Here’s why Chiliz (CHZ) multi-team NFL partnership and Web3 expansion plan could be bullish

Finding the right kind of real-world integration for cryptocurrency projects is one of the greatest challenges they face.

The expected “next wave” of professional sports integration has been in the works for some time. Chiliz (CHZ), which is a protocol that aims to create a platform for fan engagement for different sports leagues, was featured this week.

Cointelegraph Markets Pro and TradingView data show that CHZ’s price has risen 69% since its 2022 low point of $0.144 and reached a daily high at $0.256 on April 13.

CHZ/USDT 1-day chart. Source: TradingView

The CHZ price is gaining momentum. A new partnership between Socios.com and thirteen National Football League (NFL), teams has also been announced. Additionally, the platform’s success with tokens for European Football teams seems to be boosting bullish sentiment. Chiliz Chain 2.0 will also be launched via the project’s public testnet.

Potential growth could be sparked by new NFL partnerships

The latest development that sparked a price rise in CHZ was the announcement on April 13th that Socios.com, the network’s sports fan engagement platform, had signed multi-year marketing deals with 13 NFL teams.

13 in one day. Take a bow, @SociosUSA
— Socios.com (@socios) April 13, 2022

This agreement represents a significant increase in the project’s presence within American sports leagues and in the NFL, in particular since it previously worked only with the New England Patriots.

Tokens for the success of the European football team

The fan tokens have been a huge success, and this is why Chiliz is gaining momentum. They were originally created to support a few European football teams.

Socios is focused on developing partnerships with the most popular leagues, players, and teams in Europe to expand its reach and attract new customers.

The platform recently signed a partnership marketing with Lionel Messi. This made the international ambassador for the platform, the Star Forward, possible.

Lionel Messi, @socios, and Fan Token creators @socios joined forces to create a better, more inclusive, and more rewarding future for fans around the globe. @alex_dreyfus https://t.co/2d87cwBUJW pic.twitter.com/rp0DBf3bX8
— Leo Messi (@WeAreMessi) March 29, 2022

Related: Chiliz launches a public testnet to test its new layer-1 Blockchain

Chiliz Chain 2.0, like other mainnet launches could be a catalyst

The “Scoville”, public testnet, launched Chiliz Chain 2.0, a layer-1 blockchain network.

We’re extremely happy to present to you, the CC2 testnet – Chiliz Scoville Testnet https://t.co/Fn3ATVvinm
— Chiliz ($CHZ) – Powering Socios.com (@Chiliz) March 31, 2022

CC2 was created to assist sports and entertainment brands in introducing Web3 capabilities. This includes the ability to mint NFTs, fan tokens, and to mint NFTs. It will also create decentralized finance products, play-to earn games, host events, and host loyalty or merchandising programmes.

The new chain adopted a proof of stake authority (PoSA), which is up to 2,000x more efficient than proof-of work models. It will also be compatible with Ethereum Virtual Machines (EVM) and offer transaction costs that are 200x lower than the Ethereum network.

Data from Cointelegraph Markets Pro showing a bullish outlook on CHZ, VORTECS(tm), began to be detected on April 12, before the recent price increase.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.

VORTECS(tm), Score (green) vs. CHZ Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for CHZ rose into the green zone around April 12. It reached a peak of 81 just 16 hours before the NFL partnership announcement. This sparked an 17.3% rally.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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