Here’s why Chiliz (CHZ) multi-team NFL partnership and Web3 expansion plan could be bullish
One of the biggest challenges cryptocurrency projects face is finding the right type of real-world integration and a use case that can spark a new waves of adoption.
Integrating blockchain and cryptocurrency with professional sports has been the expected "next wave" for some time and Chiliz (CHZ), a protocol focused on creating a fan engagement platform for various sports leagues, made headlines for its new developments this week.
Data from Cointelegraph Markets Pro and TradingView shows that the price of CHZ has increased 69% from its 2022 low of $0.144 to hit a daily high of $0.256 on April 13.
CHZ price has been building momentum and a new partnership between the Socios.com fan engagement platform and thirteen National Football League (NFL) teams, plus the success of the platform's European Football team tokens appear to be adding to the bullish sentiment. The project also plans to host its public testnet launch of Chiliz Chain 2.0.
The most recent development to spark a price rally in CHZ was the April 13 announcement that the network’s Socios.com sports fan engagement platform signed multi-year marketing agreements with 13 NFL teams.
13 in one day.Take a bow, @SociosUSA
This agreement marks a significant escalation in the project's presence in American sports leagues and the NFL in particular because it had previously only been working with the New England Patriots.
Another reason for the building momentum for Chiliz has been the success of the fan tokens, which were created for a handful of European football teams.
With football being the most popular sport in Europe, Socios has focused on forming partnerships with some of the most popular teams, leagues and players to help expand its presence and attract new users.
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