A novel application of this scalable, blockchain-based fan token purchase and utility infrastructure is the secure deployment of tokenized voting rights using smart contracts on the network.
The markets for Non-Fungible Tokens (NFT) and Decentralized Finance (DeFi) have expanded significantly. Aside from Bitcoin and Ethereum, the cryptocurrency business is continually evolving, and there are other intriguing projects to examine, such as NFTs and DeFi.
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Technical analysis of the CHZ pricing
The CHZ currency debuted in October 2018 and hit an all-time high of $0.89 on March 13, 2021, a 225 percent increase from its October level. CHZ was trading at $0.118 just a week ago, on March 6, 2021.
The price plummeted to $0.4695 on April 6, 2021, according to CoinMarketCap market statistics, before rebounding to $0.834 on April 16, 2021. The price of CHZ then consolidated and moved in a $0.20 to $0.40 range.
The price hike on March 13, 2021, is the result of Chiliz’s declaration earlier that month that it would invest $60 million in the tokenization of brands, media, entertainment (TV, music), and retail.
The CHZ currency’s demand climbed slightly at the end of October this year when the token was trading at $0.64 on October 30, 2021, but this powerful recovery was short-lived, and the price collapsed by more than 50%.
According to CoinMarketCap, it is currently trading at around $0.2 and is ranked 73rd in terms of market capitalization, with $1.18 billion.
According to CHZ price analysis, one reason the price recovered on 30 October 2021 could be because CHZ’s recovery coincided with a strong performance from other gaming-related cryptocurrencies, such as Decentraland’s MANA and Axie Infinity’s AXS.
The short-term mood on CHZ has switched to neutral, according to CoinCodex’s technical research, with 15 indicators indicating bullish indications and 11 displaying bearish signals.
The short-term daily simple and exponential moving averages were offering buy signals, according to TradingView data, but the relative strength index (RSI) is at 50.8 (2 March), solidly in neutral territory.
Improving the fan experience on a regular basis
The Chiliz token provides a one-of-a-kind value proposition in that it aims to enhance ordinary fan contact experiences by empowering them to become influencers of any competitive entity. This enables teams, leagues, and events from all over the sports and esports worlds to monetize fan demand for voting rights by leveraging revolutionary blockchain-based solutions.
Previously, spectators could simply watch sports and make no judgments that affected these organizations. Because consumers pay for licensed products passively, the modern sports and esports industry primarily provides transactional touch.
Chiliz has capitalized on the ongoing thirst of fans for direct team contact outside of athletic broadcasts and live events. The CHZ coin excels at direct fan participation as well as fan monetization in both sports and esports.
There are presently essentially no mechanisms in place for influencing team decisions, and there is no way to go from spectator to active participant. However, supporters can earn a voice by investing in a certain team with the CHZ token, decreasing the barriers to admission for average sports enthusiasts.
Furthermore, Socio’s fan-controlled clubs can operate in both traditional sports and esports infrastructures, making them completely independent of traditional championships such as the English Premier League or La Liga.
But hold on, there’s more. In other Chiliz coin news, AC Milan has announced that it will be the first club to produce non-fungible tokens using Chiliz technology (NFTs). Holders of the ACM Fan Token will get limited edition NFTs honoring a pivotal moment from a Serie A match against AS Roma.
Chiliz NFT platforms have been used by SSC Napoli and the Los Angeles Lakers.
In conclusion
CHZ is a utility token for sports and entertainment.
CHZ is used to purchase Fan Tokens, which allow fans to vote in major sports and esports organizations.
Fan Tokens are based on the Ethereum Proof-of-Authority chain (Chiliz Chain).
This news is republished from another source. You can check the original article here
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