Chiliz Reaches $1 Billion Market Cap Amid NFT Boom

The token is now up more than 1,000% since the start of 2021.

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 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 Binance.

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“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.

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