Chiliz Reaches $1 Billion Market Cap Amid NFT Boom

Chiliz (CHZ), a digital currency for sports and entertainment platforms, is up more than 70% in the last 24 hours as the recent boom in non-Fungible Fungible Fungibility is a term that describes how interchangeable a certain asset is with other assets of the same kind.If an asset is fungible, one unit of that asset is interchangeable with another unit of that asset. Of note, fungibility differs from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. However, a good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time and place Fungibility is a term that describes how interchangeable a certain asset is with other assets of the same kind.If an asset is fungible, one unit of that asset is interchangeable with another unit of that asset. Of note, fungibility differs from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. However, a good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time and place Read this Term tokens (NFTs) has pushed the price of CHZ to a record high. Chiliz is developed by socios.com, a global sports fan engagement platform.

As of writing, CHZ is trading around $0.23 with a market cap of more than $1.2 billion. The token has gained 1,000% since the start of this year. NFTs are booming, and the interest of football fans in branded tokens has increased significantly in the last few months. Recently, Chiliz announced that the company is planning to invest nearly $50 million in the US expansion. Chiliz CEO, Alexandre Dreyfus told Reuters during an interview that the company is considering an office in New York to launch fan tokens with leading franchises from the five major sports leagues in the US.

Finance Magnates reported earlier about the launch of the ACM Crypto token, a fan token launched by the Italian football club AC Milan in partnership with Chiliz. ACM Token generated more than $6 million in revenues] within 30 minutes after its launch on the crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance.

“Fan Tokens generated over $30 million in revenue in 2020 that was shared with Chiliz clubs and partners, creating a new digital revenue stream and helping clubs overcome the shortfalls caused by the impact of the pandemic. The Fan Token Market cap currently stands at $194 million. Many more leading organizations from football, other sports, esports and entertainment are primed to launch Fan Tokens in 2021,” Chiliz mentioned in an official announcement.

Chiliz and Global Football Clubs

The company has formed several partnerships with football clubs around the world. Spanish Club, FC Barcelona and Italian football giant, Juventus joined Chiliz for the launch of fan tokens. Chiliz is currently ranked as the 62nd most valuable cryptocurrency in the world behind Nexo and Celsius. CHZ jumped nearly 350% in the last 7 days.