt’ for CHZ or Socios United tokens (SSU), the network’s own Fan Token, via Token Hunt, which can vote for modifications and new functionalities on the app. In exceptional cases, one can even get Fan Tokens from competing teams. To acquire these tokens, players must locate and open treasure boxes in various locations around them. Every day, users can open up to ten treasure chests, which will update every 24 hours or so, providing you with the opportunity to earn free tokens that will accumulate in your Socios wallet.

Valuable NFTs are on the way and will be available soon, despite the fact that they still undergo tests. Chiliz CEO Alexandre Dreyfus has previously stated that supporters may be able to bet their Fan Tokens in return for NFTs.

The Chiliz team intends to issue these NFTs depending on match expectations for the Euro 2021 and Copa America events first, with prize winners receiving them. These NFTs will first be available on Ethereum, but they will eventually be available on other blockchains such as Binance Smart Chain and Flow.

Whereas these tokens will increase inclusivity for fan-driven choices. They should not confuse ownership of the company or shareholder status. Rather, it should be visible as another method for sports organizations to engage with their fan communities in new ways. It is also while also generating additional cash. With that said, fan tokens remain a valuable tool for bridging the gap between fans and sportsmen in a more efficient fashion. More entities are keen to participate.

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.