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ChiliZ: FinTech Union Of Cryptocurrency Utility And Sports Enthusiasm

By Andy HechtCryptocurrencyDec 16, 2021 07:54AM ET
www.investing.com/analysis/chiliz-fintech-union-of-cryptocurrency-utility-and-sports-enthusiasm-200611779
ChiliZ: FinTech Union Of Cryptocurrency Utility And Sports Enthusiasm
By Andy Hecht   |  Dec 16, 2021 07:54AM ET
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This article was written exclusively for Investing.com

  • Sports and their fans are a vast addressable market
  • Tokens use an Ethereum-based ChiliZ chain
  • Top-tier token
  • Respectable return since mid-2019
  • Only invest spare capital

Fintech, or financial technology, is the groundbreaking and innovative development that challenges the status quo. Fintech competes with traditional financial methods and services to deliver faster and more efficient results. The blockchain is fintech’s backbone. Tokens or cryptocurrencies are the means of exchange that aim to replace, or at least supplement, traditional fiat currencies.

With fintech growing by leaps and bounds, the ramifications for many activities where traditional finance has had a monopoly are growing. Specialized tokens have addressed the needs of a myriad of markets over the past years. In the world of sports, ChiliZ (CHZ) is the token for a platform that is breaking new ground for sports fans.

Sports and the fans are a vast addressable market

Football, baseball, soccer, basketball, hockey, tennis, golf, and many other spectator sports are a massive business in the US and worldwide. In 2021, the total value of the global sports market stood at around $440.77 billion, and that's expected to grow to $599.9 billion by 2025. North America is the leading market in the global sports arena, which includes participator and spectator sports.

Sports, with its exercise and entertainment components, make up a growing addressable market for people worldwide. In early 2022, the Winter Olympics in Beijing will attract thousands of spectators rooting for their country to win gold, silver, or bronze in a host of events. Football’s Superbowl, basketball’s Championship, baseball’s World Series, hockey’s Stanley Cup, soccer’s World Cup are all the pinnacles of success. Millions dream of playing for titles, but only a few talented athletes ever actually make the cut.

The tokens use an Ethereum-based ChiliZ chain

ChiliZ (CHZ) is the digital currency answer to the world of sports. CHZ is a cryptocurrency for sports and entertainment, used by fans of the world’s leading sports teams to purchase fan tokens on the fan engagement and rewards app Socios.com. CHZ also trades on the Coinbase and Binance cryptocurrency exchanges.

ChiliZ’s website outlines that the CHZ token is:

an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the ChiliZ and Socios.com platform.”

CHZ is a “Fan Token” offering benefits for fans along with engagement opportunities for teams and clubs.

Top-tier token

On Dec. 16, 15,615 tokens made up the entire cryptocurrency asset class. CHZ stood in 73rd place, in the top 0.50% of the asset class. At 29.43 cents per token, CHZ had a $1.76 billion market cap, above 0.76% of the asset class’s $2.136 trillion value.

ChiliZ Ranking
ChiliZ Ranking

Source: Investing.com

CHZ has a supply of around 5.955 billion tokens. On Dec. 14, approximately $218 million worth of CHZ tokens changed hands in a twenty-four-hour period.

Respectable return since mid-2019

As CHZ captures sports enthusiasts’ eyes worldwide, it has plenty of room to grow. The price action has been primarily bullish. The tokens have made higher lows and higher highs since bursting onto the crypto scene in July 2019.

ChiliZ/USD Chart
ChiliZ/USD Chart

Source: CoinMarketCap

The chart illustrates that CHZ tokens opened for trading at 1.6 cents in July 2019. They reached a high of 77.39 cents on Apr. 15, 2021, the day after the Coinbase Global (NASDAQ:COIN) listing on NASDAQ. The tokens declined with the rest of the leading cryptocurrencies over the past months and were at 27.25 cents on Dec. 14, nearly one-third the level at the high, but still an impressive return since July 2019.

Only invest spare capital

CHZ is the leading sports enthusiast’s cryptocurrency. With lots of room for growth in the global sports market, CHZ’s leadership role puts it in a perfect position to attract lots of interest over the coming years.

Still, as with all cryptos, only invest capital you are willing to lose. Incredible returns come with elevated hazards as risk is always a function of potential rewards.

CHZ is an exciting concept that could attract increasing interest in the burgeoning asset class from fans and teams. CHZ’s market cap makes the token a candidate for traders and investors as it has the critical mass to support tighter bid-offer spreads, which makes it more liquid than 99.5% of the other tokens floating around in cyberspace. Investing in CHZ embodies the spirit of sports—it provides the opportunity for the thrill of victory along with the potential for the agony of defeat.

ChiliZ: FinTech Union Of Cryptocurrency Utility And Sports Enthusiasm
 

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ChiliZ: FinTech Union Of Cryptocurrency Utility And Sports Enthusiasm

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