In-game NFTs for fan token holders boost Chiliz (CHZ) by 170%

A number of high-profile agreements between the cryptocurrency sector and major sports leagues, teams, and individual athletes have been forged this year. 

Limited edition NFTs and other rewards related to crypto and blockchain technologies are now used by athletes to engage with their fans.

Crypto and sports

Crypto businesses are also putting their names on jerseys, purchasing stadium naming rights, and paying for strategically timed primetime advertising during game breaks.

Chiliz (CHZ), the blockchain network underpinning the Socios.com fan interaction platform, has witnessed a recent rise in interest due to its concentration on the world of sports and allowing fans to communicate with their favorite teams and players.

According to data from Cointelegraph Markets Pro and TradingView, the price of CHZ has risen 171% since hitting a low of $0.243 on Sept. 29 to a daily high of $0.657 on Oct. 31, and current events are pushing the price back towards the swing high.

The launch of live in-game NFTs, recent exchange listings for CHZ as well as its freshly launched fan tokens, and the protocol’s quickly increasing ecosystem of partners are three reasons for CHZ’s rising popularity.

NFT drops in real-time in-game

The launch of the platform’s first live, in-game NFT drop, which took place during a match between A.C. Milan and A.S. Roma, was the catalyst for the current surge.

New NFTs are created as they occur based on critical moments in live matches and then dumped into the wallets of fan token holders who correctly predict the game’s outcome.

Following the unveiling of this new way of distributing NFTs, there was a surge in demand for the token, which has continued to grow in recent weeks.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/in-game-nfts-for-fan-token-holders-boost-chiliz-chz-by-170/