Chiliz crypto increases in value after NFT announcement

AC Milan and Valencia have already launched in-game NFTs with Chiliz

Chiliz logo on mobile phone                                 
Chiliz now provides sports clubs with NFTs as well as fan tokens – Photo: Shutterstock
                                

Chiliz, the global blockchain provider for the sports industry crypto CHZ, has seen a surge in value since announcing it will be enabling clubs to launch non-fungible tokens (NFTs) via its platform.

Since announcing the expansion of its offering for sports clubs from fan tokens to NFTs on 29 October, CHZ has seen an increase of 60% from $0.35 to $0.56. It has also seen a surge of 133% since the end of September, according to CoinMarketCap.

AC Milan first team to launch NFTs with Chiliz

AC Milan, a club in the top tier of Italian football, Serie A, became the first of Chiliz’s 100-plus sporting partners to unveil an NFT campaign with Socios.com.

Following AC Milan’s partnership with Chiliz and its launch of the $ACM Fan Token on Socios.com, certain holders of the $ACM Fan Token received limited edition NFTs. The 100 NFTs went live on 31 October, following AC Milan’s match against AS Roma, which AC Milan won 2-1.

Chiliz said: “The AC Milan NFT launch illustrates how NFTs will be used to increase Socios.com’s offering for major sporting organisations and their global fanbases, adding more utility, as well as a collectible, tradable component.”

There were certain conditions for fans to be eligible to receive one of the 100 limited edition NFTs. Fans needed to have at least 10 $AMC Fan Tokens in their Socios.com wallet and they must have used the predictor feature in the Socios.com app to correctly predict the outcome of the AC Milan-AS Roma match.

Valencia first Spanish team to launch NFTs with Chiliz

Soon after AC Milan’s announcement Valencia CF, a club in the top tier of Spanish football, LaLiga, became the first Spanish football club to launch in-game NFTs with Chiliz.

The NFT launch took place on 7 November, when 100 limited edition NFTs were minted during a game with Atlético Madrid to commemorate significant Valencia football moments.

Following Valencia’s partnership with Chiliz – and its launch of the $VCF Fan Token – the NFTs will, similarly to AC Milan, be dropped to those who hold at least 10 $VCF Fan Tokens, and who predicted the outcome of the match between Valencia and Atlético (a 3-3 draw) using Socios.com’s Predictor feature. 

Binance announces fan token platform

In October Binance, the world’s largest cryptocurrency exchange by trading volume, announced the launch of the Binance Fan Token Platform, with SS Lazio the first club to sign up to it. 

SS Lazio is an Italian football club based in Rome that plays in Serie A. Binance will become the main football shirt sponsor for Lazio, and the Italian team’s fan token will be called $LAZIO.

Alexandre Dreyfus, CEO of both Socios.com and Chiliz, reacted positively to the Binance announcement. Dreyfus tweeted that the move proved the “global recognition” fan tokens are receiving and said it would lead to “massive growth and consolidation” for the industry.

During the last two months of 2020, however, CHZ value was stagnant around the $0.015 mark.

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