What is Chiliz (CHZ) How It Works & Where To Buy It?

The Socios platform has become one of the most popular fan token marketplaces, and Chiliz is the company behind the Socios platform. The CHZ token plays an integral role in all actions on the Socios platform.

CHZ is an ERC-20 token and operates atop the Chiliz Blockchain. Users are required to make purchases on the platform using the CHZ token.

CHZ is currently the 67th largest cryptocurrency by market capitalization.

How Chiliz (CHZ) Works

The market for fan tokens has recently surged in popularity attracting millions of fans and loyal supporters around the world. What makes the Socios platform unique is that all NFTs sold on the platform aren’t only digital collectibles – they give fans exclusive features.

Much like governance tokens give token holders voting rights – NFTs (non-fungible tokens) on the Socios platform give fans similar voting rights. Essentially, fans are now able to play a more integral role in the processes involved with their favorite teams.

One of the most notable examples involves Juventus FC – fan token holders were given the voting rights to select a celebratory song that would play every time Juventus FC scored a goal. Essentially, fan tokens can bridge supporters and the team in a much more exclusive way. Fans have a more hands-on role, and in an innovative way that hasn’t been used before.

Another example is FC Barcelona, one of the most successful and popular soccer teams in the world, which allowed fans to choose which mural would be hung on the dressing room’s wall. Paris Saint-Germain FC allowed fans to choose the special message that would be written on the captain’s armband – which would be aired on TV and seen by millions.

Team-branded NFTs have become incredibly popular and many believe that these NFTs possess more utility than mere collectibles. It has provided fans and clubs with an efficient way to establish enhanced pride, excitement, and a sense of tangibility.

Essentially, team decisions can now incorporate esports fans and team-branded NFT holders. This creates a unique opportunity for clubs to raise funds and incentives for fans by giving them voting rights on proposals affecting the team.

The utility of these NFTs is infinitive and many brands and teams are exploring the potential of these NFTs. Some of the most notable utilities can include exclusive access to training sessions, personalized video clips from team members, premium seating, merchandise, and more.

The more team-branded NFTs an individual owns, the more voting rights and exclusive features the fan has. The fan token sector is still in its infancy stage, and many predict that the sector is going to rocket in the next few years.

Socios partners are tasked with the issuance of NFTs on the platform. Fan Token Offerings, much like Initial Coin Offerings, are where these NFTs are issued and made available to purchase on the platform.

The Socios side chain, which uses a Proof of Authority consensus mechanism, is responsible for storing tokens. The NFTs prices experience fluctuations based on several factors including team popularity and general supply and demand.

Independent audits of the smart contracts powering the CHZ token (digital currency) as well as the Socios platform are openly available to the public. Chiliz has positioned itself as a transparent and credible blockchain network and NFT provider. Chiliz also delegates a certain percentage of revenues to improving security, auditing, and optimizing its platforms and processes.

What Is Chiliz (CHZ) Used For?

Chiliz has positioned itself as a pioneer in the Fan Token sector and has become one of the most successful projects specializing in this sector. The project’s vision is clear and involves bolstering crypto adoption through growing fan communities.

Essentially, Chiliz relies on blockchain technology to facilitate the necessary processes to achieve its goals. NFTs are utilized as an innovative way to build fan communities and raise funds for brands.

The CHZ token is at the core of the system – it is required to make purchases on the platform and is frequently traded on many popular cryptocurrency exchanges. The sports industry is huge, and Chiliz is among the first projects to pioneer the use of NFTs for sports teams.

Additionally, like other cryptocurrencies, CHZ is swing or arbitrage traded by individuals seeking to capitalize on the tokens’ price volatility.

Where To Buy Chiliz (CHZ) Tokens

CHZ tokens are traded on most of the popular cryptocurrency exchanges. The innovative value proposition and utility that Chiliz has created through its Socios platform has led to the CHZ token experiencing surges in trading volumes as well as popularity.

Before purchasing Chiliz (CHZ) tokens, users will need to deposit fiat money onto an exchange, sequentially, CHZ tokens will be credited to their relevant CHZ digital wallet on the exchange.

Some safe crypto exchanges where you can buy, sell and store QNT tokens include:

• Crypto.com
• Gate.io
• KuCoin
• HTX
• Binance

CHZ tokens can be stored on any ERC20 or BEP20 compatible wallet – some of the most popular wallets include Trust Wallet and MetaMask.

Alternatively, users can make use of Chiliz’ on-site wallet which can be found at chiliz.net – this is also where most individuals purchase CHZ tokens. The wallet is incredibly easy to navigate and is designed with simplicity in mind.

However, individuals should always opt for a wallet that best suits their needs and meets their security and efficiency expectations. It’s also a good idea to do research on what wallet to choose and if that wallet supports the cryptocurrencies that need storing.

Most individuals prefer to take their tokens off-exchange and store them in either a digital or hardware wallet. Hardware wallets are recognized as the safest and most credible wallets. They are more expensive but they allow for the safe storage of tokens.

About Chiliz (CHZ)

How long has Chiliz (CHZ) existed?

Chiliz initially launched in 2018 and was one of the blockchain projects that didn’t hold an ICO or early public offering. Since the token’s launch, CHZ has experienced some significant price fluctuations – especially with varying bullish and bearish sentiments present in recent years.

What’s controversial about Chiliz (CHZ)?

Research is a fundamental requirement for any individual that wants to invest in cryptocurrency projects including Chiliz (CHZ). Individuals who don’t do diligent research run the risk of making investments in projects that aren’t as credible as they claim to be – which could lead to significant losses.

Let’s take a look at the top controversy surrounding Chiliz (CHZ):

• Restricted by adoption of Socios platform – The Chiliz token is the exclusive on-platform currency for Socios and individuals are required to use CHZ when purchasing fan tokens or participating in fan token offerings.
• The Socios fan engagement platform has grown in popularity but the CHZ token is inherently reliant on the success of the Socios platform. This poses a significant risk to the success of the CHZ token. Several competitors are emerging in the space, and the Chiliz team will need to remain innovative to cement its position as an attractive platform.

How many Chiliz (CHZ) Tokens tokens are there?

At the time of writing, Chiliz (CHZ) has a circulating supply of 6,000,000,000 CHZ.

The total supply of Chiliz (CHZ) is 8,888,888,888.

The max supply of Chiliz (CHZ) is 8,888,888,888.

Can Chiliz (CHZ) be mined?

Chiliz (CHZ) is not a mineable cryptocurrency. Chiliz is an ERC-20 token but is unmineable.

However, CHZ tokens can be staked – this is a lucrative way for individuals to earn generous yields.

There are a few reputable centralized exchanges that offer staking rewards for CHZ holders that stake their tokens for a certain duration. Typically, the minimum is 30 days.

What is the market cap of Chiliz (CHZ)?

The market cap of Chiliz (CHZ) = total amount of coins in circulation x current market price of CHZ.

Chiliz (CHZ) Market Cap = 6B CHZ x $0,12 = $734 million (64th largest market cap).

Biggest Competitors Of Chiliz (CHZ)

Chiliz’ Socios platform facilitates the purchasing, selling, and trade of branded fan tokens in the form of NFTs. It is, however, not the only fan engagement platform that offers allows users to purchase branded fan tokens. Users can purchase fan tokens from other sports and entertainment platforms and participate in a fan token offering.

Chiliz’ biggest competitor currently is:

• Flow

What Are The Future Plans For Chiliz (CHZ)

Chiliz plans to continue growing its community of sports fans and increasing the utility of the NFTs being sold on the platform. The Socios platform is working closely with several major sports brands to bring fans, unique value proponents when purchasing fan tokens.

Pros And Cons Of Chiliz (CHZ)

Pros:

• Fast-growing sector – Chiliz is firmly positioned as a popular project that is pioneering the fan token sector.
• Major Partnerships – The Socio platform has already partnered with major clubs including FC Barcelona, PSG FC, and Juventus FC.
• Fair launch – Chiliz didn’t hold an initial coin offering and many consider this to be representative of a ”fair launch”.

Cons:

• Restrictive token utility – The CHZ token is heavily reliant on the success of the Socios platform.