Since last month, the price of Chiliz (CHZ) has jumped 760%, from $ 0.022 on February 8 to an all -time high (ATH), $ 0.189 on March 8. CHZ’s trading volume has also reached $ 1.92 billion in 24 hours.
For those who don’t know, Chiliz is a blockchain developed by a platform that brings together its main sports fans, Socios.com. CHZ is a non-fungible token (NFT) which is a payment medium for buying and selling Fan Tokens.
The project provides an opportunity for fans of sports, football for example to purchase Fan Tokens using CHZ tokens, including influencing their favorite team through the highest votes.
All Fan Tokens are mined on the Chiliz blockchain with on -platform voting conducted through serial smart contracts.
So far, the platform offers Fan Tokens for several famous football teams such as Barcelona FC (BAR), Juventus (JUV), Paris Saint-Germain (PSG), AS Roma (ASR), Galatasaray (GAL) and Atletico de Madrid (ATM) ).
Chiliz began to show his potential at the end of 2020 when he teamed up with Binance to launch the AC Milan token (ACM) for the AC Milan football team on 24 February. The launch managed to generate a $ 6 million profit for the CHZ ecosystem.
Then, on March 2, CHZ's price jumped again following an announcement from CEO Alexandre Dreyfus regarding an allocation of $ 50 million for a project to expand operations to the United States (US) and there were already plans to work with local leagues and sports franchises.
Most recently, Chiliz was reportedly in talks with Formula One and if the team could join a top team in the US, the project could indirectly guarantee the development of blockchain and NFT technologies.
At the time of writing, CHZ is trading at $ 0.2, soaring over 70% with a market value of over $ 1.2 billion and trading volume increasing over 360% in 24 hours to $ 4.05 billion.
