The introduction of live in-game NFTs and a rapidly expanding ecosystem boosted the price of Chiliz and demonstrated the project’s solid fundamentals.
This year has seen the formation of a number of high-profile collaborations between the cryptocurrency sector and major sports leagues, teams, and individual players. Nowadays, players interact with their fans by issuing limited edition NFTs and other perks related to cryptocurrency and blockchain technology.
Crypto companies are also making their presence known by having their names stitched on jerseys, purchasing stadium naming rights, and paying for strategically placed primetime commercials between game breaks.
Chiliz (CHZ), the blockchain network behind the Socios.com fan engagement platform, has seen a recent surge in interest due to its focus on the world of sports and assisting fans in interacting with their favourite teams and players.
According to data from Cointelegraph Markets Pro and TradingView, the price of CHZ has risen 171 percent since hitting a low of $0.243 on September 29 to a daily high of $0.657 on October 31, and recent developments are pushing the price back towards the swing high.
The launch of live in-game NFTs, recent exchange listings for CHZ as well as its newly released fan tokens, and the protocol’s rapidly expanding ecosystem of partners are three reasons for CHZ’s growing strength.
Live in-game NFT drops
The launch of the platform’s first live, in-game NFT drop, which occurred during a match between A.C. Milan and A.S. Roma, was the catalyst for the current rally.
New NFTs are minted as they occur based on key moments in live matches; and they are then dropped into the wallets of fan token holders who correctly predict the game’s outcome.
Following the announcement of this new method of distributing NFTs; there was a surge in demand for the token, which has continued to grow in the following weeks.
CHZ and fan token support
Another reason for CHZ’s growing popularity is the addition of new exchange listings; as well as its recently released fan tokens for clubs such as So Paulo FC, AC Milan, and Manchester City.
Aside from the listings; Binance is allowing fans to earn tokens from their favourite teams by staking Binance Coin (BNB), Binance USD (BUSD), and CH.
OKEx also announced that it will support Chiliz ecosystem tokens; and CHZ appears to have benefited from a new listing on eToro’s crypto exchange on November 9.
Expanding ecosystem backs the current rally
Another recent development that may be strengthening CHZ’s fundamentals is ecosystem expansion.
The platform recently announced a partnership with Kraft Sports and; Entertainment, through which the National Football League’s (NFL) New England Patriots and; Major League Soccer’s (MLS) New England Revolution will join the Chiliz and Socios ecosystem.
This is Chiliz’s first foray into the NFL and MLS; indicating that the protocol intends to expand to cover all major sports leagues where there is a demand from fans for more engagement.
Cointelegraph Markets Pro’s VORTECSTM data began to detect a bullish outlook for CHZ on Oct. 28, prior to the recent price rise.
The VORTECSTM Score, which is unique to Cointelegraph; is an algorithmic comparison of historical and current market conditions based on a variety of data points such as market sentiment; trading volume; recent price movements, and Twitter activity.
The VORTECSTM Score for CHZ began to rise on Oct. 27 and reached a high of 70 on Oct. 28, just as its price began to rise 125 percent over the next two weeks; as shown in the chart above.
Source: Cointelegraph
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