What Is Chiliz?- The Blockchain That Is Changing the Sports World While Nobody Is Watching

Right now, it has Barcelona, Paris Sant-Germain, Juventus, UFC, and so many other official licenses

JuanSC *
JuanSC *
Mar 30 · 7 min read
Source: Socios.com

The stadiums are empty, or with a very small audience. It does not matter if it is America or Europe. It doesn’t matter if it’s the Super Bowl or the Champions League. Sports are under special conditions due to the pandemic. And while no one is watching, in the shadows, the sports world is revolutionizing.

Apart from the pandemic, cryptocurrencies have taken centre stage around the world and are taking over industries around the world. Currently, you can buy Teslas with Bitcoins, transform your art into NFTs and sell them for Ethereums, collect unique items from the entertainment industry like DC Comics, James Bond, and Ghostbusters with ECOMI but what about sports?

Can you imagine having the power of decision about the jersey design, stadium, entertainment and so many other things in your favourite sports team? With Chiliz, that is possible.

The sports tokenization, by the hand of the Chiliz firm and its blockchain app Socios.com, through its tokens for fans, is presenting new scenarios for the integration between clubs and fans, while a new batch of non-fungible tokens, known as NFT, unique prepare for soccer teams like FC Barcelona, ​​AC Milan, and Paris Saint-Germain

The sports world, especially the world of soccer, is finding a new and interesting space for the loyalty and monetization of fans, through blockchain technology, where firms such as Chiliz, through its blockchain application Socios.com, feature an ecosystem of fan-style token-style NFTs, fan voting, and reward tools.

Chiliz’s sports NFT ecosystem is constantly growing, a fact that in turn has driven interest in the project, the price of its $CHZ token and interest in social media and Google, as well as the number of users in Socios.com. Expansion plans into the US sports market in the coming months and expansion into other sports also influence the growth of the project.

Table of Content:· What is Chiliz?
Fan Tokens
Chiliz is more than just soccer
· Cristiano Ronaldo, the first player in the world to be paid a prize in cryptocurrencies

What is Chiliz?

Source: Socios.com

Chiliz is a tokenized platform that allows sports fans to become influencers for their favorite team. Chiliz’s ambition is to provide a currency with which sports and eSports lovers can buy direct voting power in their favorite football clubs.

In this way, fans can influence the decisions of their favorite team and also have a voice and vote in the league, as their status would go from being a mere spectator to being an active participant in their chosen or beloved team.

Additionally, the Chiliz ERC-20 (CHZ) token is also used as the native digital currency for the partners.com platform, where sports devotees can purchase custom fan tokens (FTOs) of their favorite teams.

“At first this participation was rather one-way, limiting itself to cheering the team and praising the best athletes. Later, forward-thinking sports clubs started engaging their supporters in some mostly non-essential decisions, looking for ways to engage the general public.

There was no technical capacity to connect thousands, or (for some clubs) even millions of people around the world. It was impossible to take into account the opinion of all the fans and include each of them in the decision-making process in a safe and transparent way.

And now sports tokenization has arrived, exploring the possibilities of the blockchain and taking sports fans to a totally different level of engagement. Socios is one of the platforms that has made it possible.” — Socios

Fan Tokens

Fan Tokens belong to a particular team or club. Their number is limited and they are fungible digital assets. The more tokens a Partner user owns, the more weight their vote will have. However, there is a clear antitrust mechanism so that no one can accumulate an excessive amount of tokens and force others to leave. Fans can buy CHZ crypto Fan Tokens or get them as a reward for certain club-related activities.

Sports fans can use their Fan Tokens to vote in the polls. They can be binding or non-binding, but in any case, the surveys influence the policies of the teams. For example, this Juventus FC poll gives fans the opportunity to choose a player to broadcast the team’s summer tour to the public.

At the moment, the Socios platform is affiliated with ten sports clubs, and the number is expected to increase. Six of those teams already have Fan Token offerings, which allow their fans to participate directly in the decision-making process of the clubs. The teams in question are FC Barcelona, ​​Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, and AS Roma. Juventus was the first team to organize an offer of fan chips and invited their supporters to help run the club.

It is worth mentioning that the participation of fans in the life of the clubs is limited. Token holders are mostly entrusted with matters such as jersey design, stadium entertainment, and more. Fan Tokens also give fans access to special events, exclusive content, rewards, and merchandise, and act as membership cards.

Another way to get Fan Token is to “hunt” them. All registered Partners users can explore the hunting option by clicking a special button on the Partners home page (available daily). At that time, six mystery tokens are generated and remain there for 12 hours. Each mystery token you find can look like a Fan Token with a 1 in 10 chance.

Chiliz is more than just soccer

The expansion desires of Chiliz and Socios, on its business model, now includes new partnerships, development of the ecosystem and more sports, such as Formula 1 and solidifying its alliance with the UFC and PFL, and even the intention of exploring the world of entertainment., the presence of a new figure of NFTs arises beyond fan tokens, or rather, integrated with current fan tokens, especially interesting with the growth of NFTs in general.

The new NFTs, much more focused on blockchain digital collectibles, as can be seen in a recent video on Twitter, will arrive for the various football teams and e-sports teams affiliated with Partners, a fact that will serve for the creation of new forms of value for the entire $CHZ ecosystem and of tokens for fans.

It is important to note that Chiliz has had a strategic alliance since last year with Enjin, a developer of blockchain assets, for the creation of collectible NFTs for its base of sports teams through the Ethereum blockchain. At the moment, the collectible, unique and digital NFTs of teams such as Barcelona, Paris Saint-Germain, or AC Milan, are already being promoted by the clubs through their profiles on Twitter for their base of millions of followers.

In case you are thinking “Ok, all of this sounds really cool, but … what the hell is an NFT?”, Let me suggest you the following article.

Cristiano Ronaldo, the first player in the world to be paid a prize in cryptocurrencies

Source: Socios.com

Cristiano Ronaldo has become the first soccer player to be rewarded in cryptocurrencies for his career achievements; the star of Juventus F.C. receives 770 JUV tokens, one for every career goal.

JUV is the official token of Juventus fans, launched in 2019 by the Italian football club on the Chiliz (CHZ) blockchain, together with the Socios.com platform. The 770 JUV token reward — awarded to Ronaldo ahead of Sunday’s league game against Benevento — is worth about $ 11,750 based on the token’s current price of $ 15.26. The JUV token was originally priced at $2 upon launch.

The growing connection between sport and cryptocurrencies has had various clubs flirting with the idea of ​​paying players fully or partially in crypto for some time. Dozens of soccer teams have issued fan tokens on the Chiliz blockchain since its inception, including some of the top teams in the world’s biggest leagues such as Manchester City, F.C. Barcelona, and Paris St.

It seems that, ultimately, the NFTs are revolutionizing the world in all its aspects, from the entertainment industry to sports, and it seems that in the future it will have a greater role and impact on our society.

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JuanSC *

Written by

JuanSC *

Human; Engineer. I tried to be normal once… Worst two minutes of my life. 🪴

Geek Culture

A new tech publication by Start it up (https://medium.com/swlh).

JuanSC *

Written by

JuanSC *

Human; Engineer. I tried to be normal once… Worst two minutes of my life. 🪴

Geek Culture

A new tech publication by Start it up (https://medium.com/swlh).

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