Why is Chiliz (CHZ) crypto gaining attention?

Highlights:

• Chiliz has partnerships with various clubs like FC Barcelona, Manchester City, etc.
• Socios partnered with the Union of European Football Associations (UEFA)
• The partnership is currently contracted through 2024

The increasing utilization of the non-fungible tokens (NFTs) in a wide range of sectors ranging from real estate to sports and entertainment has attracted various investors towards the technology.

Recently, a subsector, fan tokens, has grabbed the investors' eyeballs as it helps them govern their favourite sports brands while receiving NFTs and other redeemable.

Today, we explore one such fan token named Chiliz (CHZ).

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What is Chiliz (CHZ) crypto?

Chiliz is one of the leading digital fan tokens or sports and entertainment crypto. It operates the blockchain-based sports entertainment platform Socios, enabling users to govern their favourite sports clubs or association.

Socios have multiple sports tokens. The fan tokens connect the fans with their favourite sports brands or clubs and unlock various revenue streams.

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Chiliz has partnered with some of the biggest football clubs in the world like FC Barcelona, Paris Saint-Germain (PSG), Manchester City, etc. In addition to that, it has also had partnerships with gaming organizations like UFC.

The CHZ token holders can access several fan tokens to own a stake in their favourite clubs.

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                                                    Source: *Data provided by CoinMarketCap.com

Why is it rising?

The CHZ token rose 10.13% to US$0.1884 at 6:19 am ET on March 1. It is expected that the primary reason for the surge is Socios' recently announced partnership with the Union of European Football Associations (UEFA).

The partnership between the governing organization of European football and Socios may have raised the investors' sentiment. According to the announcement, the association is now contracted till 2024, giving the Champions League's regional sponsor rights to Socios.

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Champions League, held by UEFA, is one of the most popular football competitions in the world.

This collaboration would make the fan tokens available for free to the fan token holders of the clubs who will participate in the games held by UEFA. The games include the Champions League, Europa League, and Europa Conference League.

Another reason that may have boosted the popularity of the Fan tokens is the eloquent excitement over the FIFA World Cup 2022, which will continue from November 21 to December 17.

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Bottom line:

The CHZ token has a market cap of US$1.12 billion, and its last 24-hour volume was US$294.70 million. Its price soared 189.86% over the past 12-months.

The token's maximum and total supply is 8.88 billion, and its current circulating supply is about 5.98 billion.

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