The success of altcoins and Bitcoin seemingly go hand in hand, but one coin in particular is rallying more than most.
Chiliz, one of the biggest names in the blockchain space for virtual sports and gaming crowdfunding, has increased by 136% in the past week.
The popularity of fan tokens has surged in the past year, with Chiliz specifically outshining even the biggest players on the scene, Bitcoin and Ether. Had you purchased Chiliz at launch in 2019, you would have made an impressive sum, with returns currently at an all-time high of 2,915%.
The success of sports tokens has come at the same time NFTs have soared in popularity. The new craze has surprised many that didn’t predict the sweeping popularity of the newest type of crypto, with the Google global search volume for NFTs surpassing that of DeFi.
Fan Tokens See Sudden Surge
The price of the token spiked following the announcement that founder and CEO Alexandre Dreyfus told Reuters at the beginning of the month:
“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues.”
Fan tokens linked to major football clubs such as Barcelona FC and Paris Saint-German are underpinned by the Chiliz blockchain infrastructure, with several other tokens seeing 100% returns in the last week.
Chiliz and Socios.com are among the first platforms which were created to merge blockchain technology with the sports world. Chiliz issues blockchain-based tokens which enable fans to support and interact with their favorite teams and have voting rights.
Thanks to the sudden success of NFTs, predictions for an altseason unlike any other are now widely anticipated.
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