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Chiliz (CHZ) gains 170% after launching live in-game NFTs for fan token holders

November 14, 2021No Comments

This year a number of high-profile partnerships have been formed between the cryptocurrency sector and major sports leagues, teams, and individual players. Today, gamers interact with their fans by issuing limited edition NFTs and other benefits associated with crypto and blockchain technology.

Cryptocurrency companies are also making their presence known by stitching their names onto T-shirts, buying rights to stadium names, and paying for cleverly placed primetime commercials between game breaks.

One project that has seen a recent surge in interest thanks to its focus on the world of sports and helping fans interact with their favorite teams and players is Chiliz (CHZ), the blockchain network behind the fan engagement platform. of Socios.com.

Data of Cointelegraph Markets Pro and TradingView shows that since hitting a low of $ 0.243 on September 29, the price of CHZ spiked 171% to a daily high of $ 0.657 on October 31 and recent developments are now pushing the price towards the high.

CHZ / USDT 4-hour chart. Source: TradingView

Three reasons for CHZ's growing strength include the launch of NFT live in-game, recent exchange listings for CHZ, as well as its newly launched fan tokens, and the protocol's rapidly expanding partner ecosystem.

NFT drops live in game

The development that kicked off the current rally was the launch of the first live NFT knockdown in platform play, which took place in a match between AC Milan and AS Roma.

With this design, new NFTs are minted as they occur based on key moments in live matches and then dropped into the wallets of fan token 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 has continued to grow in the following weeks.

CHZ support and fan token

Another reason for CHZ's momentum has been the addition of new exchange listings, as well as its newly launched fan tokens for clubs like Sรฃo Paulo FC, AC Milan, and Manchester City.

In addition to the listings, Binance also allows fans to earn tokens from their favorite teams by betting on Binance Coin (BNB), Binance USD (BUSD), and CH.

OKEx also announced that it will support tokens from the Chiliz ecosystem and CHZ appears to have benefited from a new listing from the eToro crypto exchange on November 9.

Ecosystem expansion supports current rally

Ecosystem expansion could be another recent development that is strengthening CHZ's fundamentals.

The platform recently unveiled a partnership with Kraft Sports and Entertainment that will see the New England Patriots of the National Football League (NFL) and the New England Revolution of Major League Soccer (MLS) join the Chiliz ecosystem and Partners

This partnership marks Chiliz's first foray into the NFL and MLS and indicates that the protocol is set to expand to cover all major sports leagues where there is fan demand for increased participation.

VORTECS โ„ข data from Cointelegraph Markets Pro began to spot a bullish outlook for CHZ on October 28, ahead of the recent price spike.

The VORTECS โ„ข score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter

VORTECS โ„ข score (green) vs. price CHZ. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS โ„ข score for CHZ began to rebound on October 27 and reached a high of 70 on October 28, just as its price began to increase 125% over the next two weeks.

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