A number of high-profile partnerships have been formed this year between the crypto sector, major sports leagues, teams and individual players. Players currently interact with their fans by releasing limited editions of NFTs and other perks related to crypto and blockchain technologies.
Cryptocompanies also make their presence known by embroidering their names on their shirts, buying up stadium naming rights and paying for commercials that are cleverly posted in prime time between breaks.
A project that has recently sparked a resurgence of interest through its focus on the world of sports and helping fans connect with their favorite teams and players is Chiliz (CHZ), the blockchain network behind Socios.com’s fan exchange platform.
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $ 0.243 on September 29, the CHZ has risen 171% to a daily high of $ 0.657 on October 31, and recent events are now pushing the price higher.
4-hour chart CHZ / USDT. Source: TradingView
Three reasons for the growth in CHZ power include the launch of live NFTs in the game, recent CHZ exchange lists, as well as recently released fan tokens and a rapidly growing ecosystem of partner protocols.
NFT falls into real-time play
The event that started the current rally was the launch of the first NFT game projection on the podium in the match between AC Milan and A.S. Rome.
Thanks to this design, new NFTs are embossed as they emerge based on important moments of live matches, and then end up in the wallet of fantoken holders, who correctly predict the outcome of the game.
The announcement that this new NFT distribution method was followed by an increase in demand for the token, which continued to grow over the following weeks.
CHZ and fancode support
Another reason why CHZ is gaining traction is the addition of new exchange series as well as recently released fan codes for clubs such as Sao Paulo, Milan and Manchester City.
In addition to lists, Binance also allows fans to earn tokens from their favorite teams by combining Binance Coin (BNB), Binance USD (BUSD) and CH.
OKEx also announced that it will support tokens from the Chiliz ecosystem, and it appears that CHZ has benefited from a new listing on the eToro crypto exchange on 9 November.
Ecosystem expansion supports continuous growth
The expansion of the ecosystem may be another recent development that strengthens the basis for WZ.
The platform recently announced a partnership with Kraft Sports and Entertainment to bring the NFL New England Patriots and MLS New England Revolution to the Chile and Sousius ecosystem.
The partnership marks Chile’s first entry into the NFL and MLS, and indicates that the protocol aims to extend to all major sports leagues where fans demand more commitment.
VORTECS ™ data from Cointelegraph Markets Pro began to determine the favorable outlook for CHZ on October 28, ahead of the recent price increase.
Exclusive to Cointelegraph, VORTECS ™ is an algorithmic comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VOTECS result (green) compared to CHZ price. Source: Cointelegraph Markets Pro
As shown in the chart above, the CHZ VORTECS begynte result began to rise on October 27 and peaked at 70 on October 28, when the price began to rise 125% over the next two weeks.