Finding a real-world integration and use case that disrupts traditional businesses, while also sparking a new wave of cryptocurrency adoption is one of the biggest challenges crypto projects face.
The integration of blockchain and cryptocurrency with professional sports brands has been anticipated for quite some time. Chiliz (CHZ), a protocol focused on creating a fan engagement and rewards platform for various sports teams and leagues made headlines for their new developments this week.
The price of CHZ has been gaining momentum. Now, a new marketing partnership announced between the Socios.com fan engagement platform and thirteen National Football League (NFL) franchises as well as the success of the blockchain platform’s European Football club Fan Tokens appear to be adding to this bullish sentiment. Chiliz also released its public testnet launch of Chiliz Chain 2.0.
New NFL Team partnerships spark U.S. growth
The most recent announcement from Chiliz to ignite a price rally in CHZ was the April 13th announcement that the network’s Socios.com sports fan engagement platform signed multi-year marketing agreements with 13 NFL teams.
13 in one day.
Take a bow, @SociosUSA
— Socios.com (@socios) April 13, 2022
This agreement marks a significant escalation in Chiliz presence in American sports leagues and the NFL in particular. Previously, the New England Patriots were the only NFL franchise to sign with Socios.
Success of European football club Fan Tokens
Another reason for the traction in Chiliz price has been the success of the fan tokens, which they created for many top European football clubs.
With football being the most popular sport in Europe, Socios has focused on forming partnerships with some of the most popular clubs, leagues and players to help expand its presence and attract new users.
Recently, Socios signed a marketing agreement with football legend Lionel Messi, making the star forward the first global brand ambassador for the platform.
Lionel Messi and Fan Token creators @socios have joined forces, uniting to build a more inclusive, exciting and rewarding future for fans across the world. @alex_dreyfus https://t.co/2d87cwBUJW pic.twitter.com/rp0DBf3bX8
— Leo Messi (@WeAreMessi) March 29, 2022
Chiliz Chain 2.0 launch could be a catalyst
On March 31st, Chiliz announced the “Scoville” public testnet launch, a new layer-1 blockchain network called Chiliz Chain 2.0.
We’re extremely happy to present to you, the CC2 testnet – Chiliz Scoville Testnet ️https://t.co/Fn3ATVvinm
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) March 31, 2022
CC2 is designed to help sports and entertainment brands introduce Web3 capabilities, including the ability for them to mint NFTs and fan tokens. It will also build out decentralized finance (DeFi) products and play-to-earn games, create events and host loyalty and merchandising programs.
The new chain has adopted a proof-of-stake authority (PoSA) model, which is estimated to be up to 2,000 times more energy-efficient than proof-of-work models. In addition, it will be Ethereum Virtual Machine (EVM)-compatible but offer transaction costs that are 200 times cheaper than the Ethereum network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on April 12th, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
In the chart above, the VORTECS™ Score for CHZ shows it climbed into the green zone on April 12th and hit a high of 81 around 16 hours before the NFL partnership was announced and ignited a 17.3% rally.
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