Chiliz (CHZ) is a cryptocurrency and blockchain platform that focuses on the sports and entertainment industries. It aims to bridge the gap between fans and their favorite sports teams or organizations by providing them with engagement and influence over certain decisions through the use of digital assets.
Chiliz operates on its own blockchain called the Chiliz Chain, which is based on the Ethereum network. It allows users to purchase and trade branded digital assets called “Fan Tokens.” These tokens represent voting rights and access to various exclusive fan experiences, such as VIP rewards, merchandise, and interactions with teams and players.
Fan Tokens are typically created in partnership with sports clubs and organizations. Chiliz has formed partnerships with several prominent football (soccer) teams, including FC Barcelona, Juventus, Paris Saint-Germain, and many others. These tokens are bought and sold on the Chiliz exchange platform, Socios.com, which serves as the primary marketplace for fan engagement.
Chiliz aims to create an ecosystem where fans can actively participate in decision-making processes, such as selecting jersey designs, choosing match lineups, or voting on team-related matters. The platform utilizes blockchain technology to ensure transparency and security in these voting procedures.
The value of Fan Tokens can fluctuate based on supply and demand dynamics and the performance of the associated sports teams. Chiliz also allows fans to trade these tokens against other cryptocurrencies, providing a speculative element to the platform.
Overall, Chiliz and its associated Fan Tokens seek to enhance fan engagement in the sports and entertainment industries, allowing supporters to have a more active role and deeper connection with their favorite teams and organizations.