New Delhi: As the world gears up for the upcoming Fifa World Cup, crypto worlds are also facing some warmth. Sports-based crypto tokens are again in demand ahead of the soccer’s quadrennial event.
Fifa World Cup is the most watched sporting event across the globe, garnering more eyes even then Olympics or the Super Bowl. The last edition of Fifa World Cup 2018 was viewed by over 3.58 billion people, more than half of the world’s population.
This sudden football-mania has put the lens under a lesser known crypto token named Chiliz (CHZ), which claims to be digital currency for sports and entertainment by the eponymous Malta-based FinTech provider.
The price of Chiliz has risen as much as 20% in the last 24 hours to $0.246, the data from coinmarketcap suggest. However, the token has not posted any big gains in the longer time frame.
With a total markecap of about $1.5 billion, Chililz is the 31st largest crypto asset. However, its volumes have dropped over 17% in the last 24 hours as Chiliz tokens worth $560 billion have exchanged hands during the period, data says.
Sathvik Vishwanath Co-Founder CEO Unocoin, said ahead of the Fifa World Cup, Chiliz is expected to soak up some exuberance from it. It hosts fan tokens and allows them to contribute to the decisions of their favorite teams.
A consistent accumulation could direct Chiliz to a multi-month breakout at $0.2950, Vishwanath added. “A break from the critical support level at $0.1976 could send the Chiliz down to three-month lows.”
Market analysts suggest that the Fifa World Cup, which kicks off from November 20, in Doha, Qatar, has put the spotlight on the sports based fan token, which may continue to gain more in the near term.
Shivam Thakral, CEO, BuyUcoin, said Chiliz has been among the top performers in the current week ahead and is likely to remain in the momentum of the Fifa World Cup 2022.
‘It has created partnerships with sports heavyweights like FC Barcelona and Manchester City which promises more mass use cases for the native token. The future of the token will largely depend on the mass adoption of fan-based sports NFTs,” he added.
Chiliz is an exclusive utility token for the Socios platform that aims to solve that problem by giving fans a say in team management and a new way to interact with their team.
Rajagopal Menon, vice-president, WazirX, said Chiliz is a game-changing app that combines sports fandom and crypto and has the potential to flood the market with hundreds of millions of users.
“They want to tokenize the sports and entertainment industries by developing a fan engagement platform,” he added. “We need systems in place for us to influence our team’s decisions, which can be aggravating for fans.”
Professional sports teams or the franchises are pure business and are expected to make money for the owners, from their revenue streams include tv rights, sponsorship deals, merchandise sales, and gate receipts.
“Chiliz provides these sports teams with a form of monetizable radical fan engagement by allowing them to sell fans the right to vote on specific team decisions. For example, fans can select the away jersey that the team will wear,” Menon said.
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