Describe Chiliz (CHZ). It is, in a nutshell, the Socios cryptocurrency network’s native coin. Let’s look at the Chiliz price prediction and see what more we can discover about this coin.
Every blockchain-based network needs a native cryptocurrency, and Socios has Chiliz, better known by its ticker symbol CHZ. CHZ wants to empower sports and esports fans by using cryptocurrency and blockchain-backed fan networks, turning them from “passive spectators into active influencers.”
It grants holders tokenized voting rights that are carried out using smart contracts on the platform and is based on the Ethereum (ETH) and Binance Smart Chain (BNB) blockchains.
The method offers these three advantages:
- Team management has evolved into a standalone kind of entertainment.
- The exercise of voting rights is changed into transactional activity.
- Every fan’s vote will have an immediate impact on teams competing in traditional sports and esports, as well as other linked organizations.
The Socios platform, which Alexandre Dreyfus established in 2018, aims to turn all 3.24 billion gamers into team-connected influencers with decision-making authority rather than just spectators. In other words, this unconventional method of participation strives to give the audience control.
A “global sports and esports ‘crowd-control’ engine, capable of granting fans voting rights to direct some of their favorite teams’ management and strategic decisions,” is how the Socios whitepaper is characterized.
CHZ has had an extremely active year thus far in 2022. When soccer superstar Lionel Messi was announced as a worldwide brand ambassador in a $20 million agreement in March, its price increased by 25%. By March, the token had already begun to rise from its 2022 low point of $0.147.
Chiliz will power the Fan Token Kickoff, the ByBit cryptocurrency exchange announced in August. Users had a chance to win 200,000 Tether (USDT) in the campaign, which was open until September 2nd.
So, with a slew of prominent sports teams and organizations on board as users, what is a reasonable aim for a Chiliz price prediction?
How does CHZ work?
According to the Maltese Virtual Financial Assets Act, Chiliz is categorized as a virtual financial asset. The Socios fan interaction platform employs CHZ as its sole on-platform money because it was created from the bottom up.
When supporters purchase Chiliz, they join the crowd-managed decision-making process for the cause they have decided to support. The fan engagement offer of a team grows more potent the more deeply it immerses itself in a Socios collaboration.
Some of the greatest and most well-known sports brands on the planet, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and UFC, provide branded Fan Tokens for sale to fans through Socios.
To obtain Fan Tokens, fans must purchase CHZ via a cryptocurrency exchange. These tokens, which are unique to a team or club, are limited-edition digital assets that grant access to a private database of who owns voting and membership rights.
More than 100 prominent international sports organizations, many of them elite football teams like FC Barcelona, Paris Saint-Germain, Manchester City, Juventus, Inter Milan, Arsenal, Atlético Madrid, AS Roma, Galatasaray, and many more, are among the outstanding list of clients that Socios has garnered.
One of the top football clubs in Brazil, Sports Club Internacional, and the US National Hockey League (NHL) teams were among the 12 new contracts Socios announced on December 16, 2021. This was the most day total ever.
It started trading on the Kraken market on December 2, 2021.
It confirmed a sponsorship agreement with Lega Serie A of Italian football on January 11, 2022. The New York Rangers ice hockey club and the New York Knicks basketball team were also mentioned as having signed up.
It announced new football club agreements with the French club AS Monaco, the Brazilian squad CR Vasco de Gama, and the Russian club FC Spartak Moscow at the end of January.
Socios.com became the official fan token partner of the UEFA Champions League, UEFA Europa League, UEFA Europa Conference League, and UEFA Super Cup when the governing body of European football, UEFA, inked a global license and regional sponsorship arrangement with it on February 15, 2022.
An increase of 18% resulted from Socios’ announcement of collaboration agreements with 13 American football teams on April 13. But that was a drop in the bucket compared to the pessimistic attitude that the cryptocurrency industry was experiencing in April, and the gain quickly disappeared.
One thing to keep in mind is that Chiliz is a token rather than a coin because it is based on Ethereum and the Binance Smart Chain. You may see references to inaccurate information, such as a price estimate for Chiliz coins or Chiliz coin news.
Chiliz price prediction
Let’s examine the Chiliz price prediction. It is crucial to mention at this point that price predictions frequently prove to be inaccurate, especially when dealing with something as volatile as cryptocurrencies. Additionally, it is crucial to understand that long-term crypto price forecasts are frequently created using an algorithm, which means they are subject to alter at any time.
On September 16, 2022, the technical analysis made available by CoinCodex revealed that the short-term sentiment for CHZ was positive, with 21 technical indicators displaying bullish signs and only five displaying negative ones. According to its short-term Chiliz price forecast for 2022, the price might fall to $ 0.192787 on September 21 before rising to $ 0.298337 on October 17.
Next, WalletInvestor predicted a relatively pessimistic price for CHZ. The site predicted that the token will have a difficult time over the following several months, with a possible price drop of $0.0149 by September 2023.
Chiliz cryptocurrency price forecast from DigitalCoinPrice was more optimistic. It predicted that the token will reach $0.27 in 2022 and that Chiliz would perhaps reach $0.84 in 2025. The same website predicted that Chiliz will cost $2.86 in 2030.
The Chiliz token may end the year at $0.2351, hit $0.3669 in September 2023, trade for $0.6777 two years later, and maybe end 2026 at $1.24, according to CoinsKid’s price projection.
It’s crucial to bear in mind that cryptocurrency markets continue to be quite unpredictable when making any CHZ price forecasts since this makes it challenging to anticipate a coin or token’s price with any degree of accuracy over the short term and even harder over the long run. As a result, forecasts made by experts and algorithm-based forecasters occasionally turn out to be inaccurate.
We advise you to always conduct your own research if you are thinking about buying cryptocurrency tokens. Before making any investment decisions, consider the most recent market trends, news, technical and fundamental analysis, and expert opinion.
Remember that previous performance is no guarantee of future results, and never trade with money you cannot afford to lose.
Chiliz price history
Now let’s look at the CHZ price evolution. Even while historical performance should never be used as a predictor of future outcomes, understanding how the token has operated in the past may provide us with crucial background if we wish to use CHZ price analysis to either interpret or create our own Chiliz price forecast.
The CHZ coin was introduced in October 2018 and reached its all-time high on March 13, 2021, when it reached $0.89, a 225% increase over its October price. On March 6, 2021, only one week prior, CHZ was trading at $0.118.
Chiliz’s declaration earlier that month that it will invest $60 million in the tokenization of brands, media, entertainment, and retail may be responsible for the price increase on March 13, 2021. However, on April 6, 2021, the price dropped to $0.4695 before rising once more to $0.834 on April 16, 2021.
Following that, the CHZ price stabilized and traded between $0.20 to $0.40. When the token was selling at $0.64 on October 30, 2021, demand for the cryptocurrency increased somewhat that time. However, this significant recovery was fleeting, and the price dropped to conclude the year at $0.2837.
The year 2022 has not been good for cryptocurrencies, and Chiliz hasn’t exactly ignited the market. Following Russia’s invasion of Ukraine on February 24, 2022, the cryptocurrency dropped to a low of $0.1449. The price rose briefly, reaching a high of $0.3287 on March 30 as part of a sort of bull run, but it quickly dropped back down.
When it was revealed that the UST stablecoin had been depegged in May, the related LUNA cryptocurrency crashed and the market went into chaos. CHZ dropped to a low of $0.08511 as a result. The bear market was then verified in June when withdrawals on the Celsius (CEL) crypto lending network were suspended, and the CHZ price dropped to $0.08135.
After that there was a recovery, boosted in part by the news about ByBit, and, by 16 September 2022, CHZ was worth about $0.203.
At that time, there were six billion CHZ, in circulation out of a total supply of 8,888,888,888. This gave the token a market cap of about $1.2bn, making it the 43rd largest crypto by that metric.
Conclusion; Elevating everyday fan experience?
The distinctive selling point of the Chiliz token is that it aims to improve regular fan interaction by giving them the ability to exert influence over any rivalry. Because of this, teams, leagues, and events from all across the sports and esports world are now able to use cutting-edge blockchain-based systems to capitalize on fan demand for these voting rights.
In the past, sports fans could just watch their favorite teams play; they had no power to decide anything that affected these organizations. The majority of the time, the present sports and esports landscape merely provides supporters with transactional contact—they passively pay for licensed goods.
Chiliz makes the claim that it satisfies fans’ continued need for direct team connection apart from sporting broadcasts and live events. The CHZ token’s focus is on direct fan engagement and the monetization of fans in both sports and esports.
There are now very few mechanisms for influencing team decisions, and there is absolutely no way to go from being a spectator to an active player. However, the CHZ token gives supporters a say through direct investment in a certain club, possibly lowering entrance barriers for regular sports fans.
Additionally, Socios’ fan-controlled clubs may function entirely independently of traditional competitions like the English Premier League or La Liga in both traditional and esports infrastructures.