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Chiliz, creator of Socios.com, is making a killing with its fan tokens. The company signed with the Portuguese soccer federation and has already generated $150 million in revenue.
Chiliz’s (CHZ) great adventure continues. In the last 24 hours, the cryptocurrency’s price is recording a little over 4% growth at $0.24. The token is riding the momentum of the sport.
Chiliz is the native crypto of Socios.com, an app aimed at sports fans, and in particular soccer fans. The platform allows fans to interact with their teams through “fan tokens”.
Socios.com already has forty professional sports clubs as partners. Among them, teams like Paris Saint Germain, Juventus of Turin or FC Barcelona for soccer, but also sports leagues like UFC or PFL (Professional Fighters League).
And Chiliz, in the middle of the Euro 2020 competition, has just signed a new contract. The Portuguese soccer federation is joining the service and its blockchain. In the next few days, it will launch its own tokens: $POR.
The first to benefit will be the current Portuguese users of Socios.com. These tokens are digital assets to collect. They allow holders to vote, but also to enjoy VIP rewards and promotions, for example.
Like Sorare, Chiliz offers sports clubs a new way to interact with their fans and monetize this audience. And the model is proving commercially profitable. Chiliz has already announced that it will have sold more than $150 million worth of tokens by 2021.
This revenue will be shared with the platform’s partner clubs. This dynamic illustrates the robustness of the model and therefore the growth potential of Chiliz’s native token, the CHZ. The CHZ grew by 4% on June 25.
Above all, since the beginning of the year, the value of the CHZ is exploding. The increase is 1100% since January 1st. Moreover, this business model is based on a solid sports sector in search of new revenues.
With the end of the health crisis and the resumption of sporting events, clubs need to gain visibility and rebound by better monetizing their audience. This is what services like Chiliz and Sorare, an already profitable French player, are offering.
Sorare offers a fantasy soccer game and collectible player cards in the form of NFT. The French company recently signed with the French Football Federation, but also with the German team.